There is the strong need for the country's financial sector to develop the much needed financial muscle, skills and the techniques for managing risk to enable them to engage in leading global businesses in critical areas like oil, energy and ICT, which are capital intensive, advises President John A. Kufuor.

He reiterated the need for the Banks to be strong and competent enough to mobilise both domestic and foreign capital to support the development projects and businesses to pursue the objectives of the state and the citizenry.

At the annual luncheon of the Ghana Association of Bankers in Accra, the President advised the Banks to support the Central Bank's effort towards increasing the Bank's capitalisation. This, he said, will position the country's financial sector to be ready to meet the country's oil boom when it commences.

By Moses Mozart DZAWU

The trouble borne by banks in carrying physical cheque for clearance is to come to an end by December, when the Code line Cheque Truncation system of the national payments and settlement reforms project becomes operational.

The Governor of the Bank of Ghana (BoG), Dr. Paul Acquah, gave the assurance last week when he paid a surprise visit to Barclays Bank Ghana Head Office in Accra.

“By December, the movement of physical cheques around for clearing purposes will become a thing of the past. Cheque clearance will now be based purely on the electronic data and images of the cheques when we move to the truncation phase,” the Governor explained.