THE BANK OF GHANA says it has has been admitted as a member of the Basel Consultative Group (BCG).
This brings Ghana into the fold of four countries in Africa (Ghana, Tunisia, Mauritius and Nigeria), that are members of the BCG.
The BCG is one of five working groups that form the internal structure of the Basel Committee for Banking Supervision (BCBS), the global standards setting body for the supervision of banks.
As membership of the BCBS is limited to G20 countries, the BCG provides a platform to enable the BCBS engage with non-members, thereby, facilitating a broader dialogue on working with supervisory banking authorities, such as the Bank of Ghana, promoting a supervisory cooperation and implementing supervisory standards and best practices.
A release from the bank, dated April 1, this year, which made this known, said, “The Bank of Ghana’s membership of the BCG will increase the exposure of its banking supervisory staff, to best practices in the supervision of banks, and strengthen its cooperation with other supervisory authorities around the world.”
It added that, “The Bank of Ghana remains committed to promoting the safety and soundness of Ghana’s banking sector, through effective regulation and supervision.”