Financial Sector Reforms Steering C'ttee Inaugurated

Accra, July 17, GNA - Finance and Economic Planning Minister Kwadwo Baah-Wiredu on Monday inaugurated a steering committee to implement the financial sector reform component of the Ghana's Economic Management Capacity Building (EMCB) Credit and charged the members to deliver on their obligations to bring discipline into the Financial Sector Reforms (FSR).

The World Bank, the British Department for International Development (DfID) and United States Agency for International Development (USAID) are funding the project at a cost of 30.8 million dollars to allow participating agencies to review legislative issues to improve the operating environment of the financial sector and developing capacity to improve outreach and depth of financial action. Bank of Ghana (BoG); National Insurance Commission (NIC); Securities and Exchange Commission (SEC); Ghana Stock Exchange (GSE); Social Security and National Insurance Trust (SSNIT); Apex Bank and Ghana Micro Finance Institution (GHAMFIN) would implement the seven components of the EMCB-FSR.

Mr Baah-Wiredu said on completion of the reform agenda private sector credit, private sector savings and access to finance and financial services would increase, thereby deepening financial sector activities, both in scope and scale.

It would also enhance the transparency, integrity, safety, soundness and competitiveness of the financial sector both globally and in the West Africa Sub-Region and deepen the Government's capacity to manage its economic development programmes.

Mr Baah-Wiredu said the inauguration of the Committee had to be delayed from April 2006 to July 2006 to ensure that emerging issues were taken care of.

Mr Kofi Yamoah, Managing Director of GSE, said the stock market remained the best option to transform the country's development agenda by allowing companies to access equity capital to expand their businesses.

He said the funds that would be made available under the project would help the GSE to automate its trading platform and review its rule-books to enhance prompt approval procedures and disbursement.