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Lack of integrity
in financial sector eroding confidence - Duffuor
Accra, May 13, Ghanadot/GNA
- Dr Kwabena Duffuor, Minister of Finance, on
Tuesday said the lack of integrity in the financial
sector has failed to promote effective
leadership and eroded confidence in the
institutions and systems.
"We need to recognise that the financial and economic crisis
confronting the world today is in large part the failures
of national and cross-border
regulatory and supervisory regimes in assessing and
managing the build-up of risks in financial institutions
and systems".
Dr Duffuor was speaking at a Management Forum organised by the
British Council in Accra on the theme: "Discovering the
keys to success in the financial
sector".
He said the global crisis had been caused by the failure of
leadership to drive change by inspiring people,
institutions and systems to do new
things fast as well as the belief that the solution
to the financial crisis laid in the complex mathematical
permutations and secrecy.
"Integrity and competence are indispensable traits of effective
leadership but integrity is at the forefront of the
leadership traits because it is
integrity that feeds the people whereas skills lead the
people.
"Integrity is therefore required to foster growth before skills
can follow to achieve efficiency and effectiveness. So
integrity should be regarded as the
foundation for a strong and sustainable
financial sector," he said.
Dr Duffuor, therefore, called for global discussions and actions
on matters such as integrity of the financial sector
since countries reaped both the
rewards and costs of globalization.
He urged employees of financial institutions to exhibit the
highest standards of integrity noting, "Sharp awareness
of integrity at all layers of the
organisation, not only through rules and
regulations but also through training sessions on
integrity at the workplace is
crucial".
Dr Duffuor said such sessions provided employees greater insight
into the integrity dilemmas that might arise in their
work and also offered them the
opportunity to discuss integrity and what it meant
for the growth and stability of the financial sector.
He said financial institutions were unable to keep abreast with
the changing views in society on what integrity involves
and the type of conduct that was
worthy of confidence.
Mr Richard Harvey, former Chief Executive Officer of AVIVA
insurance Company and a business development volunteer
urged financial institutions to tackle
challenges such as the climate change and food
shortage instead of focusing solely on the global credit crunch.
Mr Ken Ofori Atta, Executive Chairman of Databank Financial
services called for courage and self-discipline in the
financial sector in order to tackle
the economic challenges.
Mr Hugh Pym, BBC Chief Economic Correspondent, urged Ghanaian
financial institutions to join the fight against the
global credit crunch even if they did
not face major challenges and risks.
Mr Moses Ananiba, Country Director of British Council Ghana said
the forum was organised to share ideas among the
established and emerging leaders in
the financial sector.
GNA |
