- Ghana's banking sector recovered in 2023.
- Bank of Ghana launched Regulatory Sandbox to promote digital finance
- Bank improved cyber security with Financial Industry Command Centre.
- Bank prioritized staff development and competencies.
The banking sector in Ghana experienced a remarkable recovery in 2023, bouncing back from losses recorded in 2022, according to the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison.
Dr. Addison attributed the sector’s strong performance to the waning effects of the Domestic Debt Exchange Program (DDEP) and improvements in the macroeconomic environment.
According to prudential returns submitted by banks, key financial soundness indicators remained broadly positive, with the industry’s Capital Adequacy Ratio standing at 13.9% as of December 2023, exceeding the revised prudential minimum of 10%.
The Bank of Ghana continued to implement policies and deploy regulatory tools to promote digital financial services and deepen financial inclusion.
In 2023, the Bank launched the first cohort of the Regulatory Sandbox to support innovations in new digital business models and enhance financial inclusion.
Despite the challenges faced in 2023, Dr. Addison expressed satisfaction with the progress made in addressing macroeconomic imbalances and promoting financial stability.
He commended the Bank’s Board, Monetary Policy Committee, and staff for their hard work and dedication, expressing hope that the Bank will maintain its focus and commitment to consolidating the gains achieved so far.
The Bank also improved the cyber environment for banks and regulated financial institutions, launching the Financial Industry Command Security Operations Centre (FICSOC) to address cyber risks and promote a safe digital financial industry.
In addition, the Bank coordinated, monitored, and evaluated risks within its operational areas, conducting criticality tests to assess system resilience and maintaining a strong organisational culture through programmes and activities that promote ethical awareness and core values.
The Bank prioritised building intellectual capital among staff, implementing the Human Capital Support Project and conducting Employee Satisfaction Surveys to enhance staff competencies and improve human resource functions.
