Debt exchange: We’ll protect deposits, pensions, investors' funds, assets – FSC

The Financial Stability Council, which was established in December 2018 by Executive Instrument to "identify and evaluate the threats, vulnerabilities, and risks to the stability of the financial sector", has said in keeping with its mandate, it will “continue to closely monitor” the impacts of the government’s recently-launched debt exchange programme on financial institutions and on the financial system as a whole.

It has, thus, outlined some measures to be rolled out to guide the process and mitigate the negative impact of the programme.

“These measures will be reviewed continuously and recalibrated as needed to ensure maximum effectiveness to safeguard the stability of our financial system and the protection of deposits, pensions, policy holders’ funds, and investor funds/assets,” the council said.

The council is chaired by the Governor of the Bank of Ghana and has members from the Bank of Ghana (Deputy Governor), Ministry of Finance (Deputy Minister), Securities and Exchange Commission (Director General), National Insurance Commission (Commissioner), National Pensions Regulatory Authority (Chief Executive Officer), and Ghana Deposit Protection Corporation (Chief Executive Officer).