Depositors funds remain safe – BoG Governor assures

The Bank of Ghana (BoG) has assured its depositors that their funds remain safe despite challenges that struck the banking sector.

The central bank noted that it will take proactive steps to forestall any actions intended to put the funds of depositors at risk.

In his address at a dinner to mark the 60th-anniversary celebration of the Chartered Institute of Bankers (CIB) held at the University for Professional Studies (UPSA) in Accra, the Governor of the Bank of Ghana, Dr. Ernest Addison, maintained that the Bank of Ghana’s financial system remains intact.

“This notwithstanding, let me use this opportunity to once again assure the public that, on the back of the DDEP and other risks that may emerge in the banking sector, the Bank will continue to closely monitor developments and, where need be, take appropriate and decisive actions to address the same. Also, the Bank will ensure that depositors’ funds remain safe, and that the financial system remains stable and resilient,” he stated.

Additionally, Dr. Ernest Addison expressed confidence that the country’s economy’s progressive rebound, citing factors including a decline in inflation and the exchange rate, serves as favorable conditions for the banking sector to stay afloat.

Meanwhile, the President of CIB, Benjamin Amenumey, revealed that the institute has set up a Banking Sector Professional Development Fund as part of its anniversary celebration to support leadership development.

“The Institute launched a Banking Sector Professional Endowment Development Fund dubbed “60 for 60,” which is GH¢60 million for 60 years. This fund is to support talent and leadership development. I call on our stakeholders: Bank of Ghana, Universal Bank, development partners of the institute to contribute generously to fund this program,” he said.

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