Founding President of the Nobel International Business School, (NiBS), Professor Kwaku Atuahene-Gima has advised stakeholders in the banking sector to do more to build trust after the collapse of some 7 local banks.
According to him, lack of trust in the banking sector can be attributed to the mishaps the sector has experienced in recent times.
The Bank of Ghana(BoG) has in the past two years revoked the licenses of 7 local banks for failing to meet some requirements for their operation.
Speaking to Citi Business News on the issue, Professor Kwaku Atuahene-Gima said the banking challenges faced by the country is due to lack of trust which must be rebuilt to ensure the industry returns to normalcy.
“Trust is the key to everything. Trust is about opening yourself to be taken advantage of, it is about opening yourself to be vulnerable and that is the key issue here. If you bring it to the banking sector, customers put their monies and hope in the banking system with this expectation of positive intentions of the people who will run the bank. So if you abuse the trust, the whole system collapses” he explained.
The meeting was on the theme “Rebuilding Trust in Banking and Financial Service Industry in Ghana.
Key speakers for this event included Prof. Kwaku Atuahene-Gima, founding President of NIBS, Principal of the National Banking College, Abena Kesewaa Brown and Associate Professor of Economics, Professor Eric Osei- Assibey.
Others included Director, Securities and Exchange Commission, Dr. Benson Aidoo, Dean of University of Ghana Business School, Professor Joshua Abor as well as Executive Director of OmniBSIC Bank, Philip Oti Mensah.
Moderator for this event was Host of the Citi Breakfast Show, Bernard Avle.