Reverend Daniel Ogbarmey Tetteh, the Director General of the Securities and Exchange Commission (SEC), has underscored the need to build a resilient financial ecosystem in the country. He thus, called for strong cooperation among regulatory agencies in the financial sector to deliver a robust sector that will enhance seamless interactions and proactive action against unforeseen disruptive forces of systemic risk.
The Director General of the Securities and Exchange Commission explained that improvement in regulatory cooperation in financial market development, supervision, and sharing of market information would go a long way to help build a liquid financial sector to support the country’s economy.
“We have learnt our lessons very well and, therefore, we assure all stakeholders and the Ghanaian public that the regulatory mistakes will be avoided with all the passion we can master.”
Reverend Daniel Ogbarmey Tetteh
According to Reverend Daniel Ogbarmey Tetteh, the recent reforms in the financial service space were crucial measures to strengthen and deepen the sector, restore market integrity, trust and confidence of customers, investors and the general public.
“However, regulatory oversight of these reforms will require injection of resources and capacity building of the regulators to ensure trust and confidence among various stakeholders so that their reputation can be enhanced for a renewed confidence in the financial sector.
“No form of regulatory architecture could work without supportive legal framework, capacity building and injection of resources from the government.”
Reverend Daniel Ogbarmey Tetteh
To maintain a sound and well-regulated financial sector, the Commissioner of Insurance, Mr Justice Yaw Ofori, on his part, said there is the need for an independent body that has the capability to oversee and enforce compliance.
“With the events in the banking sector and its effect in the insurance, pensions, and securities sectors, the impact of standardisation and supervision is crucial to ensure growth in the financial sector. That is why, I believe that it is apt to help stimulate growth the sector.”
Mr Justice Yaw Ofori
The Managing Director (MD) of Ghana Re, Mr George Mensah, indicated that the Ghanaian insurance industry has experienced significant growth as portrayed by the increase in brokering firms, as well as insurance companies. “Notwithstanding that, insurance penetration remains comparatively low in Ghana,” he said.
“In a bid to increase insurance penetration and overall contribution to gross domestic product (GDP), the regulator and the government have focused on the growth of business lines such as micro insurance, mobile insurance and bancassurance.”
Mr George Mensah
Mr George Mensah observed that the growth of an industry should be coupled with adherence to top international best practices.
“It is worthy of note that many standards already apply in our industry. These include accounting standards, solvency standards, actuarial standards for pricing and reserving, claims-handling standards and above all underwriting standards.”
Mr George Mensah
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