By The Vice President Professor Jane Naana Opoku-Agyemang has sworn into office the governing board of the Bank of Ghana (BoG).
The board was sworn in on Thursday, March 13 at the headquarters of the central bank in Accra.
The Vice President told the board that they are coming to this role with excellent credentials, backgrounds and experiences.
“Your diverse backgrounds as public sector and private sector operators have equipped you with the required attitude and perspectives. This enables you to offer the dynamic and inspirational leadership the Bank of Ghana requires. It is a critical period with significant challenges in our economy,” she said.
She further stated that the Bank presently requires dynamic and innovative leadership. This leadership is needed to provide the public services it is known for. Ultimately, it is also essential to restore and enhance the trust of the public and stakeholders in the Bank.
The success of this Government depends on the performance of the Central Bank. She added that this is crucial.
The President’s social contract with the people of Ghana aims to reset, rebuild, and restore public trust. It seeks to ensure macro-economic stability through responsive financial sector governance and sound economic policies. This responsibility rests on your shoulders as the Board. It rests equally on the Cabinet, the Minister for Finance, and all other key stakeholders,’ Prof Opoku-Agyemang said.
“I am convinced that you will bring your individual expertise to the governance of the Bank. Your collective expertise will ensure that the President’s economic agenda of resetting the country is achieved. As good corporate governance requires of all new Boards, I urge you to examine the existing policies of the Bank. Ensure that such policies are aligned with leading contemporary policies. More importantly, ensure that it is aligned to Government’s social contract with the people of Ghana.
“Governor Chair, our Government has ensured gender parity on this Board. We appointed five women. This composition includes over 40% female representation. It makes this Board appropriately diverse and inclusive. It is consistent with leading global practice and standards on board diversity and inclusion.
“I have no doubt. With the right board dynamics and support from the Government and all other stakeholders, you will live up to all expectations. You will provide the necessary and enabling governance structures. Furthermore, you will offer financial sector leadership to propel the economic reset, rebuild and consolidation agenda of our Government.
Once again, I congratulate you and wish you the very best in your new role. “May your tenure be impactful and successful. Guide this institution to achieve its mandate. Aim to attain the macro-economic agenda of the Government,” she said.
The president constituted the board in consultation with the Council of State. Minister of State in charge of Government Communications, Felix Kwakye Ofosu, issued a statement. He stated this on Wednesday, February 26.
The Board is chaired by Dr Johnson Asiama. Bolgatanga Central Lawmaker Isaac Adongo is among the board members.
Dr Johnson Asiama is the Governor of the Bank of Ghana. He said earlier that the BoG was going to realign its regulatory mandate. This realignment aims to promote greater levels of financial intermediation. The goal is to support economic growth.
The banking sector remains broadly stable after the recent crises, he said. It requires targeted reforms to address legacy challenges. These reforms are needed to ensure continued resilience.
He said that under his stewardship, they shall enforce strict prudential regulations. They will also foster an enabling environment for responsible lending. Additionally, they aim to promote innovation in the banking sector.
“We shall: tackle the problem of high non-performing loans (NPLs) and weak risk management practices in the industry. We will work closely with banks to reduce the high incidence of cybersecurity breaches and strengthen capital adequacy requirements.
We aim to update the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). This Act was passed in 2016. The goal is to enhance our resolution framework. We will ensure that distressed institutions are effectively managed while maintaining financial stability. We will work with all stakeholders – including banks, financial institutions, technology partners, businesses, and regulators.
We want to ensure that every Ghanaian benefits from a financial system. This system should be modern and fair for everyone, from traders to entrepreneurs. “It is also built to last.” He said this after being sworn in by President John Dramani Mahama in Accra on Tuesday, February 25.
