Financial Stability Council reconvenes to enhance stability in the sector

Chairman of the Council, Dr Johnson Asiama, emphasized.

During the meeting, the members of the Council emphasized the critical need for collaboration among institutions and stakeholders to ensure a stable and resilient financial ecosystem. They stressed that financial stability goes beyond mere regulation; it involves establishing a trustworthy system that contributes significantly to national development.

Deputy Minister of Finance Thomas Nyarko Ampem highlighted the importance of working together as regulators and policymakers to maintain financial stability and protect the interests of all stakeholders. He emphasized the need for proactive measures to prevent future instabilities in the sector.

The Council reiterated its commitment to providing coordinated oversight and effective leadership to protect the integrity and sustainability of Ghana’s financial sector. Established in 2018, the Financial Stability Council plays a crucial role in promoting stability and resilience in Ghana’s financial system.

The core focus of the Council includes coordinating financial sector regulation, identifying and mitigating systemic risks, and enhancing crisis preparedness. To support these functions, the Council has a Technical Committee and three specialized Working Groups.

In conclusion, the recent meeting of the reconstituted Financial Stability Council marked a new chapter in strengthening Ghana’s financial sector. With a renewed commitment to collaboration, proactive measures, and effective oversight, the Council aims to promote a stable, inclusive, and resilient financial ecosystem. By prioritizing the interests of depositors, investors, and pension contributors, the Council seeks to build a sound, stable, and innovative financial sector that supports the growth of the real economy. Through ongoing initiatives and forward-looking strategies, the Council is dedicated to preventing the recurrence of past instabilities and reinforcing confidence in the financial system. As regulators, policymakers, and stakeholders work together, they uphold the Council’s mission to promote financial stability, integrity, and sustainability in Ghana’s financial sector.