The Financial Stability Advisory Council (FSC) has convened its first meeting to assess developments in Ghana’s financial sector.
The meeting held on 11th March 2026, which marked the 26th meeting of the High-Level Council, focused on emerging financial sector risks and regulatory and policy initiatives to address these risks and safeguard financial stability.
The meeting discussed industry developments in each sub-sector, including performance, regulatory initiatives to address emerging risks, and the status of consumer protection.
The Council observed that the sustained macroeconomic stability underscores the need for regulated financial institutions to refocus on their core mandates within a strengthened risk management framework.
Other important issues deliberated on by the Council included:
- An update on the Ongoing FATF Mutual Evaluation: The Financial Intelligence Centre (FIC) provided preliminary findings on Ghana’s Third Mutual Evaluation Exercise following the onsite assessment conducted under the auspices of the Financial Action Task Force (FATF) in February 2026. Council noted the importance of the exercise and urged members to work with the FIC in the provision of additional data and information that would be required by the Assessors in their follow-up engagements.
2.The Listing of Banks Project: The Council Chair informed members of the inauguration of the Steering Committee and Technical Committee of the project and commencement of work to develop the framework for the gradual listing of banks on the Ghana Stock Exchange (GSE).
The Committees are composed of members from BOG, SEC, NIC, NPRA, GSE, GAB, and independent capital market experts. This initiative will provide opportunities for both banks and investors, including diversity in financing sources, greater market discipline, increased transparency, and ultimately improve public trust.
- Advancing Consumer Protection: The Council discussed presentations on the consumer protection strategies by each sub-sector and reiterated the importance of safeguarding and upholding consumer rights within the financial sector. The Council approved the FSC’s Working Group’s collaboration with the Ministry of Trade, Agribusiness and Innovation (MOTAI) on the national Consumer Protection and Competition Policy bills.
The Council reaffirmed its commitment to promote a sound, stable, and resilient financial system that supports sustainable economic growth. It emphasised the need for proactive risk identification, coordinated regulatory action, and continuous strengthening of consumer protection and financial market integrity.
Established in 2018, the FSC is mandated to promote the stability and resilience of Ghana’s financial system. Its core functions are centred around three pillars:coordinating financial sector regulation and supervision, identifying and mitigating systemic risks, and enhancing crisis preparedness.
The Council is supported by a Technical Committee, which oversees the work of the three Working Groups focused on the above three pillars.
The Secretariat is hosted at the Financial Stability Department, Bank of Ghana.
The current Council comprises the following members:
- Dr. Johnson Pandit Asiama – Governor of Bank of Ghana (Chairman).
- Mrs. Matilda Asante-Asiedu – Deputy Governor of Bank of Ghana (in charge of financial stability).
- Hon. Thomas Nyarko Ampem – Deputy Minister of Finance (Financial Sector).
- Dr. Abiba Zakariah – Acting Commissioner, National Insurance Commission.
- Dr. James Klutse Avedzi – Acting Director-General, Securities and Exchange Commission.
- Mr. Christopher Boadi-Mensah – Chief Executive Officer, National PensionsRegulatory Authority.
- Mr. Galahad Alex Andoh (Esq) – Acting Chief Executive Officer, Ghana Deposit Protection Corporation.
