Bank of Ghana Governor Ernest Addison has said while several policy measures have been implemented to achieve the regulator’s objective of ensuring that the sector remains “strong, stable, and viable” to support the country’s growth agenda, “a lot remains to be done to promote a more resilient banking industry.”

Speaking at the annual general meeting of the Ghana Association of Banks on 19 September 2024, Dr Addison said in February 2021, the Bank was admitted as a member of the Basel Consultative Group (BCG) in recognition of the continued efforts to enhance the enabling regulatory environment.

“Ghana, therefore, became one of the four countries, including Tunisia, Mauritius, and Nigeria to obtain BCG membership at that time.”

“Over time, the Bank has actively participated and contributed significantly to BCG activities aimed at promoting supervisory cooperation and implementing supervisory standards by the Basel Committee on Banking Supervision (BCBS),” he added.

“This achievement has further strengthened the Bank’s commitment to promote the safety and soundness of the banking sector through effective regulation and supervision. In furtherance to this, the Bank continues to ensure the evolution of its regulatory reform roadmap to address the emerging risks in the financial system; inputs from new and revised policy papers by international standard-setting bodies such as the Basel Committee on Banking Supervision (BCBS); concerns and suggestions raised by key stakeholders such as GAB; and other external shocks to the Ghanaian financial system and economy.”

He noted that this year, the Bank commenced a thematic review of banks’ corporate governance practices to assess the effectiveness of their governance framework.

“The exercise is ongoing and aims at ensuring full compliance with regulatory requirements such as the Corporate Governance and Fit and Proper Persons directives. Plans are underway to conduct a thematic review of the viability and sustainability of banks’ business models,” Dr Addison said.