According to the Bank of Ghana (BoG), in order to maintain the stability and integrity of the banking sector, it would keep a careful eye on and oversee financial institutions in the entire country.According to the Central Bank, maintaining monitoring in the banking sector is essential for reducing risks and fostering confidence in the financial system.
At the FBN Bank Ghana Limited‘s name change and gala dinner, Governor of the Bank of Ghana, Dr. Ernest Addison, asserted that his organisation has not wavered in its commitment to safeguarding depositor monies.
“Let me say that the Bank of Ghana will remain watchful to make sure that banks adhere to regulatory requirements and guidelines to build safer and more stable banking systems while protecting depositors.”
He added quickly that the Bank of Ghana will not hold back when it comes to punishing institutions that violate regulations.
“The Bank of Ghana, in its capacity as the regulator, is totally dedicated to continuing to be watchful over the operations of all financial institutions in Ghana. In spite of this, banks have persisted in flouting regulations designed to guarantee the stability of our banking system and keep it free from all forms of financial crime, such as money laundering, fraud, financing of terrorism, corruption, manipulation of the market, insider trading, and cybercrime.
Banks have been urged to use fintech’s growth in the financial ecosystem as a stimulus to provide cutting-edge financial services and products in the meantime.
Moreover, banks are advised to use Environmental, Social, and Governance (ESG) frameworks to inform their operations and investment choices in light of growing concerns about social responsibility and environmental sustainability.
Financial technology advancements are driving a rapid evolution of the banking sector’s operations and services. The introduction and spread of technology in all areas of banking sector operations have been rejuvenated by the rise of fintechs in the financial ecosystem and their provision of cutting-edge financial goods and services, supporting the goal of financial inclusion. Dr. Ernest Addison, the governor, said
