BoG Asked to Strengthen Banking, Financial Sectors

By Samuel Akapule

Bolgatanga — The Industrial and Commercial Workers Union (ICU)-Ghana, has called on the Bank of Ghana (BoG) to design appropriate mechanisms to strengthen the banking and financial sectors, instead of closing them.

The Deputy General Secretary of the ICU-Ghana in charge of operations, Mr Morgan Ayawine, issued the warning at the Upper East Regional Council General Meeting, held in Bolgatanga on Friday.

He stressed that now that the country was no longer going to be dependent on the World Bank and the International Monetary Fund (IMF), it was very crucial for the BoG to tread cautiously in handling issues pertaining to the banking and financial sectors.

"It is good news that Ghana is no more going to subject itself to IMF conditionalities and loans and, therefore, we need to be very careful not to do anything that would collapse the banking and the financial sectors, which will be needed most at this stage of our economic advancement," Mr Ayawine stressed.

He indicated that apart from the directive by the BoG for some banks to merge and the closing of others, resulting in panic withdrawals, management of such banks had threatened to lay off their employees, and to pay them either one month or two months' salary.

"If we so desire to attain economic independence for the country, you don't introduce measures that will create a "Tsunami" situation for people to do panic withdrawals of their investments from the very banks that are helping government to attain economic independence", the Deputy General Secretary emphasized.

Whilst commending government for introducing flagships programmes such as the One District, One Factory, One Village One Dam, One Constituency One Million Dollars, Mr Ayawine stated it would have been better for government to revamp all the defunct factories.

He mentioned the defunct Pwalugu Tomato Factory, the Zuarungu Meat Factory, the agriculture stations at Doba, Bazua, Binduri, Naga, the Pusu-Namoo Animal Husbandries among others in the region.

Mr Ayawine said the ICU would protect employees against unfair treatment, adding that "era of master-servant relationship" was gone, and asked employers to create an enabling environment for employees to work.

The Upper East Regional Officer of the ICU, Mr Rudolf Agamu, said that ICU membership drive in the region has been very encouraging.

He mentioned that workers from the banking, the financial, hotels and restaurants, public boards, professional and management staff union, private security agencies had joined the ICU.

Mr Agamu said the ICU protected and defended ICU members, who were victimised by their superiors at workplaces, and appealed to workers to join the union.

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