Banks commit to collaborative efforts for economic revival
In a resolute show of solidarity with the government and regulatory bodies, banks have affirmed their commitment to collaborative efforts aimed at expediting the nation’s economic recovery.
President of the Ghana Association of Banks (GAB), Mansa Nettey, expressed the industry’s dedication to ensuring a robust and secure banking environment during her address at the 40th Annual General Meeting of the GAB.
Ms Nettey, who also serves as the Managing Director of Standard Chartered Bank, emphasized the pivotal role of stakeholder collaboration in fulfilling the banking sector’s mandate.
To fortify their operations, member banks have articulated a strategy that includes regular scenario planning, rigorous market research, the implementation of a more robust risk assessment and management system, and potential hedging of balance sheet positions.
Additionally, the GAB plans to organize seminars focusing on the principles of capital adequacy and liquidity, fostering an in-depth discourse among key stakeholders in the banking industry.
The impact of the Domestic Debt Exchange Programme on banks and the broader economy underscores the urgency of such measures.
Ms Nettey reiterated the commitment to enhancing stakeholder understanding of capital adequacy ratios and their application in banking operations, aligning with regulatory requirements.
Moreover, Ms Nettey highlighted the African Continental Free Trade Area (AfCFTA) as a transformative opportunity for the banking sector. She underscored the potential for expanded business operations, credit facilitation, job creation, and contributions to critical sector growth.
The AfCFTA offers a promising avenue for banks to play a pivotal role in the nation’s economic development and financial sector growth.
These resolute commitments and strategic endeavors by Ghana’s banking sector demonstrate their unwavering dedication to fortifying the nation’s economic foundations and seizing opportunities for growth and collaboration in the global marketplace.
