announced plans by the service to set up a bank<\/span><\/a><\/strong><\/span>\u00a0to serve its personnel.<\/p>\nThe announcement by the IGP has been met with mixed reactions from the public.<\/p>\n
[contextly_sidebar id=”G9xEICPMWIBhlPvPsgLabjKmkmZ2L17c”]According to Dr. Richard Amoako Baah,\u00a0there are so many ways of generating funds without necessarily opening a bank, and therefore charged the service to rather focus on maintaining law and order in the country<\/p>\n
He argued that; \u201cIt\u2019s not part of their core business, it\u2019s not even related… I think if there were some relationship that would have been a different matter. But why do they need a special financial service?”<\/p>\n
Speaking to Citi News<\/b>, Dr. Richard Amoako Baah insisted that the Police Service does not have\u00a0 the financial capacity to pursue such a business venture.<\/p>\n
A banking consult Nana Otuo Acheampong has however welcome the plan for a Police bank.<\/p>\n
Responding to issues about how the service will raise the minimum capital requirement of GHC120 million, he said the service can start by opening a micro-finance institution before upgrading to a full fledged bank.<\/p>\n
The Police Service will be the second security agency to announce such a plan after the Ghana Armed Forces.<\/p>\n
Their army’s announcement also generated heated debate about whether the constitution allows for them to start such a venture.<\/p>\n
Renowned lawyer Moses Foh Amoaning even threatened to sue the Ghana Armed Forced it went ahead to acquire the license to start operations.<\/p>\n
–<\/p>\n
Godwin Allotey Akweiteh\/citifmonline.com\/Ghana<\/p>\n