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events present immense challenges to monetary policy formulation and the bank ’ s mandate of price stability. 9. ladies and gentlemen, the financial sector has also witnessed significant transformation over the years. from a few government - owned banks, the banking sector is now characterized by privately - owned banks with diverse countries of origin. the sector continues to record asset growth and remains liquid, although some financial soundness indicators have weakened in recent times, raising concerns for financial stability. for instance, the prevalence of high non - performing loans reduces liquidity which impacts negatively on profitability, and broadly obstructs transmission mechanism of monetary policy. 10. mr. chairman, as part of our mandate to maintain financial stability, the bank has embarked on a process to resolve some of the prevailing issues which threatens stability of the banking sector. just this week, the bank of ghana revoked the licenses of 2 banks and approved a purchase and assumption agreement that allowed gcb bank ltd to take over the affected banks ’ selected assets and deposits. this, together with other prudential and supervisory measures introduced by the bank of ghana, is geared toward safeguarding the stability of the financial system and creating a healthy financial sector capable of supporting the transformational agenda of the government. 11. mr. chairman, a decade ago, the bank launched a comprehensive programme to revamp the payment and settlement systems which is deemed critical for the transmission of monetary policy. the ghana interbank payment and settlement systems limited ( ghipss ) was then established to implement and manage the payment system infrastructures for banks and non - bank financial institutions in ghana. currently, ghipss manages the national switch and biometric smart card payment system ( e - zwich ), the cheque codeline clearing ( ccc ) and automated clearing house ( gach ) systems. today, our payment system infrastructure is among the best in the sub - region and we are gearing up to take it to the next level of interoperability which should unleash more innovative products and services and promote financial inclusion in the country. 12. ladies and gentlemen, we can go on enumerating the achievements, but i would also like us to refocus our energies on the future of the bank of ghana. 13. mr. chairman, the uncertainty in the global economy suggests that the bank ’ s mandate of price and financial stability should be anchored on new strategies to strengthen monetary policy formulation to ensure macro stability and a healthy financial system. the combination of which would unlea