The Bank of Ghana (BoG) says it will continue to closely monitor and regulate financial institutions in the country to ensure the stability and integrity of the banking sector.
Maintaining oversight in the banking industry according to the Central Bank is crucial for safeguarding against risks and promoting trust in the financial system.
Governor of the Bank of Ghana, Dr. Ernest Addison at the name change and gala dinner of FBN Bank Ghana Limited maintained that his outfit has not departed from protecting the funds of depositors.
“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 was quick to add that, the Bank of Ghana will not hesitate to crack the whip on institutions involved in regulatory breaches.
“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.”
In the meantime, Banks have been encouraged to embrace the emergence of fintech in the financial ecosystem as a catalyst to deliver innovative financial products and services.
Furthermore, amidst mounting concerns over environmental sustainability and social responsibility, banks are urged to leverage 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.