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The Bank of Ghana (BoG) has joined the Basel Consultative Group (BCG), a global body that defines and implements standards on banking supervision globally.
The bank said it was recently admitted to the global body, making Ghana one of four African countries to be members of BCG.
The other members are Tunisia, Mauritius and Nigeria.
BCG is one of five working groups that form the internal structure of the Basel Committee for Banking Supervision (BCBS), the global standard setting body for banking supervision.
The statement released on Thursday said: “As membership of the BCBS is limited to G20 countries, BCG provides a platform for the BCBS to engage with non-members, thereby facilitating a broader dialogue around the work, with banking supervisory authorities such as BoG and promote supervisory cooperation and implement supervisory standards and best practices. “
The statement that the BoG’s membership in BCG would increase the exposure of its bank supervisory staff to best banking supervisory practices and strengthen its cooperation with other supervisors around the world.
“The BoG remains committed to promoting the safety and soundness of the Ghanaian banking sector through effective regulation and supervision,” the statement said.
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