In recent times, the banking industry has attracted the attention of the public due to some developments that led to the folding up of seven banks, with their liabilities and selected assets consolidated into two stronger banks to protect depositors from losing out.
Freely accessible and basic compulsory education is not just an ordinary right which can be confered on a child at will, but rather a legal right which is adequately provided for by the laws of the country with specific reference to Article 25 (a) of the 1992 Constitution, and also the Education Act (2008) and Free Compulsory Universal Basic Education (FCUBE) programme.
Within a period of one year, the Bank of Ghana (BoG) revoked the licences of seven local banks that were found to have breached various regulations, including obtaining their licences fictitiously, maintaining negative capital adequacy ratios and misapplying emergency liquidity support granted them by the central bank.
It brings a lot of pride to every Ghanaian to see infrastructural projects being completed.
The completion of Terminal 3 of the Kotoka International Airport is a good symbol of what I term “governance continuity” and would like to commend both the National Democratic Congress (NDC) and the current administration for seeing to the completion of this all-important infrastructure which is expected to handle up to five million passengers a year, with an expansion potential of up to 6.5 million passengers.
Many a time, we have seen important projects being abandoned to rot if there is a change in government, but for what has happened and the success story of the completion of the Terminal 3, it is an indication that Ghana will experience significant infrastructural development if all governments that come to power see the need to continue already-existing projects.
I believe the time has come for us as a nation to disassociate political party colours from government infrastructural projects and see it as a project for Mother Ghana.
This was the drive of our first President, Osagyefo Dr Kwame Nkrumah. Sometimes because of the fear of giving credit to whom credit is due, politicians play delay tactics in completing already-existing projects started by previous administrations to the detriment of the ordinary Ghanaian.
If we are to run the nation’s infrastructural projects with this negative attitude and mindset, it will take us many years as a nation to arrive at our desired destination. Politicians must understand and appreciate the fact that it is the taxpayers’ money they use for these projects and, therefore, it must be used to the ultimate advantage of the ordinary man on the street.
Governmental waste Of what benefit is it for one government to spend taxpayers’ money to import over 110 vehicles for the use of state institutions in 1999 when they are still found unused till date in spite of successive governments that have come after President Rawlings’ tenure?
This is a clear case of governmental wastage and misuse of public funds, and no society or nation can develop with such a waste in its system of governance.
I strongly believe that the success story of the completion of Terminal 3 of the KIA will teach us a great lesson as a nation and serve as a wake-up call towards the completion of other existing projects.
To this end, I appeal to Parliament and all other relevant stakeholders to consider the development of a 20-year strategic infrastructural development plan that every government will be guided by. This will help eliminate the issue of abandoned projects and unnecessary waste in the system.
I recommend that during the inauguration ceremony, the NDC government, under the leadership of Former President, John Mahama, will be invited to the ceremony with the name of the former President embossed on the plaque as the one who assisted the President, Nana Addo Dankwa Akufo-Addo, to inaugurate the edifice.
In my view, if the current government can blame the previous administration for the mess they created in the economy, as a leadership development consultant, I suggest that for good and efficient governance continuity, it is important to give credit to whom credit is due and to recognise the works of the previous administration for getting the project started in 2016 before leaving office.
This will also send a strong signal that with governance continuity, a nation can be transformed.
Terminal 3 should become an inspiring edifice for every politician, policymaker and the entire Ghanaian population that when a government is committed to continuing projects of a previous government which are of national interest, it brings honour to the nation.
The writer is the President of the Full Gospel Church International and a Leadership Development and Transition Management Consultant, as well as the author of “Vision the Fuel that drives Leaders”.
There is no denying the fact that a number of fatalities are recorded on our roads due to factors such as the blatant disregard for traffic and road safety rules by our drivers, which has gained notoriety and led to many unfortunate accidents.
World Tourism Day, a day set aside by the United Nations World Tourism Organisation to raise awareness of tourism’s actual and potential contribution to sustainable development, was marked around the world yesterday on the theme: “Tourism and the digital transformation”.
The growth of every country is largely dependent on a strong and vibrant financial services sector, particularly banks.
Banks, by their nature as lenders and deposit takers, can make or break an economy.
Many years ago, the challenges in the banking sector in the United States of America and elsewhere in Europe, among others, caused a global recession and brought many big economies to their knees.
The shock was felt in developing countries, many of which depended on the developed world for support to build their economies.
The issues that caused the mess in the banking sector forced regulators of that industry to lift their game and tighten regulations to ensure that the oversights among other factors that brought the problems, did not recur.
Last year, the Bank of Ghana (BoG) directed the banks to recapitalise from the present GH¢120 million to GH¢400 million by the close of the year.
The intentions were clear. Among others, the directive was meant to sanitise and restructure the operational processes of the banks to be in line with global trends and also for the banks to survive any depressed economy, if there was one.
Since the announcement, the country has witnessed one of the worst storms in the banking sector with the local banks being at the forefront of what many have described as the most scandalous happenings ever to be recorded in the history of the sector.
Seven local banks were declared insolvent and forced to close.
The ripple effect of this scenario has forced many to lose confidence in the local banks in the country. Much as the BoG has taken some steps to restore confidence in the local banks, both Ghanaians and foreigners are not too comfortable working with some of them, fearing that, in the short to medium term, the BoG may be forced to close down some more for their inability to live up to expectation.
The GRAPHIC BUSINESS fully supports the efforts of the BoG in improving confidence in the local banks and we call on those withdrawing their monies to rescind their decision.
What we should know is that, by refusing to do business with the local banks, a friend, a relative or a family member could potentially lose his or her job. That is not to say that based on that fear, the rot should be allowed to continue.
In asking the general public to continue doing business with the local banks, we also are of the view that a lot more depends on the directors and shareholders of the banks themselves.
They need to demonstrate beyond reasonable doubt that they are up to the task. The lavish lifestyle of some of the executives and their managers on the back of the depositors funds must stop.
They also need to heed to strict corporate governance practice and must also be seen to be engaging in profitable activities that will not only ensure real returns on the investments but also, can guarantee the future of the bank.
Banking is about confidence.
If for nothing at all, our local banks must be highly solvent, that is, under no circumstance should they have more liabilities than assets with which to operate.
This is to ensure that they significantly reduce the risk to depositors’ funds.
The local banks must ensure liquidity at all times.
This means that they must not be faced persistently with liquidity shortfalls.
Finally, we believe that the best way to restore confidence in the banks is for the state to ensure that all those whose actions or inactions caused the collapse of the banks are not spared.
We have had enough of the talk and the time to act is now to set a positive and lasting example to deter others from doing same.
Confidentiality is very important in the context of employee/employer relationships, especially relating to business information. The need to keep very essential information under wraps is very vital, as its disclosure, when it lands in the wrong hands, can be misused to commit an illegal activity, such as discrimination or even fraud.
Exports are a crucial component of a country’s economy. Among other things, a country’s exports enable it to earn enough foreign exchange to import some of the items that it does not produce but which are essential for its nationals.
States tend to prioritise relations with their nearest neighbours, as, in most instances, one’s neighbours represent the closest opportunities for trade, travel and political ties. Among many other things, those countries often share geographical, cultural and ethnic connections.