BoG urges banking sector to embrace innovation

The Bank of Ghana (BoG) has called on the banking and finance industry to prioritize innovation, adaptation, and evolution to meet the changing needs of the sector.

This clarion call was made by Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana on behalf of the Governor, Dr. Ernest Addison, during a speech commemorating the 30th anniversary of the National Banking College (NBC).

“The commitment to innovate, adapt, and evolve to meet the changing needs of the banking and finance industry should be at the forefront of all our endeavours,” Dr. Opoku-Afari stated. “This will help us grow a strong and well-trained workforce in the financial sector to ensure stability and growth of the economy.”

The First Deputy Governor’s remarks underscored the crucial role of the NBC in equipping professionals with the necessary knowledge and skills to thrive in an ever-evolving financial landscape. He highlighted the College’s remarkable achievements over the past three decades, which have positioned it as a leading institution in financial services education.

“Through innovative programmes and strategic partnerships, NBC has equipped countless professionals with the knowledge and skills necessary to thrive in the ever-evolving financial services sector,” Dr. Opoku-Afari said. “The number of programmes offered by the College has increased from 69 in 2018 to 165 in 2023, while participation jumped from 2,828 banking professionals and non-bank participants to 5,751 over the same period.”

The speech also shed light on the College’s commitment to infrastructural development, leveraging technology, and research resources to enhance its appeal as a world-class learning environment that fosters growth, innovation, and success.

“Our commitment to infrastructural development cannot be overemphasized,” Dr. Opoku-Afari emphasized. “Continuous improvement in the physical facilities, leveraging technology, and research resources for participants has enhanced the College’s appeal as an excellent world-class learning environment that fosters growth, innovation, and success.”

Dr. Opoku-Afari commended the NBC’s strategic plan, which provides a clear roadmap to the year 2026, and expressed confidence in the College’s management to efficiently execute the plan with the needed support.

Tracing the College’s history, the First Deputy Governor highlighted the vision of the late Dr. Godfred Agama, the former Governor of the Bank of Ghana, who founded the institution in 1994 to address the need for professional banking training and development amidst financial sector reforms in Ghana.

“The establishment of NBC did not end there,” Dr. Opoku-Afari recounted. “The Bank of Ghana took a keen interest in developing permanent institutional arrangements for its operationalization, providing a property, engaging the Reserve Bank of India and the National Institute of Bank Management for capacity and institutional support, and funding to cater for all the College’s operational needs at that time.”

Over the years, the NBC has navigated through various economic landscapes and regional and global transformations, continually adapting and strengthening its impact. The Governing Council and Management teams have played pivotal roles in shaping the College’s vision, mission, and strategic goals, ensuring its continued growth and relevance in the industry.