Mr. Solomon Kotei, ICU’s Secretary General, said “to us the government is doing well at the macro level, so kudos to the Economic Management Team.”

Speaking to the Ghana News Agency (GNA) in Accra, he however asked that more was done at the micro level. They wanted to see things cascading to the micro level to make life comfortable for the people.

He added that there were real economic challenges – economic hardship that needed to be tackled. S&P, an international rating agency, raised Ghana’s long-term credit rating from B- to B, based on its assessment that the country’s monetary policy effectiveness had improved.

It said it was convinced that the effectiveness and transmission mechanisms of the monetary policy had been enhanced, something that was going to support the credibility of the inflation-targeting framework over a period.

Mr. Kotei applauded steps taken by the Governor of the Bank of Ghana (BoG) to bring discipline and sanity into the banking sector and said that should be sustained.

Until the BoG’s firm action against the seven liquidated local banks, nobody suspected there was anything going wrong, as some of them, even received performance awards.

He called for thorough screening of those awarding institutions and bodies.

“The public needs to know the basis for the awards to banks which were not performing.”

Mr. Kotei said the bold action taken by the Governor had given added boost to investor confidence in the economy.

“It means that wherever I put my money I am safe, wherever I invest I am secured. It also implies that for these seven banks that have been closed down no single investor, no single client is going to lose their money.”

The ICU General Secretary therefore encouraged the business community to continue to do business with the local banks. “We must collectively work through the crisis, some banks may fall along the line but it does not mean all local banks are not good.”

He cautioned against any panic withdrawals, which he said, could put undue pressure on the banking sector and create instability.