He believes strongly that the lack of supervision on the part of regulators and failure to hold people accountable is causing local financial institutions to fail.
The retired engineer, speaking on JoyNews’ Newsfile show with Samson Lardy Anyenini, noted that “Clearly there is poor supervision, clearly nobody is held responsible and it sends a very bad signal.”
He was reacting to the Bank of Ghana (BoG) revoking the licences of twenty-three insolvent savings and loans companies and finance house companies.
Dr Wereko-Brobby observed that “We seem to shut the stable door after the horse has bolted. Here we are we have a Bank of Ghana which has got a supervision division,” which it is supposed to have sustained supervision and all “these companies are supposed to submit regular returns of their activities [and] they are supposed to be checked.” Read Full Story
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