The Bank of Ghana (BoG) affirms its commitment to closely monitor and regulate financial institutions within the country, ensuring the stability and integrity of the banking sector.
According to the Central Bank, maintaining vigilant oversight in the banking industry is paramount to mitigating risks and fostering trust in the financial system.
Speaking at the name change and gala dinner of FBN Bank Ghana Limited, Governor Dr. Ernest Addison emphasized that the BoG remains dedicated to safeguarding depositors’ funds while upholding the stability and soundness of the banking system.
“Let me note that, to protect depositors, while ensuring the stability and soundness of the banking system, the Bank of Ghana will continue to be vigilant to ensure that banks comply with regulatory requirements and guidelines to build trust and confidence in our financial institutions”.
Dr. Addison further emphasized that the BoG will not hesitate to take disciplinary action against institutions found to be in breach of regulatory standards.
“As the regulator, the Bank of Ghana is fully committed to remain vigilant in its oversight operations of all financial institutions in Ghana. Notwithstanding this, Banks have continued to breach guidelines that have been set to ensure that our banking system remains safe and sound and free from all facets of financial crime including money laundering, fraud, terrorist financing, corruption, market manipulation, insider dealings and cybercrime.”
Meanwhile, banks are encouraged to embrace fintech advancements as catalysts for delivering innovative financial products and services. Additionally, amidst growing concerns regarding environmental sustainability and social responsibility, banks are urged to adopt Environmental, Social, and Governance (ESG) frameworks to guide their operations and investment decisions.
“The banking sector operations and services are rapidly evolving, driven by financial technology advances. The emergence of fintechs in the financial ecosystem, and their delivery of innovative financial products and services, has rejuvenated the adoption and diffusion of technology in every sphere of banking sector operations, which have supported the financial inclusion agenda”, Governor Dr. Ernest Addison added.