Central Bank Governor urges banks 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 the need for better oversight in operational areas.

The Governor stated that banks must take more responsibility for securing their products. 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 help ensure a shared understanding of policy direction. They also align efforts to promote macroeconomic stability and recovery.

Dr. Asiama noted 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 match this commitment.

He encouraged banks to use this gathering to stress vigilance and compliance with anti-money laundering obligations. Lessons from past bank resolutions inform crisis preparedness today.

The Governor mentioned plans to strengthen recovery planning for banks. This includes introducing a Resolvability Assessment Framework for better capital management during distress.

As reforms deepen, he highlighted how banks can drive Ghana’s economic transformation. The Bank expects stronger support from foreign-owned banks in trade finance and payment infrastructure.

BoG will work with the sector on practical solutions for transaction efficiency and export support. This aims to enhance Ghana's competitiveness in regional and global trade.

“To build true resilience, we must move beyond traditional supervision,” he stated. The focus should be on a forward-looking, risk-sensitive model.

Dr. Asiama stressed that this shift involves more than just compliance enforcement. It aims to create an agile, accountable banking system prepared for future challenges.

His strategy focuses on risk identification, digital resilience, governance, collaboration, capacity building, and sustainability oversight.