Governor of the Bank of Ghana (BoG), Dr Johnson Asiama has said that the BoG is going to realign its regulatory mandate to promote greater levels of financial intermediation to support economic growth.
While the banking sector remains broadly stable after the recent crises, he said, it requires targeted reforms to address legacy challenges and ensure continued resilience.
Under his stewardship, he said, they shall enforce strict prudential regulations while fostering an enabling environment for responsible lending and innovation in the banking sector. "We shall: tackle the problem of high non-performing loans (NPLs) and weak risk management practices in the industry, work closely with banks to reduce the high incidence of cybersecurity breaches and strengthen capital adequacy requirements, update the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930) which was passed in 2016, to enhance our resolution framework, and ensure that distressed institutions are effectively managed while maintaining financial stability, work with all stakeholders - including banks, financial institutions, technology partners, businesses, and regulators - to ensure that every Ghanaian; from traders to entrepreneurs, benefit from a financial system that is modern, fair, and built to last," he said after his swearing-in by President John Dramani Mahama in Accra on Tuesday February 25.
Dr Johnson Asiama further said that one of his priority areas is the need to boost financial inclusion and innovation to promote inclusive economic growth, reduce poverty, empower individuals, and ensure the stability and competitiveness of the financial system.
