BoG deepens public trust with regional stakeholder forum in Techiman

The Bank of Ghana (BoG) recently held a Regional Stakeholder Engagement Forum in Techiman, Bono East Region, as part of its 16-regional outreach program. This initiative aims to improve public trust in the financial system, deepen financial literacy, and create direct channels for communication between the regulator and the public.

The forum, themed "Strengthening Stakeholder Relations Through Dialogue and Engagement," brought together 150 representatives from various sectors, including traditional leaders, religious leaders, market queens and trader associations, small and medium enterprises (SMEs), rural and community bank representatives, microfinance institutions, security agencies, and media practitioners.

Bernard Otabil, Director of Communications, emphasized that central banking cannot succeed without stakeholder trust. He stressed that the Cedi's value lies in the confidence of Ghanaian citizens, and the bank's effectiveness depends on this trust. The Central Bank aims to shift towards a people-centered model where public input shapes policy decisions, particularly in combating unlicensed financial schemes, currency misuse, and misinformation.

The forum covered five critical themes: the Bank's mandate, microfinance sector reforms, responsible borrowing and consumer protection, currency education, and preventing dud cheques. Participants were informed about the Bank's responsibilities in maintaining price stability, financial stability, and currency management.

Feedback sessions received positive comments from stakeholders who appreciated the Bank's outreach efforts. Concerns were raised about affordable credit access for SMEs and farmers, high lending rates, unregulated lenders, and black market forex operations. The Bank assured participants that their concerns would be addressed and escalated to management for policy consideration.

The forum concluded with a renewed commitment to ongoing dialogue across all regions to promote financial inclusion, literacy, and a resilient financial system. Officials urged the public to report suspected financial crimes to the Bank or law enforcement agencies.