Restoring confidence in the local banks

The growth of every country is largely dependent on a strong and vibrant financial services sector, particularly banks.

 Banks, by their nature as lenders and deposit takers, can make or break an economy.

Many years ago, the challenges in the banking sector in the United States of America and elsewhere in Europe, among others, caused a global recession and brought many big economies to their knees.

The shock was felt in developing countries, many of which depended on the developed world for support to build their economies.

The issues that caused the mess in the banking sector forced regulators of that industry to lift their game and tighten regulations to ensure that the oversights among other factors that brought the problems, did not recur.

Last year, the Bank of Ghana (BoG) dir