The Ghana National Chamber of Commerce & Industry (GNCCI), has called on the Bank of Ghana to strengthen its regulatory and supervisory mechanism to enable a stable banking system.

The country has been hit with what seems like a dwindling of the financial sector where banks have had to collapse after not meeting the requirement by BoG to raise the minimum capital of GHC400m.

Failure on the part of some banks led to having their licenses being evoked or have had their status reduced. Some of the banks that have suffered are; The Beige Bank, uniBank, The Royal Bank, Sovereign Bank, and Construction Bank.

These distressed banks, have been merged to become Consolidated Bank of Ghana.

The Chamber applauding the “bold and decisive” move, said in a statement that if not for the timely intervention by BoG the financial sector of the Ghanaian economy would have been a potential target of “major crisis” of which the private sector would have been a key victim.

GNCCI explained that the swift action by government will provide financial support which will then ensure the viability of the newly reconstituted consolidated bank and other indigenous banks is also commendable.

However, the release signed by the Chief Executive Officer (CEO) of the Chamber recommended that local investors in the banking industry team-up their “resources, both financial and human capital, to establish strong and profitable banks to withstand the vagaries of the highly competitive banking industry.”