remarks by the second deputy governor, mrs. elsie addo awadzi, at the joy fm financial sector forum on november 1, opening remarks the stability and integrity of our financial system should be of utmost important to everyone and the economy as a whole. banks and other institutions that take deposits are regulated to help ensure that they remain safe and sound to perform their critical role in the economy. as you know the bog has undertaken a number of reforms recently and continues to strengthen the system. i look forward to sharing some of these reforms with you, and to hearing your thoughts on the reform process so far and going forward. qs & as q. what is the current state of affairs in ghana ’ s banking sector? the banking sector is generally strong and continues to be profitable, judging from a number of key indicators. for example : total assets continue to increase ; profitability remains high ; industry car of 19 % compared to required minimum of 10 % ; and the quality of bank loans continues to improve, with a reduction in npls. q. bog has carried out a number of reforms recently. why is bog finally cracking the whip after doing nothing for a long time indeed, bog has initiated a number of reforms over the last year and half to make the banking sector stronger and more resilient. key among these reforms are : the revocation of licences of 7 failed banks, and the appointment of receivers for these banks ; strengthening the regulatory framework through a number of new directives on a number of key issues such as capital, corporate governance, provisioning for loans, and others ; a renewed focus on risk - based supervision of banks to help identify problems sooner than later ; stronger enforcement of our laws and directives ; increasing public awareness to help the banking public make prudent banking decisions. bog is committed to ensuring that banks and other financial institutions it regulates, remain safe and sound and engage in practices that protect the deposits of their clients as well as ensure that the financial system is safe and stable for all users. bog has demonstrated this commitment by the bold steps it has taken so far, as difficult and painful as some of them have been. q. were the actions taken against the 7 defunct banks necessary? why were they taken? the bog ’ s recent actions were necessary to ensure that banks that failed were made to exit the market in an orderly fashion and without disruptions to our financial system. failed banks become serious sources of risk for the entire financial system and the economy as a

johnson p asiama : fifteen years of ghana banking awards – enriching a healthy competitive landscape in the drive for consumer relevance in banking speech by dr johnson p asiama, second deputy governor of the bank of ghana, at the annual banking awards 2016, on the theme “ fifteen years of ghana banking awards – enriching a healthy competitive landscape in the drive for consumer relevance in banking ”, accra, 26 august 2016. * * * mr chairman, captains of industry, executives of the banking industry, distinguished guests, ladies and gentlemen. it is a pleasure for me to join you today for the 15th edition of the ghana banking awards. this event usually serves as a platform where the contributions of the banking sector to the economy could be recognized. it should therefore serve the purpose of stimulating healthy competition among banks which could in turn lead to improvement in the delivery of financial products and services across the industry. this year ’ s theme, “ fifteen years of ghana banking awards : enriching a healthy competitive landscape in the drive for customer relevance in banking ” could not have been better chosen. the theme resonates well with a quote by felix george rohatyn ( an accomplished investment banker ) who said “ … at its core, banking is not simply about profit, but about personal relationships ”. i will come back to say more about these shortly, but permit me, mr. chairman, to thank corporate initiative ghana ( cig ), the organizers of this event for this opportunity. for my address this evening, i will begin with some general conceptual issues relating to the banking scene and then follow - up with some specific matters that touch on the bank of ghana ’ s regulatory and supervisory role. a vibrant and growing banking industry mr. chairman, you will agree with me that the banking industry in ghana has experienced tremendous growth and unprecedented competition over the past 10 years, especially after the adoption of the universal banking concept in 2004. today, banks do not only compete among themselves, but also with non - banking entities such as savings and loans companies, finance houses, rural and community banks and lately microfinance companies. the objective for introducing the universal banking concept was to allow all banks in the country that comply with the prescribed capital requirements the freedom to engage in some or all permissible banking business activities without restrictions. this has resulted in banks penetrating into new and active markets with the view to increasing market share and profitability. it is important to note that banking is a customer - oriented service industry ;