BoG committed to remain vigilant in its oversight role to protect depositors – Dr. Ernest Addison

Dr. Ernest Addison

Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has assured the public that the central bank is committed to playing its oversight role vigilantly to protect depositors.

According to him, the Central Bank will continue to monitor financial institutions in the country to keep them in check.

Speaking at an event for the Name Change Galla Dinner for FBN Bank, in Accra, Dr. Ernest Addison said Bank of Ghana will ensure all banks comply with regulatory requirements and guidelines.

“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.

“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,” Dr. Ernest Addison said.

In his speech, the BoG Governor stressed that stabilising the exchange rate is a priority.

He said stabilising the exchange rate is important to continue the disinflation process.