Dr. Millison Kwadwo Narh, Deputy-Governor of the Bank of Ghana, has hinted that the bank is revising the current Banking Act to enable it address the identified gaps.
He said the Deposit Protection bill is also about to be passed by Parliament to provide protection for small savers.
Dr. Narh was speaking at the 25th anniversary of the NDK Financial Services Limited launch, at Osu in Accra.
The company, which started from humble beginnings with three staff in a small room at the Kingsway Building in Accra, now has a staff strength of about 90.
Besides, the company is now a market leader in the financial services sector and accounts for 26.4 percent of the finance houses’ total assets in Ghana, with its total assets standing at over GHC500million.
Dr. Narh said passage of the two legislations will help the country have a better framework to deal with micro-finance institutions that have gone down.
He said the Bank of Ghana will also issue a number of guidelines and directives in the areas of Risk Management, Corporate Governance, Outsourcing, Mergers and Acquisitions to align with the incoming legislation and give direction to the industry, as well as further strengthen the central bank’s supervisory role.
Dr. Narh commended the company’s management and staff for their hard work and perseverance, especially for working in an environment that has gone through a number of challenges and being able to weather the storm.
He said the country is experiencing a level of stability that is underpinned by the exchange rate stability and sustained fiscal consolidation, as a result of the International Monetary Fund programme government has signed onto.
He said the additional oil and gas production and improvement in the macro-economic environment is expected to boost growth in the country.
Mr. Oko-Nikoi Dzani, Founder of NDK Financial Services Limited, said with hard work and diligence over the years the institution has been able to provide sterling services to its clientele and achieve success in its field of endeavour.
He said the vision of NDK is to be a globally recognised financial service provider with the view of creating stakeholder satisfaction, adding: “The institution’s core values are customer-focused professionalism and teamwork”.
Mr. Dzani said over the past 25 years NDK has provided attractive and reliable financial services to its clients, and contributed to improvement in financial inter-mediation and the economy’s development.
He said NDK is mindful of its corporate social responsibility and has contributed its quota in the areas of education and sports, particularly hockey, demonstrating the company’s belief in total development of the people.
Source: GNA