BoG to intensify supervisory role



Business News of Wednesday, 30 December 2015

Source: Graphic.com.gh

Wampah Bog BossDr Henry Wampah, Governor of BoG

The Second Deputy Governor of the bank of Ghana, Mr Nashiru Issahaku, has said the Bank of Ghana will intensify its supervisory role in the banking and non-banking sector to improve the viability of the financial sector.

He said the bank would encourage the sector to remain competitive.

According to him, this would be done with the introduction of a consolidated and strict supervisory methodology.

Ideal Finance

He was speaking at the Festival of Nine Lessons and Carols of Ideal Finance.

The occasion involved the reading of lessons from Mr John Kudalor, Inspector General of Police, Naval Capt. Kwadjo Buta (retd), Board Chairman, Ideal Holdings,

; Mr Paul Tawiah Quaye, a former IGP, Real Admiral Emmanuel Akoto Bonsu, Commandant of the Military Academy and Dr Nii Kotei Dzani, Group CEO, Ideal Finance.

The rest were Mr Jihad Hijaz, CEO, Auto Plaza, Chief of Defence Staff, Vice Admiral Matthew Quashie and Mr Linus Kumi, Director, Credit, Standard Chartered Bank.

The Winneba Youth Choir and Ideal Melodies provided music at the event with a word of exhortation from Rev. Lawrence Tetteh.

Mr Issah said the introduction of the measure would offer supervisors a better review of assessment to reduce the risks emerging from the regulatory bodies. He commended the company for taking over an ailing savings and loans company and transforming it into a much viable financial institution, which has provided quality support for institutions and individuals.

“ It takes bold steps and creative thinkers to embrace such risks and turn them around to serve humanity,” he stated.

According to him, there would be additional requirement for the registration of all banks when the new banking bill is passed into law by Parliament next year.

He said the law would compel banking and non-banking institutions to follow the global standards and also strengthen the regulatory body to make it effective to discharge its functions accordingly to support that sector of the economy.

Good structures

He,however, cautioned non-banking institutions that operated without good structures to take steps to rectify the situation to avoid getting over-exposed to the latest problems or face sanctions when found culpable.

He noted that the bank was aware of the emerging trends in the banking and non-banking industry.

“Every effort would be made to ensure that the needed steps are taken to protect the finances of groups and individuals,” he added.

Dr Kotei Dzani thanked the board, management and staff for the support and direction they helped the company to take to achieve its goals and urged them to develop very strategic ways to improve the fortunes of the company for greater heights.

“We will ensure that all our clients benefit from the good, creative and conducive way of serving them,” he stated.

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