The Financial Stability Council (FSC) has stepped up efforts to strengthen Ghana’s financial system through a series of reforms, says the Financial Stability Review Report 2025.
The report said the reforms were aimed at reducing risks and making the financial sector more stable and resilient.
The FSC, which includes key regulators such as the Bank of Ghana, Securities and Exchange Commission, National Insurance Commission, and National Pensions Regulatory Authority, has increased cooperation among its members to address weaknesses in the system.
As part of the reforms, the Council adopted recommendations from the World Bank to improve how it operates, make its work more visible, and strengthen coordination among its member institutions.
“The Council has increased cooperation among regulators to help maintain financial stability and support growth in the sector,” the report said.
The FSC has also focused on training its technical teams to better identify and respond to risks in the system.
One of the major steps taken is the creation of a system to monitor risks in the virtual assets sector, following the passage of the Virtual Asset Service Providers Act, 2025.
In addition, the Council is preparing for Ghana’s third Mutual Evaluation by GIABA, a regional body that assesses efforts to combat money laundering and terrorism financing.
“This is expected to strengthen the country’s financial security measures,” the report said.
“The FSC is also working with the Ghana Statistical Service to build a reliable real estate database to help track developments and risks in the property market.”
To promote growth in the capital market, the report said the Council was supporting the Bank Listing Project, which encouraged banks to list on the Ghana Stock Exchange.
“This is expected to help banks access more funding and improve transparency,” it said.
In the insurance sector, the FSC had backed policies that required the use of local insurance for imports.
“This move aimed to reduce foreign exchange outflows and strengthen local insurance companies,” the report added.
The Council, in collaborating with the National Identification Authority, was working to solve identity verification challenges that limit financial inclusion and effective regulation.
“The FSC is also supporting new laws and policies to protect financial consumers and promote fair competition within the sector,” it said.
The report emphasised that those coordinated efforts were important in maintaining stability in Ghana’s financial system, especially after recent economic challenges.
It added that the Council would continue to work together to identify risks early and implement policies that ensured long-term stability in the financial sector.
By Jibril Abdul Mumuni
GNA
