The Consumer Protection Agency (CPA) has congratulated the Bank of Ghana for the measures it has taken to sanitize the banking industry.
This comes after the central bank’s recent decision to merge five local banks, namely; Beige, uniBank, Sovereign, Construction and Royal banks into the Consolidated Bank Ghana Limited.
A statement from the CPA, copied to the B&FT stated: “The CPA will like to congratulate the Bank of Ghana for rising up to its regulatory mandate and coming to the aide of consumers of the struggling banks before they collapse totally. The situation could have had dire consequences on trade and commerce.
The financial market needed this cleansing to restore public confidence in the financial sector. The latest announcement brings the number to 7 banks that have collapse since January 2017.
We are particularly happy that the customers of these affected banks still have their deposits and investments intact with the newly formed Consolidated Bank Ghana Ltd. as announced by the Governor of the BOG,” the statement further noted.
The CPA further urged BoG to look into the activities of some micro finance companies, saying: “Most often it is the vulnerable and our market women who are duped of various sums of monies when these scams happen.”
“There are a lot more financial institutions in distress at various levels of the financial market that need attention, especially the savings and loans section/micro finance and the free range “susu” collectors,” calling on the central bank to put in stringent supervisory measures to avoid future occurrences of such nature in the financial sector.