If we compromise the banking space, the economy will collapse – Prof. Lord Mensah & More Latest News Here

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An economist at the University of Ghana Business School (UGBS), Professor Lord Mensah argues that if the banking space is compromised, the economy will collapse.

He made this known in an interview on Newsfile on Saturday August 20, 2022, to host Samson Lardy Anyenini.

According to Professor Mensah, Ghana’s economy is dominated by banks, hence the need to protect it.

“Banks as they exist play a major role in all economies. If we compromise the banking space, this economy will collapse.

“It’s an economy dominated by banks unlike the United States where the financial market dominates. So, yes, it’s an area that we have to protect,” he said.

Professor Mensah said a lot of money is spent in banking without looking at the assets that come with banks.

He further explained that every bank has assets and liabilities on its balance sheet – and when the bank is taken over, the assets and liabilities must be made available.

“Now the banks, if you look at their balance sheets, they all have assets and liabilities. As a receiver, you assume to take both assets and liabilities.

“So at the time the banks were taken over, what were their assets and what were their liabilities?” he asked.

The economist explained that most of the banks have registered as entities that have their own operations, and that is the reason why banks are facing a crisis.

Commenting on the $10 million grant that was awarded to the Executive Director of the Economic and Organized Crime Office (EOCO), Prof Mensah said he did not know why the money was delayed when it was awarded to a entity that will help unravel what happened. in the banking sector.

“Looking at the 10 million that’s being extended to EOCO, I’ve been wondering, so all this time what are we waiting for to extend the 10 million facility to an entity that’s going to help us sort out what happened in this space”.

He explained that a lot of money is sometimes spent to sort out situations and he hopes that the money that has been granted to EOCO will give a positive result.

“Unfortunately for us, we normally hear of money being spent saving situations. We normally hear of money being spent unraveling something that becomes a criminal case, but in the end we get nothing out of it.

“So hopefully that 10 million that’s been pumped into EOCO, we should be able to get something out of it, and then whatever the state is going to lose as a result of this cleanup, the investigations that they’ll do, we should to be able to know that too.

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