35% of CEOs okay banking sector reforms agenda – OBG survey

Riks Moor –Oxford Business Group

Top Chief Executives spanning various sectors of the economy, including finance and construction, have backed government’s decision to embark on the banking sector reform agenda.

In a survey conducted by the Oxford Business Group (OBG) on the ‘Ghana CEO Survey 2019’, of the CEOs 35 percent backed the banking reform agenda, indicating their approval for the exercise.

However, 34 percent of them felt it was a negative move taken by government while 9 percent felt it was positive and very positive.

Twelve percent (12%) remained neutral as against one percent who had no idea about it.

Riks Moor from the Oxford Business Group explained that they asked CEOs about local sentiments on the banking sector reform and agenda.

“We have seen in that question there was a split – 35 percent have a positive local sentiment on the banking reforms, but 34 percent had a more mixed reaction. Some concerns about low sentiment has to do with the short-term impact of the banking reforms – on liquidity and access to credit.

“It was not exactly that there was negativity about the reforms so much as people recognise local sentiment in the short-term; if you have a series of reforms in this magnitude, you are going to have an impact and affect local sentiment,” he told B&FT in an interview at the 2019 Q4 CEO Breakfast Meeting in Accra.

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The latest survey carefully examines how the various reforms and programmes implemented by government in 2019, as well as the upcoming 2020 elections, are impacting the business community in Ghana and prospects for the next 12 months.

Some of the areas captured in the report include Impact of financial services sector reforms; Level of optimism based on a holistic view for growth; Impact of Africa Continental Free Trade Area Agreement; and inter-regional trade and Economic Diversification.

The Ghana Investment Promotion Centre (GIPC) and OBG are currently finalising a Memorandum of Understanding (MoU) that will result in ‘The Report: Ghana 2020’ and other content to be made available across all platforms.

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