Ghana has been selected among the first five beneficiary countries of World Bank’s Smart Campaign.
This follows an earlier report by the global financial institution which placed Ghana among the countries with the worst customer relation – particularly in the financial sector.
The client protection programme (Smart Campaign) is facilitated by the World Bank in collaboration with the Centre for Financial Inclusion – Ghana and is targeted at equipping stakeholders in the financial sector, especially the banking and securities institutions with critical tools required for effective client services as well as providing adequate investment security.
The initiative also comes as a complement to the government’s efforts through the Bank of Ghana as well as the Security and Exchange Commission (SEC) in sanitizing the banking & securities industry.
More notably of these efforts is the recapitalization initiative which is targeted at ensuring the existence of only financially sustainable banking institutions and securities firms in the country, as well as the proposed establishment of a specialized regulatory body for the rural banks.
Meanwhile, barely few months after the collapse of UT and capital bank there are rumors that at least two more banks are at the edge of bankruptcy and are currently engaged in discussions with the BoG for a possible takeover.