Business mogul and politician, Dr. Papa Kwesi Nduom has criticised Finance Minister, Ken Ofori-Atta and other financial analysts who've justified Bank of Ghana’s ‘licence revoking’ spree with the argument that Ghana’s population is overbanked.
According to the board chair of GN Bank, the argument that Ghana’s economy with the population of almost 30 million is too small to house 34 banks lacks fact from research.
Dr. Nduom who was speaking at the launch of UG-GN Re Pensions and Insurance Fund held at UG Business School Graduate building in Accra, flawed such arguments, asserting that Singapore which has a population of 4.7 million has over 200 banks.
“Every now and then, I hear some ‘intelligent’ people say a small country like Ghana, they are 34 banks, it’s too many. What research did they do? Do you know the population of Singapore, Singapore has a population of 4.7 million people and they have 205 banks. “
With a financial asset of GHC21bn, the pension sector in Ghana has more funds able to salvage the struggling banking sector and local banks for that matter from collapse.
According to Dr. Nduom, the decision to invest pension funds into foreign business and the expenses of local banks is ill-advised.
He called for a direct investment of pension funds amassed from in Ghanaians into home-grown business.
Source: ghanaweb.com
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USELESSSSSS argument and comparison. A Ph D holder arguing like this. Can you compare your economy to that of Singapore. We are becoming suspicious of your education certificate. Probably its Mahama's wife certificate
Guys be polite in your criticism of the senior citizen. You can still make your point without being insulting. Thanks
Very illogical. Tell us the GDP of ($554.855 billion) and Ghana's (144.494 billion). Their GDP per capita? Their unbanked populations? The literacy rates of both country's? Their regulatory regimes? Their corruption index? You can't actually compare the two.
WHAT ILLOGICAL OPINION IS THIS !!!!!; our leaders and opinion leaders are just going MAD !!!!because they do not make sense ;how do you compare Singapore where they enforce the law to Ghana where the laws are unenforced and the elite or educated gang up to still from Ghanaians ; the mercury is our driking waters is havig effect on our leaders because they do not think straight !!!
Most of the 2015 banks in Singapore are not there to serve the 4.7 million population. The banks serve multinational companies in Europe and America and there because of their good regulations and laws. How many of the banks in Ghana are serving any multinational companies. All their attention is on the local people and SMD companies locally
Ghana is not Singapore, in Singapore they do not condone ***barred word*** by bank executives as in Ghana. So Mr. Nduom, i disagree with your assertion, in Singapore the banking rules and regulations are enforced by the central bank.
Because MOST of the Ghanaian bank officials are THIEVE#@S! Steal in Singapore and you a a DEAD man. So-called revolution wanted to do same (P(NDC), but they are now the most CORRUPT people in Ghana
the banks in Singapore do exactly what is stated in their mandate whiles the banks in Ghana doles out money to their Board members as loans instead of their customers. Mr Nduom shine your eye.
AND SINGAPORE HAVE 4.5 MILLION SCIENTISTS BUT GHANA HAVE NONE BUT 20 X 34 BANKS BOARD MEMBERS AND CHAIRS.
The ***barred word*** keep asking ***barred word*** questions everyday. What's there to compare with conscientious Singaporeans and thievves in high places in Ghana?