Financial Stability Advisory Council vows coordinated sector reforms

The newly reconstituted Financial Stability Advisory Council (FSC) has held its maiden meeting, reaffirming its commitment to strengthening Ghana’s financial sector through enhanced coordination and strategic reforms.  

The meeting, held on June 9, 2025, marked the 22nd session of the Council since its inception and followed a recent executive reconstitution under Article 58 of the Constitution.  

Chaired by Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, the Council includes key financial regulators and stakeholders such as the Ministry of Finance, National Insurance Commission, Securities and Exchange Commission, National Pensions Regulatory Authority, and the Ghana Deposit Protection Corporation.  

In a statement issued by the FSC Secretariat and copied to the Ghana News Agency, the Council underscored its renewed focus on promoting sustainability and resilience across Ghana’s financial ecosystem.  

“The Council deliberated on progress toward rebuilding financial buffers, addressing legacy sector challenges, and strengthening collaborative oversight,” the statement noted.  

Dr. Asiama emphasized the Council’s crucial role in maintaining macroeconomic stability, stating, “We are determined to foster a sound, stable, and innovative financial sector that supports the real economy and drives inclusive growth.”  

The meeting also reviewed strategies to boost technical coordination and crisis preparedness among regulatory institutions.  

Established in 2018, the FSC operates under three core pillars: identifying systemic risks, coordinating supervision, and enhancing crisis response. Its Technical Committee and specialized working groups continue to provide operational support to maintain agile and effective oversight.  

With a renewed mandate, the Council is expected to play a pivotal role in fortifying Ghana’s financial architecture amid evolving global challenges.  

Further details from the meeting, including sector-specific interventions, are expected in forthcoming FSC communiqués.  

Source: GNA  

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