The Bank of Ghana (BoG) has reaffirmed its commitment to deepening engagement with stakeholders across the country, emphasizing collaboration and shared responsibility in sustaining Ghana’s economic stability.
In its first-ever stakeholders’ engagement in Techiman, the Bono East Regional capital, the Central Bank brought its message of financial literacy, consumer protection, and inclusive dialogue directly to traders, market women, and business owners under the theme “Strengthening Stakeholder Relations Through Dialogue and Engagement.”
Speaking at the event, Director of Communications at the Bank of Ghana, Bernard Ato Otabil, explained that the initiative forms part of a broader strategy to strengthen collaboration between the Central Bank and local stakeholders.
“This engagement is about inclusiveness. It’s about letting the people know the operations of the Bank of Ghana,” he said. “We want to build trust and ensure that every Ghanaian understands what we do and how it affects their daily lives.”
The engagement covered a range of critical topics, including:
· The role and mandate of the Bank of Ghana
· Responsible borrowing and consumer protection
· Dud cheques: causes, implications, and prevention
· Currency education: identification and proper handling of banknotes
The Regional Director of the Bank of Ghana for the Sunyani office, Lawal Abubakari, who oversees the Bono, Bono East, Ahafo, and parts of the Upper West Region, noted that the feedback received from the engagement will strengthen the bank’s output across all regions—not only in the Bono East.
“The feedback we have gathered here today is invaluable. It will help us refine our approach and improve our services not just in Techiman or the Bono East Region, but across the entire country,” he said.
“This is why we are committed to listening to the people. Their experiences and concerns shape the policies and interventions we design.”
His remarks underscored the Bank of Ghana’s broader vision of using regional engagements as a feedback loop to enhance its operations nationwide.
While participants lauded the Bank of Ghana’s decision to educate them on its operations, some expressed deep-seated concerns about their inability to identify genuine financial institutions.
Many traders in the region still bear the scars of past experiences where financial institutions collapsed, taking with them monies belonging to hardworking traders. The memories of those losses have left many afraid to entrust their savings to banks.
Queenmother of the Techiman Fishmongers Association, Nana Grace Tina, voiced the concerns of many when she appealed to authorities for help.
“We want the authorities to help us identify reliable financial institutions that will help us do our business without fear,” she said. “We have suffered before. We don’t want to suffer again.”
Responding to these concerns, Mr. Otabil offered reassurance, explaining that the Central Bank has put in place robust measures to protect depositors.
“With the current measures put in place by the Central Bank, the customer is protected. No such thing can happen where customers will lose their deposits,” he assured. “We have strengthened our regulatory framework, and we continue to monitor all financial institutions to ensure compliance.”
He encouraged participants to verify the status of any financial institution with the Bank of Ghana before committing their funds.
The Ghana Union of Traders Association (GUTA) commended the Bank of Ghana for organizing the program and called for it to be held regularly.
The Regional President of GUTA, Yeboah Asuamah Kyimeh, said the initiative would help traders understand financial inclusion and ultimately contribute to poverty alleviation.
“This program is commendable. We wish it could be held intermittently to help educate traders in this area to understand the financial inclusion that will help alleviate poverty,” he said.
The event concluded with an interactive question-and-answer session, where participants had the opportunity to seek clarification on various concerns, including how to identify counterfeit currency, the process for reporting dud cheques, and the steps to take when dealing with unlicensed financial institutions.
Hundreds of participants showed up for the engagement, reflecting the strong appetite for financial education in the region.
The Bank of Ghana says the Techiman engagement is just the beginning. The Central Bank plans to extend the dialogue to other regions across the country, ensuring that every Ghanaian, regardless of location, has access to information about the Central Bank’s role and their rights as consumers.
For the traders of Techiman, the event offered not only knowledge but also hope—hope that with continued engagement and stronger regulation, their money will be safe, and their businesses will thrive.