Monetary and financial stability are inextricably intertwined, Governor of the Bank of Ghana (BoG) Dr Johnson Asiama has said.
Dr Asiama says that disruptions in the financial system can constrain credit creation, induce persistence in market interest rates, trigger exchange rate volatility, and impede monetary policy transmission, with negative pass-through to inflation and output.
Therefore, he said, safeguarding financial stability is widely recognized as an important dimension of maintaining macroeconomic and monetary stability.
“The Bank of Ghana, as a steward of financial stability, has taken decisive steps, moving beyond traditional supervision toward a more proactive, risk-sensitive, and system-aware model – what we call the forward-looking supervision.
“This approach is not just about compliance; it is about shaping a banking system that is agile, accountable, and equipped for a fast-changing world,” he said during the 9th CEO Summit held in Accra on Monday, May 26.
Certainly, he told the CEOs that, “our job as a central bank is not just to preserve stability, but to prepare the system for future shocks and opportunities.”
That is why we are advancing our roadmap for regulating Virtual Asset Service Providers (VASPs), in line with global standards, he said.
With nearly 17 percent of Ghanaian adults already holding crypto assets – including strong adoption among youth, tech entrepreneurs, and women-led businesses , Dr Asama said that “we cannot afford a regulatory vacuum.”
He said that the proposed framework will be submitted to Cabinet by September and will clarify oversight and collaboration roles between the SEC and the Bank of Ghana and other relevant agencies.
“We are also taking steps to operationalize Ghana’s Open Banking guidelines. This will enable secure data sharing, drive financial innovation, and enhance consumer choice across financial services.”
