BoG: Corporate governance guidelines for banks coming
The Bank of Ghana (BoG) is set to introduce corporate governance guidelines from next year.
The move is in line with the central bank’s quest to strengthen the corporate governance of commercial banks in the country.
This follows the collapse of UT and Capital banks, which some analysts attributed to poor corporate governance.
First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari, speaking at the official launch of GHL Bank in Accra, said: “Central to the success of every institution in the 21st Century and more to the banking sector is the existence of strong corporate governance structures.
“The collapse of many institutions elsewhere, including the recent collapse of two banks in Ghana this year, has had a lot to do with bad corporate governance.
“The Bank of Ghana will be introducing a new corporate governance guideline early next year and we expect this to shape the corporate governance structures in the banking sector.
“The Bank of Ghana will continue to support this effort by pursuing policies that deepen macroeconomic stability and provide the basis for effective financial intermediation.
“We’ll intensify our supervision and regulation of the financial system to ensure its integrity and efficiency so that the benefits of liberalisation and competitiveness in the industry are realised.”