Financial sector clean up; BoG will not extend exercise to rural banks – Ahantaman’s Afful-Eshun.

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Chief Executive Officer of Ahantaman Rural Bank Benjamin Afful-Eshun is optimistic the Bank of Ghana will not extend it’s clean up of the banking sector to the rural banks.
Since August 2017, the bank of Ghana (BoG) as part of its financial sector clean up has revoked the licences of 9 universal banks, 347 microfinance companies, 39 microcredit companies, 15 savings and loans companies, eight finance house companies, and two non-bank institutions.

Despite assurances from the BoG, there are still fears the BoG may, through the ARB Apex Bank, embark on a similar exercise for the rural banks.
Speaking in an exclusive interview with Skyy News, Victor Atsu Tamakloe, Benjamin Afful-Eshun says rural banks will not suffer the same fate as universal banks, micro finance, savings and loans companies.

‘The assurance is that the banking sector clean up is over. Rural banks are not going to be touched so we are safe and sound. We are well managed, our corporate governance structure is better so we cannot go down like the savings and loans companies or the one-man micro finance companies.” He explained.

He also cautioned depositors to be mindful of who they listen to on matters relating to the financial sector, adding that they need to seek clarity from their bankers on any information that get.

”One of the things we all need to be mindful is the sort of information we spread, what we listen to and even the person we are listening to. Not all of these public commentators or analysts are experts in the field of financial sector to understand the issues and address them appropriately. So I am urging all our customers to come to us on matters pertaining to us and our operations. It is best you ask us to clarify whatever information that you get so that you can get a good understanding on the issues and how they affect you” He concluded.

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