The Managing Director of Cal Bank, Carl Selasi Asem, has made a strong appeal for increased investment and support for indigenous banks, emphasizing their crucial role in driving Ghana’s economic transformation and aligning with national development goals.
Speaking during the launch of Cal Bank’s 35th anniversary celebration in Accra, Mr. Asem underscored the need for stakeholders—including government, regulators, and private investors—to prioritize the growth and resilience of local banks.
“We believe that indigenous banks, in Ghana and elsewhere, are deeply rooted in the local economy and understand how the system works. Any country that relies heavily on foreign banks to run its financial system exposes itself to greater risks,” Mr. Asem said.
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He emphasized that indigenous banks are better positioned to respond to local economic dynamics, tailor financial solutions to meet the needs of local businesses, and remain committed during times of economic difficulty.
“When things go bad, it is the local banks that stay and support the economy’s recovery. We believe stakeholders must come together to empower indigenous banks to play their rightful role in the country’s development,” he noted.
The call comes at a time when the Ghanaian banking sector is undergoing renewed scrutiny, especially following recent recapitalization efforts, including the government’s GH¢1.4 billion support to the National Investment Bank (NIB).
As Cal Bank marks 35 years of operation, its leadership says the focus will remain on supporting Ghanaian businesses, expanding digital banking solutions, and contributing to national economic priorities.
The anniversary celebration is expected to feature a series of stakeholder engagements, community development initiatives, and strategic policy dialogues on the future of banking in Ghana.