Vice President swears Governing Board of the Bank of Ghana into office

The Vice President Professor Jane Naana Opoku-Agyemang has sworn into office the governing board of the Bank of Ghana (BoG).

The board was sworn in on Thursday, March 13 at the headquarters of the central bank in Accra.

The Vice President told the board that they are coming to this role with excellent credentials, backgrounds and experiences.

“Your diverse backgrounds as public sector and private sector operators have equipped you with the required attitude and perspectives; to offer the dynamic and inspirational leadership the Bank of Ghana requires at this critical period with significant challenges in our economy,” she said.

She further stated that the Bank presently requires dynamic and innovative leadership to provide the public services it is known for, and ultimately to restore and enhance the trust of the public and stakeholders in the Bank.

The success or otherwise of this Government depends to a large extent, on the performance of the Central Bank, which you are about to lead, she added.

The President’s social contract with the people of Ghana to reset, rebuild and restore public trust and macro-economic stability, through responsive financial sector governance and sound economic policies rests on your shoulders as the Board, in equal manner as the Cabinet, the Minister for Finance and all other key stakeholders,’ Prof Opoku-Agyemang said.

“I am convinced that you will bring your individual and collective expertise to the governance of the Bank, to ensure that the President’s economic agenda of resetting the country is achieved. As good corporate governance requires of all new Boards, I urge you to examine the existing policies of the Bank to ensure that such policies are aligned with leading contemporary policies and more importantly, that it is aligned to Government’s social contract with the people of Ghana.

READ ALSO: Mahama constitutes new Board for Bank of Ghana

“Governor Chair, it is important to mention that our Government has ensured gender parity in the composition of this Board with the appointment of five women. This composition, with over 40% female representation, makes this Board appropriately diverse, inclusive and consistent with leading global practice and standards on board diversity and inclusion.

“I have no doubt that with the right board dynamics and support from the Government and all other stakeholders, you will live up to all expectations and provide the necessary and enabling governance structures and financial sector leadership to propel the economic reset, rebuild and consolidation agenda of our Government.

Once again, I congratulate you and wish you the very best in your new role. May your tenure be an impactful and successful one as you seek to guide this institution to achieve its mandate and attain the macro-economic agenda of the Government,” she said.

The president constituted the board in consultation with the Council of State, a statement issued by Minister of State in charge of Government Communications Felix Kwakye Ofosu on Wednesday, February 26, said.

The Board is chaired by Dr Johnson Asiama. Bolgatanga Central Lawmaker Isaac Adongo is among the board members.

Governor of the Bank of Ghana, Dr Johnson Asiama said earlier that the BoG was going to realign its regulatory mandate to promote greater levels of financial intermediation to support economic growth.

While the banking sector remains broadly stable after the recent crises, he said, it requires targeted reforms to address legacy challenges and ensure continued resilience.

Under his stewardship, he said, they shall enforce strict prudential regulations while fostering an enabling environment for responsible lending and innovation in the banking sector.

“We shall: tackle the problem of high non-performing loans (NPLs) and weak risk management practices in the industry, work closely with banks to reduce the high incidence of cybersecurity breaches and strengthen capital adequacy requirements, update the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930) which was passed in 2016, to enhance our resolution framework, and ensure that distressed institutions are effectively managed while maintaining financial stability, work with all stakeholders – including banks, financial institutions, technology partners, businesses, and regulators – to ensure that every Ghanaian; from traders to entrepreneurs, benefit from a financial system that is modern, fair, and built to last,” he said after his swearing-in by President John Dramani Mahama in Accra on Tuesday February 25.

The post Vice President swears Governing Board of the Bank of Ghana into office first appeared on 3News.

Read Full Story