‘We’re not sleeping in discharging our supervision tasks’

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AN OFFICER at the Supervision Department of Bank of Ghana, Mr Michael Amoaku-Atuobi, has denied wide media reports to the effect that officials at the department are not doing their best to early detect the financial irregularities and fraudulent activities in the banking sector.

“We are not sleeping in regard of doing our supervision works and tasks, Mr Amoaku-Atuobi made this known when he was making power presentation at a two day workshop on the banking industry in Ghana for financial journalists brought from print, radio, online news portals and television me your husbanddia houses in the country.

Themed: “Achieving Sustainable and Balanced Growth in the back sector, the event which was organised by the Institute of Financial and Economic Journalists (IFEJ) and supported by Bank of Ghana was held at Royal MacDic Hotel at Koforidua in the Eastern Region.

The programme which started from Saturday 30 to Sunday 31, 2029 was parts of BoG’s financial literacy initiative aimed at training financial journalists to have knowledge with the numerous reforms ongoing in the banking sector in the country.

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The journalists who were brought from Accra, Kumasi, Sunyani, Kumasi, Tema, Tamale and Koforidua were taken through the issues of transparency and communication under the Monetary Policy, customers protection, various intervention actions adopted by BoG to appoint special advisors and advisors to fix financial crisis of the various financial banking institutions which were in crisis and digital banking and its implications for Monetary Policy among others.

Mr Amoaku-Atuobi outlined a number of transform interventional strategies and new innovative measures taken by the central bank to mitigate the fraudulent activities associated with the commercial operations of the licensed financial institutions in order to bring sanity to the banking system in the country.

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He noted that although the commercial banks are very tricky by way of hiding out some of their transactions from the supervision teams of BoG, the department is on the course to address the problems.

He pointed out that it should not be an objectives of banking supervision to prevent bank failure.

However, he stated that the supervision should aim into reduce the probability and impact of bank failure including the resolution authorities, so that when the failure occurs, it is done in an orderly manner.

Mr Amoaku-Atuobi called on financial banking institutions to work within the news legal framework in order to avoid hitting of any financial crisis that would made them out of business which hitherto would bring financial burden to their customers.

He advised that the management and owners of the financial banking institutions which could be rocked by financial crisis should not rush in solving fcrisis themselves.

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He stressed that it is important for those financial banking institutions to sort assistance from the experts in financial crisis management system to help them diagnose the main causes of the crisis and help to institute workable solutions to fix the crisis.

“If you are in financial crisis you are not to rush to solve the crisis yourselves. Because if you rush, would fail to fix them, Mr Amoaku-Atuobi further advised.

For his part, an official of BoG, Mr Francis White Lolo who made the presentation on the topic: “Monetary Policy and Exchange rate management finance in Ghana,” noted that the central bank does not concentrate exclusively on the inflation rate than growth price stability in the country.

Source: myafricatoday.net/Freeman KORYEKPOR AWLESU

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