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 strengthen their internal controls. He emphasized the need for better oversight in operational areas.

The Governor stated that banks must take more responsibility for securing their products and services. Customers rely on the integrity of banking systems and due diligence.

He spoke at the first post-Monetary Policy Committee meeting with bank CEOs in Accra. These meetings are important for understanding policy direction and aligning efforts for macroeconomic stability.

Dr. Asiama mentioned that the BoG’s Information Security Office shares real-time threat alerts. Banks are expected to respond quickly under the Cybersecurity Directive. “We take cyber threats seriously,” he said, urging financial institutions to show commitment.

He encouraged banks to use this gathering to stress vigilance and compliance with anti-money laundering obligations. Lessons from past bank resolutions help shape crisis preparedness and improve supervisory tools.

The Governor highlighted plans to strengthen recovery planning. A Resolvability Assessment Framework will ensure banks are well-capitalized and resolvable during distress.

As reforms deepen, he noted it is crucial for banks to drive Ghana’s economic transformation. The Bank expects stronger support from foreign-owned banks in trade finance and cross-border payments.

BoG will work with the sector on practical solutions to improve transaction efficiency. This includes expanding export support and enhancing Ghana’s competitiveness in trade.

“To build true resilience, we must move beyond traditional supervision,” he said. The focus should be on a forward-looking, risk-sensitive model that prepares banks for future challenges.

Dr. Asiama stressed that this strategy involves risk identification, digital resilience, governance, collaboration, capacity building, and sustainability oversight.