Bank of Ghana is vigilant on all financial institutions to protect depositors – Governor Addison

Governor Dr Ernest Addison

As the regulator, the Bank of Ghana (BoG) is fully committed to remain vigilant in its oversight operations of all financial institutions in Ghana, Governor Dr Ernest Addison has said.

That notwithstanding , he said, banks have continued to breach guidelines that have been set to ensure that the 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.

He stated that in recent times, the Bank of Ghana had had to apply sanctions and penalties on a few banks because of such breaches.

“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.

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He further stated that the banking sector operations and services are rapidly evolving, driven by financial technology advances.

The emergence of fintechs in the financial ecosystem, and their delivery of innovative financial products and services, he said, has rejuvenated the adoption and diffusion of technology in every sphere of banking sector operations, which have supported the financial inclusion agenda.