this ties in with our proposals to refocus wama so it can also deliver most efficiently on the objectives behind its establishment. the ecowas sub - region has for long championed the cause of economic and monetary integration. we are now at a stage where we need to take stock of our activities to examine the record of what we have been able to achieve as a sub - region and develop strategies for the way forward, to build on stabilization, to accelerate growth and become significant participants in international trade and capital flows. fellow governors, i know that most of you were here in accra during the meetings of the association of african central banks. but i would still like to formally inform the committee that ghana, as a member of our group assumed the chairmanship of the association for 2005 / 2006. this is a challenge. your continued support, advice and collaboration during my 1 / 2 chairmanship of the association would be essential to move the cooperation arrangements significantly forward. the issues that confront us at these meetings are all too familiar and this may suggest that we are not trying hard enough on the policy front in dealing with these issues over time. today, some of the issues on the agenda go to the core of the integration strategy, therefore i hope we can use this opportunity for serious discussions on integration in the sub - region as we look to the task ahead. on this note fellow governors, let us all have fruitful deliberations. i hope you enjoy your stay in accra. thank you for your attention. 2 / 2

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