Central Bank Governor urged to strengthen internal controls

Dr. Johnson Pandit Asiama is the Governor of the Bank of Ghana. He has urged all banks to improve their internal controls. He emphasized that banks should take more responsibility for securing their products and services.

The Governor spoke at the first post-Monetary Policy Committee meeting in Accra. This meeting included Chief Executive Officers of various banks. He highlighted the importance of understanding policy direction for macroeconomic stability.

Dr. Asiama noted that the Bank of Ghana’s Information Security Office shares real-time threat alerts. Banks must act quickly under the Cybersecurity Directive. “We take cyber threats seriously,” he said, urging institutions to show commitment.

He encouraged banks to use this opportunity to stress vigilance and compliance with anti-money laundering laws. Lessons from past bank crises are shaping current crisis preparedness strategies.

The Governor mentioned plans to strengthen recovery planning and introduce a Resolvability Assessment Framework. This will ensure banks are well-capitalized and can handle distress situations effectively.

As reforms continue, he stressed the need for banks to support Ghana’s economic transformation. The Bank expects foreign-owned banks to enhance trade finance and cross-border payment systems.

Dr. Asiama stated that coordinated solutions are needed to improve transaction efficiency and boost exports. “To build true resilience, we must move beyond traditional supervision,” he added.

He emphasized a shift towards a risk-sensitive banking model that is agile and accountable. The strategy focuses on risk identification, digital resilience, governance, collaboration, capacity building, and sustainability oversight.