The BoG thanks the Bank of England for its continued technical support

Elsie Addo Awadzi, Second Deputy Governor of the Bank of Ghana

The Bank of Ghana thanks the Bank of England and the Government of the United Kingdom (UK) for their continued technical support to the Bank of Ghana over the past three years, Second Deputy Governor of the BoG, Ms. Elsie Addo Awadzi, said.

In her opening speech at the Bank of Ghana / Bank of England regional event which took place March 24-26, 2021 on “Governance as a tool for microprudential supervision”, she said the Bank of England / Bank of Ghana technical cooperation involved several training programs delivered by Bank of England staff to Bank of Ghana staff on a wide range of critical topics, including macroeconomic forecasting, macroprudential assessments, microprudential supervision, crisis management and resolution of failing institutions, among others.

Of the event itself, she said: “Indeed, these regional events help to strengthen the supervisory capacity of central banks in the region through peer learning, and help us all to find ways. cutting-edge solutions to common supervisory problems, especially as we strive to promote more effective regulation and supervision of Pan-African banks that operate in several African countries and beyond.

Below is his full statement

His Excellency High Commissioner Walker, British High Commissioner to Ghana Colleagues from the Bank of England, Bank of Ghana, participating African central banks and other regional institutions

A very good morning and welcome!

The Bank of Ghana is delighted to co-host this regional event in collaboration with the Bank of England. We thank the Bank of England and the UK government for their continued technical support to the Bank of Ghana over the past three years. Technical cooperation between the Bank of England and the Bank of Ghana involved several training programs delivered by Bank of England staff to Bank of Ghana staff on a wide range of critical topics, including macroeconomic forecasts, macroprudential assessments, microprudential supervision, crisis management and resolution of failing institutions, among others.

This week’s event is the second consecutive training event that has been extended to staff from other central banks in Africa. We thank the Bank of England for understanding how important these regional events are in supporting the Bank of Ghana’s efforts to strengthen cross-border supervisory cooperation in the region.

Indeed, these regional events help to strengthen the supervisory capacity of central banks in the region through peer learning, and help us all find cutting-edge solutions to the supervisory problems that are common to us, especially in as we strive to promote more effective regulation and supervision. pan-African banks operating in several African countries and beyond.

The theme of this 3-day event – “Governance as a tool for microprudential supervision” – could not be more timely. Corporate governance in the banking sector has always been important in promoting the safety, soundness and resilience of the banking sector and, by extension, confidence in the sector. As the pandemic rages on, good governance will make the difference between companies that weather the storm because they manage their risks effectively and those that risk faltering.

Good regulation and supervision must constantly assess the adequacy of the rules that promote good governance in the banking sector, assess the quality of governance in each regulated institution and make good judgment on the corrective measures necessary to correct bad governance. . I hope that over the next three days, attendees will receive practical tips and lessons from the UK that will help strengthen corporate governance standards in the African banking landscape.

On behalf of Governor Ernest Addison and the entire Bank of Ghana management team, I welcome the 113 registered participants from 16 African central banks, two regional bodies (WAMI and WAIFEM) and the AFRITAC West II office of IMF located in Accra, Ghana. I encourage participants to make the most of the presentations and discussions and to share their own experiences and efforts with others over the next few days.

On that note, I again thank the Bank of England and the UK Government for their very generous support to the Bank of Ghana and the region as a whole, and I wish everyone a successful webinar.