[ 2015-12-03 ]

BOG to fully implement Basel II & III framework by 2017
According to Governor of the Bank of Ghana, (BoG),
Dr. Henry Kofi Wampah, the central bank, as
regulators, are committed to adopting
international standards to ensure that banks hold
capital reserves.

The Basel II and III are rigorous risk and capital
management requirements which have become even
more crucial following the recapitalization of
banks which exposes them to more risks.

Though initially not mandatory, Governor of BOG
Dr. Henry Kofi Wampah says the new regulation has
long-term benefits of safeguarding the banking
sector’s solvency and the overall economic
stability.

“As a central bank we will continue to pursue
sound economic policies for the development of the
financial sector including effective oversight of
banks. In this regard we are moving to implement
Basel II and III from mid-2017 and we will be
engaging all banks on this in the process from
2016.”

‘We are also in touch with parliament to pass
two critical bills – Banks & Other Specialised
Deposit Taking Institutions Bill and The Deposit
Protection Bill - to enhance the framework for
the conduct of banking business in the country’.
Governor of BOG Dr. Henry Kofi Wampah added.

Source - Citifmonline

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