Bank of Ghana deepens public trust with regional stakeholder forum in Techiman

The Bank of Ghana recently held a Regional Stakeholder Engagement Forum in Techiman, as part of its 16-regional outreach program aimed at deepening public trust and confidence in the financial system. The forum, themed "Strengthening Stakeholder Relations Through Dialogue and Engagement," gathered representatives from various sectors including traditional leaders, religious leaders, market queens, trader associations, SMEs, rural community banks, microfinance institutions, security agencies, and media practitioners.

Led by the Bank's Director of Communications, Bernard Otabil, the delegation included the Head of Regional Branch Coordinating Office, Victor Akakpo, and the Regional Director, Abdulai Lawal Abubakar. Technical presentations on banking supervision, other financial institutions supervision, financial stability, and currency management were delivered by experts from the relevant departments of the Bank.

Speaking at the event, Otabil emphasized that central banking cannot function without the trust and understanding of the public. He stressed that the credibility of the Cedi lies in the confidence of Ghanaian citizens, and that the bank's efforts to clarify its mandate and educate the public are crucial for monetary policy effectiveness.

The forum covered five key areas: the Bank's role and mandate, microfinance sector reforms, responsible borrowing and consumer protection, currency education, and preventing dud cheques. Participants engaged in an open discussion about issues such as affordable credit for SMEs, high lending rates despite low inflation, unregulated lenders, and black market forex operations. They also expressed the need for ongoing education about the security features of the new Heritage Series Banknotes.

The Bank's officials addressed the concerns raised and assured participants that their feedback would be considered in policy decisions. Otabil reiterated the Bank's commitment to maintaining an open dialogue with all regional stakeholders as a means of promoting financial inclusion, literacy, and the resilience of the financial system. He encouraged the public to report any suspected unlicensed financial activities or counterfeit currency to the Bank or law enforcement agencies.

The forum concluded with the call for strong partnership between the Bank of Ghana and regional stakeholders to protect the value of the Cedi and maintain the stability of Ghana's financial system.