The National Democratic Congress (NDC) Members in Parliament, (MPs’), have announced one of the major policy decisions to be taken by John Dramani Mahama administration should he win the 2020 Presidential election.
And, the key one in the midst of major policies to be considered when drafting his 2020 manifesto as agreed at The Party level, is to reform financial sector of the economy to promote stability and growth.
The Flagbearer of the Party, John Mahama has used the MPs’ to make this known to the public at a news conference held in Accra, Tuesday, September 3, 2019.
Speaking on recent developments in the banking and financial Sector, at the news conference the MP for Bolgatanga Central and a Member of Finance Committee of Parliament, Isaac Adongo declared that “we totally support the plan by our Flagbearer to hold a stakeholder’s forum within the first 100 days upon coming back into office to address the effectiveness of the regulatory architecture and to build consensus on gaps as well as needed reforms to promote greater financial stability for growth”.
According to him, they have as MPs agreed with the idea to amend the Banks and Special Deposit Institutions (BSDI) Act 930 (2016), which was put together by The NDC Government, “based on careful observation of how the framework has been applied, to enhance its effectiveness”.
The Party also support plans to freeze new bank licenses for a period of time while getting as many banks as possible to list on the Ghana Stock Exchange, stressed that, “we find laudable the idea to look at the Receivership and Liquidation framework in the Act to make it easier for the Administrator to reverse a decline rather than making it automatic for an insolvent bank to be liquidated”.
Mr. Adongo again alluded to the fact, “we shall support our leader to implement further regulatory reforms to enhance the functions of the Bank of Ghana while establishing a Financial Sector Conduct Authority to regulate market conduct and ramp up consumer education.
“We will push ahead with the financial inclusion and innovation agenda, by setting up an appropriate authority to regulate microfinance and allied sectors, while developing the rural banking system and enhancing the role of the ARB-APEX Bank’s supervisory structure”.
“We remain steadfast in our commitment to develop the business environment and to aid the growth of Ghanaian enterprise. We wish to echo the call by our Flagbearer for the veil on the beneficial shareholders of the Ghana Amalgamated Trust (GAT) to be lifted and to cease the ‘predatory’ bail-out assault on the remaining banks, which include state-owned banks, he noted.