By: Sheila WILLIAMS
Financial Journalists would have to be more intrusive in their quest for knowledge and must be prepared to help unearth issues through responsible Journalism, and I entreat you all to muster courage in the discharge of your duties, Dr. Ernest Addison, Governor of the Bank of Ghana has said.
This was a statement read on his behalf by Mr. Philip Abradu-Otto, the Director of Research Department at the Bank of Ghana at a BoG capacity training workshop for members of Institute of Financial and Economic Journalists (IFEJ) in Koforidua over the weekend.
The Governor further stated the period 2017 – 2018 has been eventful following the implementation of a comprehensive set of reforms by the Bank of Ghana to safeguard depositor’s funds, maintain financial stability, and reposition the industry to support the country’s economic transformation.
As a result of the reforms and recapitalization of the banking sector, the Bank of Ghana in May 2019,embarked on an exercise to also sanitize the microfinance and savings and loans sectors. Speaking on the topic “Achieving sustainable and Balanced growth in the Banking Sector”
The role of the Media in BoG reforms
The successful implementation of the reforms was highly achieved by the very effort of the media, by providing the medium through which the Bank of Ghana informed the public about events and policy actions. The Bank of Ghana acknowledged the positive contributions in this process as well.
Macroprudential Policy Measures – New Area of Focus for Banks
In a bid to further boost credit growth and financial intermediation sought to understand the factors that limit access to credit, inhibit the monetary policy transmission process as well as the factors that accounted for the high lending rates of universal banks.
These measures would help boost credit to the Small and Medium Scale Enterprise (SMEs), foster more competition in the banking sector and in the process help lower lending rates.
Sustainable Banking Principles(SBPs) launched
The Bank of Ghana has launched the Sustainable Banking Principles (SBPs) for banks. The SBPs provide the guiding principles to underpin effective Environmental and Social Risk Management (ESRM) policy framework for banks in their credit delivery.
“As you can clearly see, there is a lot going on in the banking sector which requires, once again, the role of the Media, the Financial and Economic Journalists, to follow-up on these issues, break them down I simple language terms, better communicate the issues of the public to ensure full understanding and ultimately to help foster smooth implementation of policies.” – the governor added.
“The tools of journalism are powerful, and I will entreat you all to use it responsibly for the advancement of society.”
