By The Bank of Ghana (BoG) asserts its ongoing commitment to vigilant monitoring and regulation of financial institutions within the country, aiming to uphold the stability and credibility of the banking sector.
According to the Central Bank, maintaining rigorous oversight in the banking industry is essential for mitigating risks and fostering confidence in the financial system.
Dr. Ernest Addison, Governor of the Bank of Ghana, reiterated this stance during the name change and gala dinner of FBN Bank Ghana Limited, affirming that the institution remains steadfast in safeguarding depositor funds.
“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”.
He promptly emphasized that the Bank of Ghana will not hesitate to take action against institutions found engaging in regulatory violations.
“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 urged to embrace the rise of fintech within the financial ecosystem as a driving force to introduce innovative financial products and services.
Moreover, amid growing concerns regarding environmental sustainability and social responsibility, banks are encouraged to utilize Environmental, Social, and Governance (ESG) frameworks to steer their operations and investment choices.
“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.
