The Bank of Ghana (BoG) has emerged as the Central Bank of the year 2019, according to the international Central Banking Awards. The awarding body cited impressive record of achievements by the Ghanaian Bank as the reason for the recognition.
Among its achievements; the reform of an undercapitalised and poorly managed banking sector, and being able to deal with a complex set of risks that could have caused severe damage to the country’s economy.
According to a report by the Central Banking Awards, BoG has continued to create innovations in its payments sector, specifically the electronic payments mode. With this, the bank plans to adopt QR codes in its transactions, as well as create a regulatory sandbox for fintech companies by the end of 2020.
In 2018, BoG created a cyber security center to help the banking sector in dealing with evolving risks.
According to the report by the Central Banking Awards, the Ghanaian banking sector still needs a couple of adjustments, seeing that it is yet to recapitalize some of the banks that were put into resolution. It is also grappling with a lot of non-performing loans (NPLs) .
The Central Banking Awards recognize excellence in a community dealing with an ever-evolving landscape, where price and financial stability must be maintained and communicated against a backdrop of continuing innovation in financial services, reserves and currency management.
The awards will be held on 19 March 2020, in Brussels, Belgium.