Gov’t To Form 5-Member Committee To Protect Financial System

Finance Minister, Ken Ofori-Atta says he will soon inaugurate a 5-Member Committee in the coming days as part of moves to protect the financial system.

The committee, according to the minister, will consist of prominent financial services professionals to lead extensive stakeholder engagements across all the key segments of the financial sector – banking, assets management, pensions, and insurance.

Ken Ofori-Atta explained that the committee will work to engage key stakeholders in the financial services sector, additional to the ongoing engagements with Civil Society Organizations (CSOs), social partners (labour unions, employers, and FBOs), academia, industry professionals, and the leadership of Parliament.

The move, the minister indicated forms part of government ambition to protect the financial sector.

“Ghana needs a viable domestic financial system to support its development programme, especially in these three years with limited access to the International Capital Market. Therefore, everything must, and will be done, to protect our financial sector; and there must be room for a win-win conversation through extensive stakeholder engagement with both our domestic and external investors”.

“Ghana has always had a collaborative approach with its partners and we shall, I am confident, come out with a ‘historic arrangement’”, he said at a press conference held today in Accra.

The minister assured the public about the government determination to protect their finances and the economy, saying “this is a government that protected the savings of 4.6 million Ghanaian depositors with the reform of the banking and financial sector even in our early days. We owe it to the economy and Ghanaians to keep protecting it”.

He believes that the sanctity and the well-functioning of the financial system is sacrosanct and there is the need to support and trust all Ghanaians to deliver this.

By Vincent Kubi