News:
September 7, 2017
The honorable Member of Parliament for the Bolgatanga Central in the Upper East region, Isaac Adongo has proposed that Board of Directors of corporate institutions especially in the Banking sector must have supervising Boards to check their activities.
This, he noted will eliminate the phenomenon where only Bank owners and shareholders constitute Boards with its attendant risks in decision making.
The presence of a superior Board he observed will check excesses and build confidence and ensure some level of sanity in the financial sector which is in the news for the wrong reasons in recent times.
He made the proposal at a business forum organized by an Accra based media organization, XYZ Broadcasting on the theme: Enhancing the competitiveness of indigenous Banks.
Mr Isaac Adongo also a Member of the Finance Committee of Parliament expressed misgivings about the current reactionary regulatory framework of the country which does not support indigenous banks enough making themendangered species.
He advocates an effective regulatory banking system that is responsive to needs of customers, a regulatory invention that is value adding to services that they deliver to customers.
The outspoken lawmaker also expressed concerns about the lack of people of the necessary technical expertise on Boards of Banks.
The Bolgatanga Central lawmaker also advocates the setting up of a standard minimal requirement for consideration as a member of a board.
He challenged local banks to move towards a risk management approach and give proper attention toresearch and development to maximize their competitiveness.
Christian Kpesese/Ghanamps.com