BOG Sensitises GAF personnel on Reformations of the Banking Sector

The Bank of Ghana (BOG) has organised a Customer Sensitisation Programme for personnel of the Ghana Armed Forces (GAF), to empower and educate them on the reformations of the banking sector on Tuesday 5 November, 2019 at the Burma Hall in Burma Camp, Accra.

In his opening remarks, the Head of Financial Stability Department, BOG, Dr Joseph France stated that the reformation of banks was underway to ensure that financial institutions and banks issued with licenses operate according to the requirements of the Central Bank.

He also stated that the exercise was to ensure that banks operating under them adhere to the Central Bank’s rules to actively be stable in the banking business and also inform their stakeholders and publics on the reforms of BOG.

“In sensitisation, there is a need to engage the public and the military is a vital part of the process. As we all know, the Central Bank has started a conduct supervision of banks to ensure that they are operating within the requirements of BOG, thus going according to the rules of the banking sector and to that effect there is a need to engage stakeholders on the reforms,” he added.

He added that, in providing solutions to issues concerning the Central Bank sector, thorough checks have been done to ensure that the banks under the Central Bank operate accordingly.

For his part, the Chief Operating Financial Officer at Barclays Bank, Mr Franklin Mensah, said BOG regulates banks and other financial institutions on products and services they render to their customers. Adding that Customers deserve quality services from their banks and the banks are expected to give clearer meanings on the products and services they offer to customers to avoid any misunderstandings especially on granting loans and the interest charged on loans.

He cautioned personnel to be wary of high interest returns they receive from banks and seek clearer explanations on investments they make.

The Head of Marketing Conduct Supervision Unit, Financial Service Department of BOG, Mr Augustine Donkor disclosed that BOG has introduced a pre-agreement statement to inform customers on the terms and conditions of products and services of banks to enable them make accurate decisions.

He stressed that is a part of banks core duties to give loans to customers and they must disclose the key terms and conditions on products and services they offer to them. The given principles by BOG are to disclose all costs accrued on loans and provide clear accurate information at all stages of a product. Adding that, customers have the right and responsibility to check the status of banks and monitor the stages of products such as loans from banks or investments they have made.

The Head of Financial Integrity of Anti-Money Laundering and Financial Stability of BOG, Mr George Nkrumah in his presentation noted that money laundering has become a widespread global issue and Ghana has joined global efforts to maintain the integrity of its financial system.

He said money laundering is disguising illegally acquired money from criminal activities and Ghana has put measures in place to check these activities of money laundering and financing terrorism in the country.

Participants were drawn from the various Units, Directorates and Departments of GAF.