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The Bank of Ghana (BoG) has reaffirmed its commitment to closely monitor and regulate financial institutions within the country to uphold the stability and integrity of the banking sector.
According to the Central Bank, maintaining oversight in the banking industry is essential for mitigating risks and fostering confidence in the financial system.
Speaking at the name change and gala dinner of FBN Bank Ghana Limited, Governor Dr. Ernest Addison emphasized that the BoG remains steadfast in protecting depositors’ funds while ensuring the stability and soundness of the banking system.
Dr. Addison highlighted the BoG’s vigilance in ensuring banks’ compliance with regulatory requirements and guidelines to bolster trust and confidence in financial institutions. He also stressed that the BoG will not hesitate to take action against institutions found in breach of regulations.
Acknowledging the evolving landscape of the banking sector driven by fintech advancements, Dr. Addison encouraged banks to embrace fintech as a catalyst for delivering innovative financial products and services.
Furthermore, he urged banks to incorporate Environmental, Social, and Governance (ESG) frameworks into their operations and investment decisions, particularly in response to concerns regarding environmental sustainability and social responsibility.
Dr. Addison underscored the rapid evolution of banking sector operations and services, driven by fintech innovations, which have contributed to advancing the financial inclusion agenda and transforming various aspects of banking operations.
Source:Omanghana.com
