The Bank of Ghana (BoG) has iterated its commitment to create a conducive banking environment for the Ghanaian banking sector.

The Governor of BoG, Dr. Ernest Addison made this known during the opening of the Republic Bank, Head Office Annex in Accra.

According to the Bank of Ghana governor, the BoG will provide the right ambience for banks to carry our productive activities and to incur liabilities on their own account for the purpose of acquiring financial assets by engaging in financial transactions.

“The Bank of Ghana will continue to create an enabling environment within which banks can efficiently carry out their role of financial intermediation to accelerate economic growth and development.”
Dr. Ernest Addison

Dr. Addison noted that the move by Republic Bank to open a new Head Office attest to the bank’s successful expansion strategy adding that the Bank of Ghana applauds the continuous growth and development of the bank.

The Republic Bank acquired HFC Ghana as part of the Bank’s International Expansion Strategy in 2013. Highlighting the acquisition, the BoG Boss praised the bank for the successful takeover.

The acquisition at the time was the largest single investment by a diaspora company back into Africa and it was seen to signify the adding of value by the African diaspora to the motherland.

“Increasingly, the banking sector has witnessed the increased usage of online banking as customers resort to branchless banking for transactions. Banks have also been compelled to increase investments and upgrades of digital platforms to remain competitive.”
Dr. Ernest Addison

Banks to Leverage on Digitization

Dr. Addison indicated that digitization is the way to go now as it will continue to be the main drive in the banking sector. He thus, encouraged banks to infuse technology into their daily activities.

“In line with the objective of customer centralism, we expect that financial digitization will shape the banking business to compete with the Fin-Techs in the payment systems space. Hence, there is the need for adoption and diffusion of technology in every sphere of banking sector operations.”
Dr. Ernest Addison

Dr. Addison pointed out that the Republic Bank has been instrumental in the development of the mortgage industry and continues to play a leading role in the mortgage sector of the country.

He reminded the management team of the vision of the Holding Company to use the acquisition in Ghana as a platform to launch their international expansion strategy in Africa.

Banks to Take Advantage of AfCFTA

The Governor noted that the Africa Continental Free Trade Area (AfCFTA) which has its headquarters in Ghana gives banks the chance to enhance their operations. He moreover affirmed the Central Bank’s resolve to help commercial banks to achieve their visions.

“Ghana currently houses the headquarters of the Africa Continental Free Trade Area, and it provides a good opportunity to see the Republic Bank venture into other countries on the continent. The Bank of Ghana will continue to create an enabling environment within which banks can efficiently carry out their role of financial intermediation to accelerate economic growth and development.”
Dr. Ernest Addison