- Cedi to Strengthen Against Dollar
- BoG Cracks Down on Banking Breaches
- Fintech Drives Banking Sector Change
The Governor of the Bank of Ghana, Dr. Ernest Addison, has assured that the Cedi will gain strength against major trading currencies, particularly the US dollar, due to the central bank’s efforts. Speaking at the Name Change Galla Dinner for FBN Bank in Accra on Thursday, May 2, Dr. Addison stated, “I am sure you know that exchange rate stability will be sustained. It is not possible to continue the disinflation process with exchange rates that are not stable, so implicit in that statement is to give assurance to you all about the stability of the Cedi going forward.”
He revealed that the central bank has been providing foreign exchange to banks, citing that “every bank has got a little bit of FX from the central bank” and specifically mentioning that First Bank Ghana (FBN) had received some of these resources.
Regarding the banking sector, Dr. Addison warned that the Bank of Ghana will not hesitate to take action against institutions involved in regulatory breaches. He emphasized that the central bank is committed to remaining vigilant in its oversight operations of all financial institutions in Ghana. Despite this, banks continue to breach guidelines set to ensure the banking system remains safe and sound, free from financial crimes such as money laundering, fraud, terrorist financing, corruption, market manipulation, insider dealings, and cybercrime.
Dr. Addison stated, “Let me note that, to protect depositors, while ensuring the stability and soundness of the banking system, the Bank of Ghana will continue to be vigilant to ensure that banks comply with regulatory requirements and guidelines to build trust and confidence in our financial institutions.”
He also highlighted the rapid evolution of banking sector operations and services, driven by financial technology advances. The emergence of fintechs in the financial ecosystem has led to innovative financial products and services, rejuvenating the adoption and diffusion of technology in every sphere of banking sector operations, supporting the financial inclusion agenda.
