Bank of Ghana engages stakeholders in Techiman; assures public banking sector is solid

The Bank of Ghana recently held a stakeholder engagement in Techiman, Bono East Region, which brought together approximately 200 individuals representing various groups including the Ghana Union of Traders Association, Chamber of Commerce, financial institutions, and the regional police command. The purpose of the forum was to foster open communication, inclusivity, and transparency, while also helping stakeholders gain a deeper understanding of the central bank's functions and objectives.

The aim was also to counteract misinformation and misinformation by having stakeholders serve as ambassadors for accurately disseminating the bank's policies.

During the meeting, several key areas were addressed. These included the central bank's role and responsibilities, prudent borrowing practices, currency education, reforms within the microfinance sector, and the management of fraudulent cheques. Four different departments within the Bank of Ghana were represented at the event.

Bernard Ato Otabil, the Director of Communications at the Bank of Ghana, took the opportunity to reassure the public about the strength and stability of the banking sector. He stated that the sector is both solid and liquid, with strong capital buffers to support its intermediation role. Otabil highlighted that as of the previous week, the total assets of the banking sector amounted to over GH¢500 billion, marking a 20 percent increase year-over-year.

Otabil acknowledged that some Ghanaians had lost confidence in the financial sector due to poor experiences and the actions of unlicensed institutions. However, he clarified that all 23 licensed banks in Ghana are now fully capitalized and backed by strong reserves. To further protect public trust and confidence in the financial system, Otabil indicated that the Bank of Ghana has intensified its surveillance efforts to curb the activities of unauthorized online lenders and other unscrupulous operators.

In his remarks, Abdulai Lawal Abubakar, the Bono Ahafo Regional Director of the Bank of Ghana, emphasized the bank's dedication to fostering open and constructive dialogue. He explained that engaging directly with businesses, financial institutions, community leaders, and the general public is crucial as the Bank implements policies aimed at maintaining price and financial stability.

To make the forum truly interactive and inclusive, it was conducted in a mix of English and Twi, which allowed for better communication with participants from the region.