The Bank of Ghana (BoG) has signed a Memorandum of Understanding (MoU) with Bank of Mauritius (BoM) in Port Louis to help develop the two institutions.

The Memorandum of Understanding is expected to deepen the existing ties of engagement between the two central banks. It is also to establish an arrangement for the exchange of information concerning the stability and development of the respective banking systems, and to establish a framework for capacity building in the financial services industry.

Not only that, the Memorandum of Understanding between the Bank of Ghana and the Bank of Mauritius will help the two nations to strengthen areas of compliance with international standards and regulations related to the financial market and the performance, and development of payment systems.

Other areas to be strengthened include: the retail payments system, large-value payments and settlement system, financial inclusion, digital innovation in financial services as well as digital currencies and FinTech regulations.

The rest are risk-based supervision/macro-prudential supervision, anti-money laundering and combating the financing of terrorism and proliferation (AML/CFT), cyber security, climate change policies and other areas of central banking that are of mutual interest to BoG and BoM.

Another important aspect of the partnership is to enhance co-operation in the areas of research related to central banking.

The Second Deputy Governor of the BoM, Mrs. Hemlata Sadhna Serwah-Gopak signed for the BoM while Ms. Sandra Thompson, the Secretary, signed for the BoG in the presence of the two Governors.

Mr Harvesh Seegolam, the Governor of Bank of Mauritius, expressed his appreciation to the BoG for the signing of the Memorandum, noting that it would open up channels for co-operation between the two central banks.

He commended the BoG for the strides it has made in financial sector reforms including the area of digital financial services, among others.

“The signature of the MoU is a clear testimony of the spirit of cooperation between the Bank of Mauritius and the Bank of Ghana, as well as between the banking sectors of both countries respectively. Such international cooperation remains the linchpin for effective information exchange and collaboration on various topics between like-minded Central Banks.”
Mr Harvesh Seegolam

Mr Harvesh Seegolam noted that the MoU equally marks the continuation of the collaboration which started at national level between the two countries.

“I vividly recall the presence of Dr Mahamudu Bawumia, Vice President of Ghana, as Chief Guest at our National Day Celebrations in 2017. At that time, it was resolved that both countries will work together in regional and international to take the African agenda forward on all issues of common interest, including climate-change, environmental preservation, Sustainable Development Goals and security. At that time, a Double Taxation Avoidance Agreement was also signed.”
Mr Harvesh Seegolam

Dr Ernest Addison, the Governor of Bank of Ghana on the other hand, averred that the MoU which established a formal basis for cooperation, is expected to strengthen previous cooperation and facilitate the performance of the respective monetary policy, supervisory and regulatory duties of the two central banks.

With Dr. Addison were the Second Deputy Governor of the Bank, Mrs. Elsie Addo Awadzi, Ms. Sandra Thompson, the Bank’s Secretary, Mr. Eric Koranteng, Head of the Governors’ Department and Mr.Emmanuel Kinful, Special Assistant to the Governor.