Business General

Dr Nduom reveals what must be done to fix banking crises 

Dr Papa Kwesi Nduom has advised government to be swift in consulting experts on economic and financial sectors to mitigate the current crises bedeviling the financial sector.

He maintains that the challenges encountered in the banking sectors, cedi depreciation and non- specified business dealings like that of Menzgold must be viewed as a national problem – adding the economy requires a comprehensive blueprint for a takeoff.

“The current crises is affecting everyone in one way or another. Even other local banks are struggling to attract clients because more people are losing trust in financial institutions in the country.

“Government must hold the bull by the horn and engage stakeholders to arrest the situation as soon as possible. Yes, they may have to make some sacrifices, but it is absolutely necessary as the current state of affairs is not good,” he told Joy News on Thursday.

The politician cum business magnate observed that the prevailing economic situation has been a long standing issue, and therefore, must be tackle with all attention and seriousness.

He also urged financial institutions to do their part by complying with the regulations from the Bank of Ghana to avoid getting into trouble with the central bank of Ghana.

“If banks authorities have challenges in their operations, it’s better to seek advice from the right quarters rather than waiting till it gets out of hand,” he advised.

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