of written - off facilities in the published financial statements of banks. page | 3 we reviewed the governing legislations on the credit reference system to require banks to submit both positive and adverse information on borrowers to the bureaus through a new portal that has been developed. the bog also worked on the collateral registry system to address some outstanding issues with foreclosure. we are also supportive of government efforts to enhance clarity in the land acquisition process which transmits into the collateral perfection processes for banks. in addition, we are hopeful that the introduction of the ghana reference rate, ghana post gps and the national identification program would contribute to the ongoing measures aimed at reducing the incidence of loan defaults. mr. chairman, to fight financial crime means we needed to invest and strengthen our aml / cft regime by increasing the scope of aml risk - based supervision and collaborate with the financial intelligent centre ( fic ), economic and organized crime office ( eoco ) and other law enforcement agencies to enforce the aml / cft regulations. as we work closely with these agencies, the emerging area of crime that threatens the very existence of financial institutions is cybercrime. cyber criminals have managed to bypass security controls and to exploit breaches or vulnerabilities within the cyber and information security defenses of financial systems. in this regard, the central bank issued a draft directive on cyber and information security to the banking industry. page | 4 mr. chairman, we also issued the final directive of the capital requirement directive ( crd ) which addresses pillar one ( 1 ) of basel ii / iii capital regime. the pillar ii of the basel accord is expected to strengthen the supervisory review process. this would involve the internal capital adequacy assessment process ( icaap ) allowing banks to undertake an assessment of the capital commensurate with all their risk exposures. we are also driving the disclosure requirements in conformity with pillar iii of the basel accord to enhance appropriate information flow to market participants. the process of fully operationalising the bsdi act, 2016 ( act 930 ), is in progress and will continually reviewing the existing directives and regulations to align them with the act. in line with this, we issued the “ fit and proper ” directive, financial holding companies and the mergers and acquisitions directive. the central bank has adopted the accounting standard on financial instruments ( ifrs 9 ) since january this year. ifrs 9 requires banks to implement the expected credit loss model for the banking industry. though

keynote address on the futuristic economy : technology - driven future of business & governance for economic transformation by dr. ernest addison governor, bank of ghana may 20 - 21, 2019 kempinski gold coast hotel accra, ghana mr. chairman, his excellency the vice president, chiefs, invited guests, distinguished ladies and gentlemen. let me thank organisers of this ghana ceo summit for creating such a unique platform where over 400 ceos gather at one place to discuss issues of relevance to the businesses and the economy in general. mr. chairman, we at the bog start a 3 - day mpc meeting this week which we will review developments on the economy and take a decision on where to place the policy rate. i will therefore not discuss monetary policy today. however, as you all know, in the last two years, we addressed serious lapses in governance and weaknesses in the operational efficiency of some banks. the systemic nature of the infractions put several depositors ’ funds at risk and weakened public trust in the industry. we therefore took the challenge, daunting as it was, to clean the financial sector and safeguard the solvency and stability of the banking system in particular, and the financial system as whole, given the interconnectedness of the banks and other specialized deposit institutions. page | 2 the comprehensive set of reforms we undertook were tough but necessary. over the period, we have recapitalised the banks and implemented several regulatory reforms to underpin the stability and soundness of the banking sector. we now have a well - capitalized, liquid, solvent and resilient banking sector to effectively execute its core mandate of financial intermediation within a stable economic environment. given this platform, permit me to enumerate some of the reforms that have been implemented to safeguard the stability of the financial sector. these reforms are aimed at ensuring the safety and soundness of individual banks, aligning macro - and micro - prudential risks to bank capital and addressing cross - sectoral and cross - border risks to the industry. in order to address the overall risks of the industry, and to properly risk - profile individual banks, we revised the current risk based supervision framework to take account of the current developments in the global banking environment. as part of efforts to reduce the level of impaired assets, we have required that banks help to clean up their books and remove the structural challenges that undermine the effective credit delivery process. we have enforced our directive on loan write - off and require appropriate disclosure