Banking sector becoming preserve of foreigners – Sly Mensah

National Democratic Congress (NDC) flagbearer hopeful, Sylvester Mensah is worried that “the banking industry is collapsing and becoming an industry for non-Ghanaians”.

he said this at an interaction with NDC delegates at Bole in the Northern Region on Tuesday, 14 August 2018.

The Consolidated Bank Ghana (CBG) Limited was recently formed by the Bank of Ghana (BoG) when it fused together five struggling local banks, including The Beige Bank, Sovereign Bank, The Royal Bank, uniBank and The Construction Bank.

In 2017, UT Bank and Capital Banks also collapsed and the GCB Bank assumed the assets of the two banks.

Government has also released a new roadmap for the banking sector which includes new corporate governance reforms and new minimum capital requirement of GHS400 million which the indigenous banks are supposed to meet by the end of 2018.

Mr Mensah who is also a former CEO of the National Health Insurance Authority also made an emotional appeal to delegates to put their frustrations and pain of the past behind and give him their mandate for a fresh start, for change in leadership, a new voice, a new face, a new culture and a new vision.

He admonished delegates to keep united in the face of glaring failure by the President Nana Akufo-Addo-led NPP government.

In his view, the One-District-One-Factory programme by government has not been successful and the Free Senior High School (SHS) is experiencing major problems.

He was of the opinion that traders and private businesses are folding up and Ghanaians have regretted giving the NPP their mandate.

He explained the implications for the NDC party if a leader with one term is selected to lead the party into the 2020 elections.

He assured delegates of a departure from the old ways and to make the party supreme and stronger.

Mr Mensah also presented an insight into national policy alternatives to create jobs for the youth.


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