Mr. Emmanuel Agyenim-Boateng, CEO of Nyankumasi Ahenkro Rural Bank, has revealed that the banking cleanup and Domestic Debt Exchange Program (DDEP) has eroded trust in savings, leading to a decline in deposits and lending activities.
He said the situation has not only threatened the stability of the banks but also its profitability. This, in turn, poses far-reaching risks to the entire financial sector.
This was revealed during the bank’s 38th Annual General Meeting (AGM) at Nyankumasi Ahenkro in the Assin South District of the Central Region.
He said although the measures aimed to strengthen the banking sector, they have had unintended consequences.
Mr. Aggyenim-Boaten,g therefore,e urged authorities to take swift action to restore investors’s confidence and ensure the long-term sustainability of the banking sector.
In a related development, Professor Nana Yaw Oppong, Board Chairman of Nyankumasi Ahenkro Rural Bank, highlighted the bank’s efforts to strengthen the monitoring of mobile bankers (Susu Collectors) who collect deposits from market women.
He emphasized the need for improved internal controls to prevent fund suppression, a common challenge in dealing with mobile bankers.
Source:kofitutunews.com
