The MoU is to deepen the existing ties of engagement between the two central banks.
It is also to establish an arrangement for the exchange of information concerning the stability and development of their respective banking systems, and to establish a framework for capacity building in the financial services industry.
The MOU is expected to strengthen areas of compliance with international standards and regulations related to the financial market and the performance and development of the payments system.
Other areas include the retail payments system, large-value payments and settlement system, financial inclusion, digital innovation in financial services including digital currencies and FinTech regulations.
The rest are risk-based supervision/macro-prudential supervision, anti-money laundering and combating the financing of terrorism and proliferation (AML/CFT), cyber security, climate change policies and other areas of central banking that are of mutual interest to BoG and BoM.
It will also enhance co-operation in the areas of research related to central banking.
The Second Deputy Governor of the BoM, Mrs. Hemlata Sadhna Serwah-Gopak signed for the BoM while Ms. Sandra Thompson, the Secretary, signed for the BoG in the presence of the two Governors.
Mr Seegolam expressed appreciation to the BoG for the signing of the Memorandum, noting that it would open up channels for co-operation between the two central banks.
He commended the BoG for the strides it has made in financial sector reforms including the area of digital financial services, among others.
Dr Addison said the MoU which established a formal basis for cooperation, was expected to strengthen previous cooperation and facilitate the performance of the respective monetary policy, supervisory and regulatory duties of the two central banks.
With Dr. Addison were the Second Deputy Governor of the Bank, Mrs. Elsie Addo Awadzi, Ms. Sandra Thompson, the Bank’s Secretary, Mr. Eric Koranteng, Head of the Governors’ Department and Mr.
Emmanuel Kinful, Special Assistant to the Governor.