Ghana's president backs its central bank to enforce banking laws

Ghana’s president, Nana Akuffo-Addo has entreated the Bank of Ghana (BoG) to work on creating and maintaining a healthy financial sector by ensuring strict adherence to the various laws governing the sector.

President Nana Addo Dankwa Akufo-Addo

Delivering the keynote address at the ongoing 2019 SWIFT African Regional Conference in Accra, Nana Akufo-Addo said the government he leads is committed to ensuring that Ghana’s banking sector is sanitized.

He urged the Bank of Ghana to ensure the country’s financial sector remains healthy by conforming with international standards.

The president also said that there is a need for Africa to position itself in order to benefit from the global digital run.

“Swift is working with Ghana to reduce vulnerabilities to these external risks. Our part is as a result of the reforms we are undertaking to sanitise our nation's banking sector. I continue to ask the bank of Ghana to make sure that our countries financial sector remains fit for global integration by ensuring compliance with international systems and standards.”

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a global, member-owned cooperative and the world’s leading provider of secure financial messaging services. Its messaging platform connects over 11,000 banking and securities organisations, market infrastructure and corporate customers in over 200 countries and territories.

Meanwhile, speaking at the same conference, the governor of the BoG, Dr Ernest Addison said the central bank is committed to formalizing the Ghanaian economy through digitisation, as it is a key component of the “Ghana Beyond Aid Agenda”.

“The government of Ghana’s commitment to formalize the Ghanaian economy through digitization is laudable. It is a key component of the “Ghana Beyond Aid Agenda” he added.

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