The Ghana Association of Bankers (GAB), an Association of operators within the financial services industry in Ghana has undertaken measures to mitigate the financial impact of COVID-19 on the general public.
This timely intervention which includes a donation of 10 million cedis has become necessary following the existence and gradual increase of the number of confirmed coronavirus cases.
“The donation will go directly towards the procurement of equipment for managing the virus, support to front line medical staff in residence and to ease the burden and practical difficulties some of our citizen have to endure during this period of restriction in movement” the release said.
Also, interest rates have been cut by some 200 basis points, a move which “shall cover not only the period of the pandemic, but banks recognize it will take businesses and individuals sometime after the end of the pandemic to retool and restock to achieve the semblance of normalcy – the rate cut will therefore cover the remaining tenor of the facility.”
GAB agrees to hold bi-lateral discussions on further reprieve to customers operating in worst affected industries. In this end, GAB recognizes with concern clients of the banks who went through several challenges during the pandemic and thus entreat the affected parties to exercise patience as well as those with loan exposure with respective banks.
This is to enable a more tailor-made solution to be agreed with their bankers.
Additionally, banks have reduced or removed charges on digital banking platforms in order to ease the traffic in the banking hall amid compliance and adherence to social distancing.
The Ghana Association of Bankers has therefore assured the entire public of their unrelenting support in fighting the pandemic by kicking in disaster resolution protocols and business continuity plans.
“As has been witnessed elsewhere, sustained contractions should be avoided to lessen the pain of the consequential economic downturn and we are ready to play our part in that regard. During this period of medical crises with significant economic implication, the Ghana Association of Bankers will do whatever it takes to make the transition as less painful as possible,” the release concluded.