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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.