especially from the financial sector stability and banking supervision perspectives. our collective responsibility is to ensure efficient financial intermediation in the economy as we continue to provide assurances to the general public to address some of the confidence issues that arose during the clean - up. we should collectively work hard to regain the confidence of the general public through the introduction of prudent policies, regulations and procedures to ensure irreversibility of reforms introduced. 28. to this end, the bank of ghana will : ● enforce strict compliance with all directives, including the capital requirement directive ( pillar 1 ) of the basel ii accord and the ifrs 9 reporting standard ; ● finalise implementation of pillar ii of the basel ii accord ; page | 14 ● fully implement consolidated supervision alongside revisions to the bank ’ s risk - based supervision framework, ● enhance cooperation with other financial sector regulators and relevant foreign regulators ; ● ensure that banks develop, adopt, and implement plans to scale up financial inclusion and sustainable banking efforts to support the achievement of the sustainable development goals, deploying emerging technologies on the back of the new interoperability framework. 29. underlying the regulatory agenda for 2019 is an approach that ensures that : ● shareholders of banks and specialised deposit - taking financial institutions exercise control over these institutions not for the benefit of shareholders and related and connected parties, but primarily in the interest of depositors, creditors, employees, and other stakeholders ; ● boards are composed of persons that are capable of exercising the strong and independent oversight they are expected to ensure that the interests of all relevant stakeholders are protected ; ● risk management is integrated in the strategic focus of governance and management of these institutions ; page | 15 ● compliance with regulatory requirements and ethical standards are embedded in overall risk management ; ● our supervisory systems, processes, and teams are better able to identify early warning signs, enforce regulatory requirements and ensure that prompt corrective action is taken by banks to recover quickly from any signs of distress. 30. madam president, while the recovery in the banking sector is on - going, pockets of distressed institutions in the specialised deposit - taking institutions segment of the financial sector are emerging. these also require full attention, if the public is to regain trust in the whole financial setup. the bank is monitoring these developments and working closely with the ministry of finance on a plan to resolve the issues with a view to restore trust and confidence in the entire financial system. 31. madam president, in concluding, let me reiterate that we have a collective responsibility as bankers to

media soiree welcome address by dr. maxwell opoku - afari first deputy governor, bank of ghana january 17, 2020 accra city hotel distinguished guests, ladies and gentlemen, 1. good evening and on behalf of the board of directors and management of the bank of ghana, i would like to welcome you to this evening ’ s event. first, let me thank you all for honouring our invitation and for making this event possible. gatherings like this offer us greater scope and latitude to reflect on critical happenings in the past year, especially those that relate to the functions of the bank of ghana, and to see how we can foster closer collaboration going forward and in the interest of the nation. 2. on all counts, the bank of ghana recognises the important role journalists play in sensitising the public about policies and programs nationwide, especially during the bank ’ s monetary policy meetings. as a bank, we always look for opportunities to improve such strategic partnerships with a view to deepen our communications which remains critical to enhancing the achievement of our core objectives. in this regard, we see you as a major stakeholder for the crucial role of helping disseminate our policies to the general public. and so, let me take the opportunity to thank you all for your various roles in supporting the policy process and for the achievements chalked so far. surely, without you, our policy decisions would have been difficult or even impossible to convey across the country. i am hopeful that the collaboration will continue in the years ahead. 3. ladies and gentlemen, journalism is one of the most powerful professions in our world today because it helps propagate and shape ideas, policies, programs and the destiny of societies. indeed, financial journalism can be used as a tool to advance the objectives of sound fiscal policies, efficient transmission of monetary policies, address bottlenecks hindering financial intermediation in the banking sector, promote structural reforms, and above all support the process of economic growth and poverty reduction. distinguished guests, ladies and gentlemen, permit me to briefly touch on the role of the press in the bank of ghana ’ s monetary policy process and a few recent developments … 4. as mentioned earlier, the bank of ghana sees the press as a strategic partner and important stakeholder in helping communicate and sensitize the public about the bank ’ s policy decisions. in fact, the literature on central bank communication explains that an appropriate and sound communications framework of a central bank is essential in conveying policy intentions