The Bank of Ghana (BoG) has announced that it has recently been admitted as a member of the Basel Consultative Group (BCG).
This makes Ghana one of four countries in Africa (Ghana, Tunisia, Mauritius and Nigeria) that are members of BCG.
The BCG is one of five working groups that form the internal structure of the Basel Committee for Banking Supervision (BCBS), the global standardssetting body for the supervision of banks.
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 the Bank of Ghana and promoting supervisory cooperation and implementing supervisory standards and best practices.
The Bank of Ghana’s membership of the BCG will 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.
The Bank of Ghana remains committed to promoting the safety and soundness of Ghana’s banking sector through effective regulation and supervision.
By Laud Nartey|3news.com|Ghana