BOG to fully implement Basel II & III framework by 2017

bank-of-ghana2The Bank of Ghana (BOG) has hinted of moves to fully implement the Basel II and III framework by mid – 2017.

According to Governor of the 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 the banks and 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.


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