They argue that governments have consistently overlooked the efforts of local banks and granted huge contracts to foreign banks operating in the country. This, they claim has put foreign banks in good condition, ahead of local banks, most of whom are struggling to meet the 400 million cedis capital requirement. Among other issues, the local banks accused governments of giving contracts such as collection of money in key state institutions to foreign banks. They also pointed out that government is quick in using foreign banks as financial advisers during major projects. Expressing their displeasure in recent happenings in the banking sector, the local banks bemoaned the habit where officials of the central bank and government officials talk down on local banks.
Source: GhanaWeb April 16, 2018 07:30 UTC