BoG fully committed to oversight responsibility of financial institutions in Ghana – Governor

Central Bank Governor Dr. Ernest Addison has emphasized that the Bank of Ghana will remain fully committed to its oversight responsibility of financial institutions operating in Ghana.

He stressed that despite the regulator being vigilant, some financial institutions have continued to breach guidelines that have been set to ensure safe and secure banking systems.

Speaking at a gala dinner held to mark the name change of FBNBank to FirstBank Ghana, Dr. Addison said the apex bank will continue to strengthen its operations to curb financial crimes such as money laundering, fraud, terrorist financing, corruption, market manipulation, insider dealings, and cybercrime.

“In recent times, the Bank of Ghana has had to apply sanctions and penalties to a few banks because of such breaches. 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 said.

The BoG Governor, however, pointed out that despite a name change to FirstBank Ghana, the financial institution must adapt to rapidly evolving trends to streamline its operations.

He explained that 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 has supported the financial inclusion agenda.

In his concluding remarks, the Central Bank Governor lauded FirstBank Ghana for its sterling efforts and strides made in Ghana’s financial sector, particularly in the area of financial inclusion.

“The latest data on the float balances with the Banks showed that FirstBank placed 6th out of 23 banks in their share of balances held on mobile wallets, supporting various types of transactions, utility payments, school fees payments, insurance products, and their PtoB and PtoP payments.

“I would, therefore, encourage the Bank to strengthen its systems and operations to continuously churn out innovative electronically driven services and tailor-made products that cover the needs of the unbanked population,” Dr. Addison urged.

MA/NOQ

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