Local Ghanaian banks have been collapsing because depositors have started withdrawing their monies every day due to fear that their monies may be locked up.
This fear which has resulted in the numerous withdrawal of monies started after the Central Bank of Ghana (BOG) authorised six banks to merge as one bank.
Wading into this issue is one of Ghana’s biggest rappers, the leader of the Sarkcess Music label, Michael Owusu Addo with the stage name, Sarkodie.
According to CEO in a series of Tweets on his Twitter page, people should be educated on the banking systems which he believes will help reduce the fear in people which has resulted in the numerous withdrawals of monies saved in our local banks.
“The notion we all have is “My money is in the bank” but realistically they working with it … So if each customer goes to withdraw all their monies ( which rarely happens but happening now ) in a short time frame, A lot of banks can’t meet that demand.
“Don’t get me wrong, if you need your money to work or do something with it you have every right to withdraw but not because of panic.
“There’s no need to panic if you banking with BOG regulated Banks … You don’t get your money, you can sue!!! But trust me your monies are safe … I’m worried about the collapse of our local banks just cause we panic.
“Just seen Mr Paa Kwesi Ndoum on TV begging people and asking they calm down on the panic withdrawal and I feel his pain.
“With all this panic withdrawals, we slowly killing most of our local banks and it’s not Good
“Observing what’s happening inside the banking sector, I think we need a lot more education on how the banks work so we don’t take actions that can collapse our local banks,” Sarkodie advised.
Observing what’s happening inside the banking sector, I think we need a lot more education on how the banks work so we don’t take actions that can collapse our local banks
— Sarkodie (@sarkodie) October 6, 2018