BoG revising Banking Act – Deputy Governor

The Deputy Governor of the Bank of Ghana, (BoG) Dr Millison Kwadwo Narh, said the bank is revising the Banking Act to enable it to address the identified gaps.  

He said the Deposit Protection Bill is also about to be passed by Parliament to provide security for small savers.  

Dr. Narh was speaking at the 25th anniversary launch of a private Financial Institution in Accra.  

He said the passage of the two legislations would help the country to have a better framework to deal with micro-finance institutions.

Dr. Narh said the central bank will also issue a number of guidelines and directives in the areas of Risk Management, Corporate Governance, outsourcing, mergers and acquisitions to align with the incoming legislation and give direction to the industry.

This will also strengthen the supervisory role of the Central Bank.   

Dr. Narh said the country is experiencing some level of stability which is underpinned by the exchange rate stability and sustained fiscal consolidation as a result of the IMF program the Government has signed on to.

GBC