The Bank of Ghana (BoG) has reaffirmed its dedication to enhancing regulations within the financial market, with a particular focus on investing in data protection to prevent fraud and foster innovation in Ghana’s financial sector.
Speaking on behalf of the Governor at the West African Institute for Financial and Economic Management (WAIFEM) engagement with member states, Stephen Opata, Head of Risk and Foreign Reserves Management at BoG, emphasized the importance of building regulatory capacity among central banks in the sub-region.
Opata highlighted that enhancing regulatory frameworks and acquiring in-depth legal knowledge are crucial for the operations of central banks in West Africa.
He stated, “Building capacities for central banks is essential for the bank and its regulation. The Bank of Ghana is committed to ensuring that it puts key measures in place to ensure a seamless banking system in Ghana.”
He also underscored the necessity of coordinated efforts among central banks to combat cross-border financial fraud and improve the overall banking environment on the continent.
Speaking on behalf of WAIFEM’s Director General, Kora Amodu emphasized the need for policymakers to build capacity and hone their skills to design policies that restore price stability and create fiscal plans to alleviate cost-of-living pressures. Amodu outlined the expected outcomes for course participants, including the ability to analyze potential output, calculate output gaps, and assess economic outlooks. Participants should also be capable of evaluating the stance of current fiscal, monetary, exchange rate, and financial policies, along with macro-financial linkages, including the analysis of financial sector soundness indicators.
Amodu stressed the importance of monetary policies in improving economic well-being and urged participants to assess the medium-term economic prospects, focusing on the sustainability of public and external debt. He also highlighted the need to identify potential external and internal economic risks and vulnerabilities to economic growth and develop policies to address them.
The event will also consider the sustainability of public and external debt, possible exchange rate misalignments, and sectoral vulnerabilities, aiming to create a more resilient and robust financial environment across the region.
