The Bank of Ghana within the space of two years collapsed 16 banks and merged five other banks into a Consolidated Bank of Ghana Limited. These Banks were undercapitalized as a result of poor cooperate governance.

Head of Risk Management for Bank of Ghana, Evelyn Kwatia in an interview with Ghanaweb associated the Banking crisis to weak risk management.

She made this revelation on the sidelines at the ongoing Africa Convention in Quantitative Methods and Risk Management in Accra. Evelyn Kwatia said.

“Some of the issues that affected the financial sector that we saw some banks collapsed or being taken over was a result of weak risk management in the respective banks”

The 5-day Africa Convention in Quantitative Methods and Risk Management event is organized by leading companies and institutions worldwide interested in sharing knowledge and the best practices on risk analysis and modelling across business and academic environments.

Participants of this convention will not only be certified internationally as Quantitative Risk Managers but will also have the opportunity to learn from world expects who have extensive practical experience in Risk Management.

Evelyn Kwatia reiterated the need for every institution in the Ghanaian economy to take risk management serious, she added that

“The moment you are able to identify your risk, you are able to mitigate your risk, you will derive better benefits and you will be able to achieve your strategic objective of that organization. Risk is very key, in big data and every aspect of our lives risk is very key. Every institution needs to take Risk management very serious”

Topics to be discussed at the seminars will include Banking risk, Operational risk, Innovation and IT risk among several others. The event hosted by University of Professional Studies (UPSA) will last from August 12th to August 16th.