President Nana Addo Dankwa Akufo-Addo has by Executive Instrument established the Financial Stability Council to, among others, strengthen and reinforce the stability of the financial sector.
The Council will bring together all financial regulators including the Bank of Ghana (BoG), the Securities and Exchange Commission (SEC), National Insurance Commission (NIC) and the National Pensions Regulatory Authority (NPRA).
The major aim of the Council, which will act as an inter-institutional consultative coordination body, is to coordinate regulation and supervision at the micro-level by focusing on matters of common concern for the various financial regulators involved in the regulation and supervision of financial entities in Ghana.
The Council will be chaired by the Governor of the Central Bank.
Membership includes the Deputy Governor, Deputy Minister of Finance, CEO of the National Insurance Commission, Director General of the Securities and Exchange Commission, CEO of the National Pensions Regulatory Commission, and CEO of the Ghana Deposit Protection Corporation.
Ghana becomes the second country in sub-Saharan Africa, after Mauritius, to establish a Financial Stability Council.
The Council will complement the newly established Fiscal Council under the chairmanship of former Central Bank Governor Dr Paul Acquah.