According to the Bank of Ghana (BoG), in order to maintain the stability and integrity of the banking industry, it would keep a careful eye on and oversee financial institutions in the nation.
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 organization has not wavered in its commitment to safeguarding depositor monies.
“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 added quickly that the Bank of Ghana will not hold back when it comes to punishing institutions that violate regulations.
“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.”
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 interim.
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 Ernest Addison continued.
