Local Banks in Ghana have come under severe liquidity stress as depositors are withdrawing their monies on a daily basis following panic within the sector.
The withdrawals are as a result of the consolidation of six banks into one bank and the fear that their monies will be locked up.
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Sarkodie, arguably Ghana’s biggest rap star who wades into every issue of national interest has asked Ghanaians to believe in the local banks in order for them to grow.
According to him, people should not withdraw their monies just because of panic and fear that the banks will die out.
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In a tread on Twitter, the rapper asked that Ghanaians keep calm and trust the systems to work for them.
See his tweets below:
The notion we all have is “My money is in the bank” but realistically they working with it … So if each customer goes to withdraw all their monies ( which rarely happens but happening now ) in a short time frame, A lot of banks can’t meet that demand
— HIGHES➕ (@sarkodie) October 6, 2018
Don’t get me wrong , if you need your money to work or do something with it you have every right to withdraw but not because of panic …
— HIGHES➕ (@sarkodie) October 6, 2018
There’s no need to panic if you banking with BOG regulated Banks … You don’t get your money , you can sue!!! But trust me your monies are safe … I’m worried about the collapse of our local banks just cause we panic
— HIGHES➕ (@sarkodie) October 6, 2018
Just seen Mr. Paa Kwesi Ndoum on TV begging people and asking they calm down on the panic withdrawal and I feel his pain …
— HIGHES➕ (@sarkodie) October 6, 2018
With all this panic withdrawals, we slowly killing most of our local banks and it’s not Good …
— HIGHES➕ (@sarkodie) October 6, 2018
Observing what’s happening inside the banking sector, I think we need a lot more education on how the banks work so we don’t take actions that can collapse our local banks
— HIGHES➕ (@sarkodie) October 6, 2018