Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has reiterated the central bank's commitment to maintaining a vigilant stance in overseeing all financial institutions in Ghana.

Despite this assurance, Dr. Addison highlighted ongoing breaches of guidelines aimed at ensuring the safety and integrity of the banking system, including issues like money laundering, fraud, terrorist financing, corruption, market manipulation, insider dealings, and cybercrime.

Dr. Addison noted that the BoG has recently imposed sanctions and penalties on several banks due to such breaches, emphasizing the need to protect depositors and ensure the stability of the banking sector.

Speaking at an event in Accra, he emphasized the importance of regulatory compliance to foster trust and confidence in financial institutions.

“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 said at an event for Name change Galla Dinner for FBN Bank, in Accra on Thursday May 2.

Furthermore, Dr. Addison acknowledged the rapid evolution of the banking sector, driven by advancements in financial technology (fintech).

He praised fintechs for delivering innovative products and services, which have contributed to the expansion of financial inclusion and the adoption of technology across banking operations.

See statement below: