Bank of Ghana (BoG), the regulator of the banking sector says it has put up a memorandum of understanding (MoU) with other public regulatory agencies to have a common way of producing financial data.
The targeted regulatory authorities are Securities and Exchange Commission (SEC), National Insurance Commission (NIC) and National Pension Regulatory Authority (NPRA).
Even though there is no law that state that these public regulatory authorities are under the Bank of Ghana and for that matter they can be compelled to act, Dr. Osei Yeboah, Head of Micro Prudential Office at Bank of Ghana explained that these authorities are operating in the same space as the Bank of Ghana.
“If the financial system is working well it will be of benefit to all the regulators,” he disclosed to the Daily Express in an interview at a two-day Advance Training Workshop held in Accra.
The training was organized by the Journalists for Business Advocacy (JBA), and sponsored by Ecobank Ghana.with techinical support coming from the Bank of Ghana.
In order to see that things work effectively, Dr. Yeboah told the Daily Express that the regulators are moving to the technical level of their members where issues of data collection will be addressed.
He noted that the institutions are working to build on their data but sometimes the way the Bank of Ghana want the information is not the way these regulators use the information for, so they don’t collect the information that way.
“But if we can all have a common understanding that, this information could be used by the BoG so let’s collect it at this particular way to suit their purpose. Then it will help them also to design templates for the various institutions under them to provide the information in that way,” he stated.
Recently, Mrs. Grace Akrofi, a Research Advisor to the Governor of the Bank of Ghana told the Daily Express that there is no much difficulty in collecting data from the universal banks, but rather when collecting data from other financial institutions like the insurance companies and others
By: Fred Yaw SARPONG
The Daily Express