GOVERNMENT COMMITED TO ENSURE A SOUND ECONOMIC MANAGEMENT SYSTEM
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The Minister of Finance and Economic Planning, Dr. Kwabena Duffuor says Government is committed to ensuring a sound economy supported by good policy environment in the face of the global economic crisis.

“In this era when economies have hit by the credit crunch and with respect to the issues and challenge of sustainability, Government recognizes the need to create a favourable policy environment to deal with the management of the risks associated with financing.”

This was conveyed in a speech read on his behalf by the Deputy Minister of Finance and Economic Planning, Hon. Fifi Kwetey at the official launch of UT Bank in Accra.

The Minister commended UT Financial Services for having the foresight to venture into banking to help address the poverty situation in the country.

He said government recognizes the important role played by the financial sector in the socio economic development of the country and urged the players in the industry to keep up their good work.

Dr. Duffuor, however, expressed concerned about the high default loan rate in the country noting that private sector growth can be attained through an effective functioning of the financial intermediaries like the banks and insurance institutions.

“It is hoped that the passage of the Credit Reporting Act, 2007 (Act 726) will help address the high default rate in loans granted”.

He also expressed concern about the high cost of borrowing in the country and appealed to banks to reduce their base rate in line with the growing trend as their high cost of borrowing is posing a direct risk to new entrants as well as adversely affecting the rate of doing business in Ghana.

He advised the banks to make the access to finance for Micro, Small and Medium Enterprise (SMEs) flexible enough to attract more people as this creates a sustainable livelihood for the majority of the population thereby enhancing economic growth.

The Chief Executive Officer of UT Financial Services, Mr. Prince Kofi Amoabeng said UT ventured into banking as the result of the demands of its clients who were craving for innovative banking services that suited their needs. He assured customers of the bank’s commitment provide customer focused services to them.

The Chief Operating Officer of UT Bank, Mr. Clifton J. Best, said since the acquisition of the bank by UT Group in December last year, the Group has worked hard to ensure that its products and service delivery are simple but effective and the best available in the market.

The Deputy Governor of the Bank of Ghana, Mr. Van Lare Dosoo congratulated UT Group for taking the bold initiative to buy into a foreign company and re-brand it to compete favorably in the banking industry. He advised the bank to make consumer education part of its culture.

UT Bank, formally UT Financial Services was founded in 1997 and licensed by the Bank of Ghana.

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