Banking sector clean-up exercise already yielding positive results - Fep. Finance Minister

BY GHANANEWSAGENCY.ORG - Jan 15, 2020 at 11:25am 100

A Deputy Minister of Finance, Dr Charles Adu Boahen, on Tuesday (January 14) said the banking sector clean-up exercise was already yielding positive results.

This, he said, led to the recording by mid-year, year-on-year after-tax profit growth of GHC 1.67 million, or 36 percent, in 2019, reflecting the strong macroeconomic fundamentals.

He said through Government’s interventions, significant deposits of customers held by a large number of banks, and over 1.12 million Micro Finance Institution depositors, have been saved, together with over 3,000 jobs.

Dr Adu Boahen, who made this known at the opening of the maiden “Ghana Results Fair” in Accra, said government had to carry out the exercise, as an intervention to bail out troubled financial institutions to help save depositors funds and protect Ghanaian jobs.

“The banking sector clean-up has been successfully completed, making Ghana’s banking sector solvent, liquid and profitable,” he said.

The three-day Fair was opened by President Nana Addo Dankwa Akufo-Addo, under the theme: “Delivering Results for our Citizens: A Work in Progress,” and featured 33 Ministries, Departments and Agencies (MDAs), who mounted pavilions to display infographic messages, videos and relevant information on 17 priority government flagship programmes.

It is being organised by the Ministry of Monitoring and Evaluation, in collaboration with the Ministry of Information to showcase the level of implementation, sustainability, as well as short, medium and long-term impact of the initiatives.

Dr Adu Boahen, during a panel discussion on the topic: “Improving Macroeconomic Stability for Sustainable Growth,” said on the medium-term outlook, government was determined to take Ghana out of the aid dependency syndrome, saying “this is a Ghana that is prosperous enough, that it is beyond having to depend on the charity of others”.

“It is a Ghana that has modernized its agriculture, developed internationally competitive manufacturing and modern services; that adds value to its agricultural and natural resources; a Ghana that provides productive employment opportunities for all.

He said the country’s macroeconomic outlook and medium-term prospects remains strong and favorable, supported by robust activity in the extractive industry such as gold, oil and bauxite, a safer and resilient banking system, prudent macroeconomic policy stance, rapid infrastructure and oil sector investment as well as favorable external environment.

Dr Anthony Akoto Osei, the Minister for Monitoring and Evaluation, said the mission of his outfit was to facilitate, coordinate, monitor and evaluate programmes and projects aimed at addressing development needs of Ghana through the development of skilled human resources and modern technology to enhance data management, information dissemination and feedback on government programmes and projects for national development.

He said the Ministry remains committed to improving the understanding of the public about the role of monitoring and evaluation in strengthening good governance and accountability for results.

Dr Yaw Osafo Marfo, in a speech read on his behalf, said the Fair created an open platform to both the public to see for clarifications and government ministries to showcase their achievements.

He highlighted on the role of the Office of the Senior Minister, especially in the institution of the National Public Sector Reforms Strategy (NPSRS) for 2018 to 2023, with support from the World Bank, and urged all sectors to strive to achieve the vision of President Nana Addo Dankwa Akufo-Addo.

There were also goodwill messages from various stakeholders including Dr Pierre Frank Laporte, the Country Director of the World Bank.
Mr Laporte stressed on the importance of monitoring and evaluation of the performances of state institutions and congratulated Ghana for the Fair, urging other countries to institute similar systems to measure their progress of development.

Mr Kojo Oppong Nkrumah, the Minister of Information, called on civil society organisations, media and the public to visit the various stands at the Fair to learn more about the various policies, programmes and projects of government and also seek clarifications should the need arise.