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The Bank of Ghana (BoG) is set to strengthen the Specialised Deposit-Taking Institutions (SDI) sector.
The Acting Head of the Banking Supervision of the BoG, Ismail Adam, said the SDIs play a major role in the financial space of Ghana’s economy, hence the need to strengthen the sector, especially the governance structure.
He told journalists in Accra on Friday, April 4, 2025, that the central bank has seen the importance of industry-led consultation for industry-led mergers, which is intended to reshape that space, i.e the SDI sector.
“So the key message there is that we are looking at how to bring in equity from strategic investors. As I said, there are some strategic investors talking to some of these SDIs, and also how to revamp their governance structure such that we have proper governance structure arrangements around their operations.”
Adam further stressed that the central bank is focused on the mission drift of the SDIs to ensure that they carry out the activities for which they have been licensed to do.
“The other issue is how to deal with the mission drift, ie. SDIs are doing things that were not originally the intended activity for that space. So with all these, we are working closely with the Ministry of Finance, as a matter of fact, a consultant was engaged, he did some drafts, Bank of Ghana also constituted an internal committee to do some work on that arrangement”
“So the way forward is to pull these two works that have been done by the consultant that was engaged by the Ministry of Finance together with the work that was done by the internal committee of the Bank of Ghana. The idea of all these is to make sure that that space of the market is revamped to serve that space of the market, people who or hitherto would have been excluded from the financial space but with the intervention of these SDIs are brought onto the financial space both in terms of credit delivery as well as deposit mobilsation,” he said.
SP/MA
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