The Bank of Ghana (BoG) is set to strengthen the Specialised Deposit-Taking Institutions (SDI) sector to enhance its role in Ghana’s financial landscape.

Speaking to journalists in Accra on Friday, April 4, 2025, the Acting Head of Banking Supervision at the BoG, Ismail Adam, emphasised the critical role SDIs play in the economy, particularly in financial inclusion.

He stressed the need to bolster the sector, especially in terms of governance structures.

He noted that the central bank recognises the importance of industry-led consultations aimed at facilitating mergers within the SDI sector to reshape and revamp its operations.

“The key message is that we are exploring ways to attract equity from strategic investors. Some of these investors are already in discussions with SDIs. We are also looking to revamp their governance structures to ensure proper oversight and operational integrity,” Adam said.

He also highlighted concerns about mission drift, where some SDIs engage in activities outside the scope of their original mandates.

“Another issue is mission drift—SDIs engaging in activities not originally intended for that space. To address this, we are working closely with the Ministry of Finance. A consultant was engaged and has produced initial drafts. The Bank of Ghana also set up an internal committee to work on this,” he explained.

Adam said the next step is to consolidate the work done by both the consultant and the BoG’s internal committee.

“The goal is to merge the findings from the consultant engaged by the Ministry of Finance with the BoG’s internal committee report. The overall objective is to revamp the SDI sector to better serve its target market, especially individuals who would otherwise be excluded from the financial system. SDIs play a crucial role in credit delivery and deposit mobilization for underserved communities,” he concluded.

SP/MA

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