Central Bank to protect standards in financial sector

Accra, May 22, GNA - Mr Seth Terkpeh, Deputy Minister of Finance said the Bank of Ghana has put in place strong regulatory and supervisory framework to ensure that the financial sector remains robust.

The measure also aims at maintaining standards to protect depositors and serve the need of the citizenry.

Mr Terkpeh who was answering a question on the floor of Parliament said details of the safety measures put in place by the Central Bank comprise the need for Ghana to operate its banking and financial sector in accordance with globally accepted standards such as the Basel rules, which was adopted in response to the Global Financial Crisis.

He said liquidity, reserve, capital adequacy and other financial and accounting indicators are needed to facilitate the necessary due diligence for new financial institutions and ensure the financial health of all banking entities operating in the country.

Mr Terkpeh said the measure also include regular supervision and auditing of financial institutions by staff of the central bank and performance of stress test and monitoring of the financial sector, including assessment of non-performing loans.