Former President John Mahama has said he will turn the difficulties bedevilling the banking sector into opportunities that will culminate in forging a stronger and more resilient banking environment.

The Bank of Ghana has finally stopped operations of insolvent savings and loans companies, with renowned ones including GN Savings and Loans, and Ideal Finance being part of the 23 banks whose licenses have been revoked.

The other banks affected by this move include Women’s World Bank Savings and Loans, Unicredit Savings and Loans Ltd, Global Access Savings and Loans Company Ltd, Accent Financial Services Ltd, Midland Savings and Loans Company Ltd, First Allied Savings and Loans Company Limited, among others.

He said he will outline strategies which will help to revive the banking sector.

“The current challenges in the banking sector are surmountable and we can positively turn these into opportunities to establish stronger and adequately well-capitalised banking sector to support economic growth. If I come to power in 2021 I will improve the banking sector.”

John Mahama said he will strengthen the institutional and regulatory frameworks, revamping the payment systems, and deepening financial markets.

He said the banks must embrace modern technologies and work together to increase the industry’s efficiency. Where necessary, they must share skills and expertise. This will help reduce the cost of funds (especially corporate funds) and their cost of operations

In addition, the affected banks were also found to be insolvent. Bank of Ghana’s commitment to maintaining the safety and soundness of banks and other financial institutions resulted in another round of comprehensive reforms aimed at revamping the banking sector to support the country’s economic transformation agenda.