The newly reconstituted Financial Stability Advisory Council (FSC) has pledged a renewed commitment to coordinated reforms across Ghana’s financial sector, following its maiden meeting under the new executive structure.
The meeting, held on June 9, 2025, was the Council’s 22nd session since its formation but the first since its reconstitution by presidential authority under Article 58 of the Constitution.
Dr. Asiama chairs revamped Council
The Council is chaired by Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, and includes major stakeholders and regulatory leaders from the Ministry of Finance, National Insurance Commission, Securities and Exchange Commission, National Pensions Regulatory Authority, and the Ghana Deposit Protection Corporation.
In a statement issued by the FSC Secretariat, the Council emphasized its goal of strengthening sector sustainability and resilience amid domestic and international economic challenges.
Buffer building, oversight, and legacy issues
According to the statement, the Council deliberated on rebuilding financial buffers, tackling legacy challenges in the financial system, and improving coordinated oversight among regulators.
Dr. Asiama, addressing the media after the meeting, reaffirmed the Council’s central role in maintaining macroeconomic balance.
“We are determined to foster a sound, stable, and innovative financial sector that supports the real economy and drives inclusive growth,” he said.
Crisis preparedness and technical coordination
The Council also reviewed strategies to strengthen technical coordination and boost crisis preparedness across regulatory agencies.
Established in 2018, the FSC is structured around three operational pillars in identifying systemic financial risks, coordinating regulatory supervision and enhancing crisis response mechanisms.
Supporting these functions are the FSC’s Technical Committee and several specialized working groups, tasked with ensuring proactive and agile oversight.
Council to play stabilising role
With its renewed mandate, the Financial Stability Advisory Council is expected to play a pivotal role in fortifying Ghana’s financial architecture, especially as the country navigates a dynamic and often volatile global financial environment.
More detailed updates, including sector-specific interventions, are expected to be published in upcoming FSC communiqués.
