Banks Ready To Welcome Three Additional Ones

Some players in the banking industry have welcomed news that three more banks are in line to be licensed by the Bank of Ghana (BoG) to operate. The BoG at its last Monitory Policy Committee meeting confirmed it is considering applications from three more locally owned banks to join the industry. This will take the total number of banks in the country to 30 even though some analysts argue that there should be emphasis on quality of service instead of the number of banks. The Managing Director of Stanbic Bank, Alhassan Andani, told Citi Business News (CBN) the additions will add to the competition and improve on service delivery. “I think banks are an immediate indicator of the potential of any economy,” Mr. Andani said. “So the additional number of banks only means that Ghanaians have something to look up to. So we should take advantage of the capital that the banks are bringing into Ghana.” Mr. Andani, however, added that there was a need for banks to improve their capital access as well as a proper repositioning for technology growth. Although the past few years have seen an impressive growth in the banking sector the issue about access to credit is still a major challenge. Speaking in an interview with CBN, the Vice President of the Bank of America, Jacob Alhassan said Ghana can consolidate its position as a developing banking economy by improving credit accessibility. He said: “I do think that the basic banking principles still are in place but the big difference in the banking industry which is common in the US which is lacking here is how credit is administered and the sorting and seeking out of deposits. “In America, it is much easier to access credit than it is here in Ghana. Ghanaians are way behind in that area.”