A Deputy Chief Executive Officer of Advans Savings and Loans, Francis Owiredu has stated that the issue of panic withdrawals is being blown out of proportion.
Although he admits that some financial institutions have been affected by it, he argues that it is not something the financial industry should be alarmed at.
Various financial institutions have complained about the effect panic withdrawals have on their businesses due to the massive shake up in the industry by the regulator, the Bank of Ghana.
Some analysts have also warned that the situation could be dire for the economy if not handled critically.
But in an interview with Citi Business News, Mr. Owiredu advised Ghanaians to remain calm as the financial industry is still a reliable one.
“The issue I must say is being blown a little out of proportion. It’s not all institutions that have issues, I admit there are challenges with one or two institutions but I believe generally the industry is sound and safe. So generally, I would like to appeal to the public not to have any reservations dealing with financial institutions. And I must say I don’t think there is a need for the general public to panic” he assured.
Mr. Owiredu spoke to Citi Business News at the sidelines of the company’s 10th anniversary celebration last night.
The company has branches in seven regions of Ghana and is seeking to expand to the other three regions— that’s the Upper East, Upper West and the Western regions where it is absent at the moment.
The company can also boast of over 55,000 clients.
Group CEO of the company Steven Duchatelle, Who was also present at the event said the company will not renege in providing quality service to Ghanaians.
“Ghanaians should expect always great quality of service from us because this is one of our top priority. They should expect more channels to access more conveniently to their services and they should also expect to sew more products to better enhance their growing financial needs”, he advised.