President of the National House of Chiefs, Togbe Afede XIV is unhappy with the manner in which the Bank of Ghana (BoG) handled its recent cleanup of the Savings and Loans sector.
He believes the Central Bank could have been handled its crackdown on the sector in a more helpful way than it did.
Speaking to Joy News’ Kojo Yankson at the British High Commission in Accra, the former Chairman of the National Investment Bank (NIB) said “I think that the approach could have been different – less destructive than we have today and should have been informed by a lot of scientific analysis.
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“It is important that some of these things are approached with a little more patience so that you don’t create more problems than we are trying to solve,” he added.
Togbe Afede acknowledges the many issues some of the Savings and Loans sector fraught with but said the companies that operated genuinely, should have been given the opportunity to bounce back.
A complete closure, in his view, makes the Savings and Loans sector confused leaving many of the companies to cave in when they must not.
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“The kind of panic that we saw resulting from the way the process was handled, itself was not good. It could have been managed a little better so that the genuine ones who have done genuine lending could survive just by their debts being set off here and there.
“I think that a little more caution could have helped the process,” he stressed.
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