We will remain vigilant in our oversight operations of all financial institutions – Governor

The Bank of Ghana has reiterated its full commitment to remain vigilant in its oversight operations of all financial institutions in Ghana.

Speaking at a ceremony to usher the rebranding of FBN Bank Ghana rebranded as First Bank Ghana, Governor Dr. Ernest Addison, said his outfit will continue to protect depositors, while ensuring the stability and soundness of the banking system.

Again, it will continue to be vigilant to ensure that banks comply with regulatory requirements and guidelines to build trust and confidence in the financial institutions.

“Notwithstanding this, banks have continued to breach guidelines that have been set to ensure that our Banking system remains safe and sound and free from all facets of financial crime including money laundering, fraud, terrorist financing, corruption, market manipulation, insider dealings and cybercrime. In recent times, the Bank of Ghana had had to apply sanctions and penalties on a few banks because of such breaches”, he mentioned.

On the economy, the Governor said it continues to be on a path of progress and “its our expectations that the disinflation process already began will be sustained”.

He congratulated Firstbank for the work that it is doing in the financial technology ecosystem, adding, the latest data on the float balances with the banks showed that FirstBank placed 6th out of 23 banks in their share of balances held on mobile wallets, supporting various types of transactions, utility payments, school fees payments, insurance products, and their PtoB and PtoP payments.

He therefore charged the bank to strengthen its systems and operations to continuously churn out innovative electronic-driven services and tailor-made products that cover the needs of the unbanked population.

The Governor also encouraged FirstBank to leverage on the Environmental, Social and Governance frameworks to attract green funding to support their lending activities. For example, he said the Green Climate Fund (GCF) has allocated $1.26 billion for climate action in emerging countries.

He concluded by urging FirstBank Ghana to deliver on its brand promise and commitment to clients and stakeholders.