Bank of Ghana joins Basel Group to set standards for banks globally

The Bank of Ghana (BoG) has joined the Basel Consultative Group (BCG), a global body that sets and implements standards on banking supervision globally.

The bank said it was admitted into the global body recently, making Ghana one of four countries in Africa to be members of the BCG.

The other members are Tunisia, Mauritius and Nigeria.

The BCG is one of five working groups that form the internal structure of the Basel Committee for Banking Supervision (BCBS), the global standards-setting body for the supervision of banks.

The statement issued Thursday said: "As membership of the BCBS is limited to G20 countries, the BCG provides a platform for the BCBS to engage with non-members, thereby, facilitating broader dialogue around the work, with banking supervisory authorities such as BoG and promoting supervisory cooperation and implementing supervisory standards and best practices."

The statement the BoG's membership of the BCG would increase the exposure of its banking supervisory staff to best practices in the supervision of banks, and strengthen its cooperation with other supervisory authorities around the world.

"BoG remains committed to promoting the safety and soundness of Ghana’s banking sector through effective regulation and supervision," the statement said.