BoG to implement stringent banking measures

The 1st Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has disclosed that the Bank of Ghana plans to implement certain strict banking policies to avert any future discrepancies.

He made this disclosure during the Public Account Committee’s sitting on the Accountant General’s report for 2015.

“What we are doing at the bank of Ghana is to work on strengthening our supervisory capacity and institutions to be able to supervise these institutions to ensure that they contribute towards building this economy”, he said.

““The banking act and specialized deposit institutions act has some requirements one meets to be licensed to operate as a bank, and the same for the non-bank financial institutions act. Once you submit an application to the bank of Ghana we do the due diligence to do that”, Dr. Opoku-Afari added.

The 1st Deputy Governor of the Bank of Ghana also stated that the board of directors intend to apply a licensing policy to the requirements of the banking act.

According to him, the licensing policy is driven by the future of the banking institutions in mind as well as the role these institutions will play in the banking sector.

He held the assertion that an initiative as this would help the board of directors to agree and decide on which institutions should be licensed, and which institutions will not be licensed, provided they fail to meet the requirement.

“We are introducing structures, we are introducing monitoring requirements. We are enforcing prudential requirements to ensure that institutions that undertake a specific business concur or go by the specific requirements of that business in the interest of the public”, he emphasized.