Depositors’ funds remain safe, financial system remains stable, resilient – Bank of Ghana assures

December 6, 2023
Depositors’ funds remain safe, financial system remains stable, resilient - Bank of Ghana assures
Bank of Ghana Governor Dr Ernest Addison

The (BoG) has moved to ease concerns among depositors, assuring them that their funds remain secure despite recent challenges faced by the banking sector.

The central bank has pledged to take proactive measures to prevent any actions that could jeopardize the funds of depositors.

Speaking at a dinner commemorating the 60th-anniversary celebration of the Chartered Institute of Bankers (CIB) at the University for Professional Studies (UPSA) in , Dr , the Governor of the Bank of Ghana, affirmed the resilience of the country's financial system.

Dr. Addison acknowledged potential risks, including the Depositors' and Creditors' Bill (DDEP), and emphasized the Bank of Ghana's commitment to closely monitoring developments.

He stated, “The Bank will continue to monitor developments closely and, where need be, take appropriate and decisive actions to address the same. Also, the Bank will ensure that depositors' funds remain safe and that the financial system remains stable and resilient.”

Despite challenges, Dr. Addison expressed optimism about the progressive rebound of the country's economy. Factors such as a decline in inflation and a stable exchange rate were cited as favourable conditions for the banking sector's continued stability.

In a related development, Benjamin Amenumey, President of the Chartered Institute of Bankers, disclosed establishing a Banking Sector Professional Development Fund as part of the institute's 60th-anniversary celebration.

Named “60 for 60,” the fund aims to raise GH¢60 million to support talent and leadership development within the banking sector.

Amenumey urged stakeholders, including the Bank of Ghana, Universal Bank, and development partners of the institute, to contribute generously to fund this program.

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