Ghana’s Financial Stability Council Steps Up Reforms to Safeguard Economy
Ghana’s Financial Stability and Advisory Council (FSC) has reaffirmed its commitment to strengthening the country’s financial sector resilience through enhanced coordination, policy reforms, and regulatory oversight.
This follows the council’s recent meeting under its reconstituted leadership to review economic developments and agree on next steps for long-term sectoral stability.
Chaired by the Governor of the Bank of Ghana (BoG), the FSC brings together key institutions including the BoG, the Securities and Exchange Commission (SEC), the National Insurance Commission (NIC), the National Pensions Regulatory Authority (NPRA), and the Ghana Deposit Protection Corporation (GDPC).
In a joint statement, the FSC acknowledged the progress made through recent government interventions aimed at recapitalizing financial institutions affected by the Domestic Debt Exchange Programme (DDEP). These interventions, combined with macroeconomic recovery efforts and an ongoing IMF-supported programme, have helped restore financial sector stability, the Council noted.
However, the FSC cautioned that rebuilding financial buffers and increasing capital adequacy ratios across banking, insurance, pensions, and capital markets remains essential. As such, the Council has pledged to intensify regulatory reforms and financial sector policy coordination.
“While macroeconomic conditions have begun to stabilise, we recognise that the path to full financial recovery requires deepening the resilience of institutions and enhancing their shock-absorption capacity,” the Council noted.
As part of its renewed agenda, the FSC will drive implementation of key reforms, including improving risk management practices, safeguarding customer deposits and pensions, and promoting sustainable financial intermediation. The Council also emphasized the importance of inclusive finance in ensuring equitable growth, especially as Ghana prepares for greater digitalisation of its financial services.
The FSC was established in 2019 as a collaborative platform for coordinating financial stability policies and monitoring risks. Its reconstitution and renewed focus come at a critical time as Ghana continues to navigate economic recovery, global financial headwinds, and domestic structural challenges.
