The Ghana Armed Forces (GAF) has disclosed that preparation is in its final stage for the commencement of the country’s Military Bank.
This will bring to an effort a long rigorous procedure that began a few years ago leading to its initial success of being licensed as a Savings and Loan institution in June last year-2016 by the Bank of Ghana with the name, Services Integrity Savings and Loans Company (SIS&L).
According to the information, the bank will begin business on latest by the end of 2017.
In an address to GAF audience and the media - Chief of Defense Staff, Lieutenant General O.B Akwa disclosed that all outstanding issues with the BoG has been cleared and that the military bank will commence business before January 2018.
Expressing confidence in the initiative - Lieutenant General Akwa, noted that, “the interest of all ranks of the Armed Forces will be catered for in this business. As at now we are satisfied and at the next Armed Forces Council Meeting, we are going to send our report and when the green light is given before the end of the year, it will start operatingâ€.
He also pointed out that the military bank’s (now Savings and Loans company) governance system has been broadened to enable the representation of all key stakeholders that – particularly, the military High Command.
He explained that the decision to have a military High Command on the board of the bank is aimed at getting the military involved in taking critical decisions.
Citing the reason for the High Command’s inclusion he said, “If there are any concerns at least he will be aware and he will communicate it to us and then back to youâ€.