14 February 2019

Ghana: 'We'll Not Allow Indiscipline in Financial Sector Again'

President Nana Addo Dankwa Akufo-Addo has expressed the government's commitment to put appropriate measures in place, to ensure that the indiscipline in the country's financial system that led to the collapse of a number of banks, does not occur again.

Consequently, the President has put together a team drawn from the various financial regulation institutions and other financial bodies to detect and resolve risks at the various financial institutions before they degenerate into system problems.

The Presidential Financial Stability Advisory Council, chaired by Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has Mrs Elsie Addo, Deputy Governor, BoG, Charles Adu Boahen, Deputy Minister of Finance, and Mr Justice Yaw Ofori, Commissioner, National Insurance Commission as members.

The rest are Mr Daniel Ogbarmey, Director-General, Securities and Exchange Commission, Mr Hayford Atta Krufi, Chief Executive, National Pensions Regulatory Authority, and Mr Ignatius Wilson, Director, International Growth Centre.

The council is expected to, among other things, advise the President to strengthen and reinforce the stability of the financial sector and coordinate regulation and supervision at the micro level by focusing on matters of common concerns with the various financial regulators involved in the regulation and supervision of financial entities in the country.

"Your task is to coordinate and share information to ensure speedy recognition of problems and early resolution before they become systems problem. We are confident in your ability to do a greater public good," President Akufo-Addo said when he inaugurated the council on Tuesday evening at the Jubilee House.

He urged the council to, as they discharged its duties, have in mind, the potential catastrophe that could befall the average Ghanaian.

"You should have in mind the farmer, commercial driver, market woman, carpenter, hairdresser, teacher, the head porter saving to go to school or build a career, to name a few, who wakes up one morning only to hear that his or her bank has collapsed and runs the risks of losing some or part of his or her lifetime savings," he said.

Dr Addison expressed gratitude to the President for the confidence reposed in them and promised to work to safeguard the overall stability of the country's financial system.

"The timing of the establishment of this council cannot be overemphasised coming in just after the banking sector clean up exercise and the recapitalisation policy," he said and expressed the team's commitment to work together towards the council's stated objectives.

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