The Bank of Ghana (BoG) has unveiled plans to conduct quarterly meetings with all regulatory bodies operating within the industry.
According the the bank, the primary aim of the gathering is to closely monitor companies and individuals entangled in regulatory issues, with a special emphasis on addressing the aftermath of the Menzgold debacle.
BoG Governor Dr. Ernest Addison spoke to reporters about the importance of this initiative, highlighting the significant disruption caused by Menzgold and other illicit financial institutions.
He stated, “At least since the Menzgold incident, we now have the financial stability council. Financial stability council brings all the regulators together, BoG, SCCE, NPRA, National Insurance Commission.”
Dr. Addison further explained, “We have a quarterly meeting where we discuss development in the market, and we believe that that should help deal with this issue about regulatory gaps. Because now all the regulators have a forum where they discuss these developments as they unfold.”