BoG to build stronger financial technologies

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said the central bank will continue to engage industry actors to develop forward-looking policy frameworks in the areas of digital banking and open banking.  

“Financial technologies can alter the financial sector landscape for the better and the Bank of Ghana remains committed to promoting innovation in the delivery of financial services and in this regard, will continue to monitor risks and opportunities for banks, payment service providers and consumers to thrive in the digital financial ecosystem,” he said.

Speaking at the Chartered Institute of Bankers (CIB) Ghana 2023 Governor’s Day in Accra on Friday, Dr Addison assured stakeholders in the financial sector of continuous prudent policies to strengthen the recovery process of the Ghanaian economy.

The event brought together all industry players to interact with the governor and to listen to his reflections in 2023 and expectations on monetary policy for the coming years.

He explained that the direction of recent macroeconomic indicators had given some positive signals of a gradual turnaround in the economy. 

That, he said, followed the implementation of sound macroeconomic policies, successful completion of the domestic debt restructuring, and a wide range of structural reforms. 

He said indications were that sustained policy efforts were needed to firm up the emerging stability and growth. 

“Growth is improving steadily, inflation is declining, the fiscal and external positions are improving, alongside relative stability in the exchange rate. 

Absent unanticipated shocks in the outlook, the continued implementation of prudent policies would further strengthen the recovery process and reinforce the disinflationary process,” he said.

These conditions, he said, would improve the operating environment for the banking sector to remain stable and strong to support the economy. 

He further said on the back of the Domestic Debt Exchange Programme (DDEP) and other risks that might emerge in the banking sector, the central bank would continue to closely monitor developments and where need be, take appropriate and decisive actions to address same. 

“Also, the bank will ensure that depositors’ funds remain safe, and that the financial system remains stable and resilient,” the Governor added.

Professionalism in banking

The President of CIB Ghana, Benjamin Amenumey, commended BoG for its support to CIB over the years adding that “interest in our plans, programmes and projects have been massive this year.”

He said going forward, the institute would focus on its aspirations to redefine professionalism in banking through ethics.

Again, he said CIB would also continue to collaborate with industry stakeholders and regulatory bodies, especially BoG, to give more voice to the values in the industry and society.

“I believe the future of our institute is in the right direction. In the coming years, we will aggressively roll out newly launched programmes, launch and roll out our environmental, social, and governance (ESG) certification in collaboration with International Finance Corporation (IFC) part of the World Bank Group.

“This certification will support the implementation of BoG’s sustainable banking principles, continue our financial literacy programmes across senior high schools in the country,” he said.