The Bank of Ghana (BoG) has held a day’s stakeholder engagement forum at Techiman in the Bono East Region, to strengthen stakeholder collaboration towards deepening public understanding of the mandate of the central bank and its policy development.
The forum, the central bank said, further sought to maintain financial stability and to create value for money.
It was on the theme: “Strengthening stakeholder relations through dialogue and engagement” and attended by traditional authorities, religious leaders, traders and market women, transport unions, Small and Medium Enterprises, community banks and microfinance institutions.
The stakeholders were taken through the mandate of the BoG, as well as microfinance sector reforms, responsible borrowing and consumer protection, currency education and identification, and proper handling of banknotes among others.
Addressing the stakeholders, Mr Bernard Otabil, the Director of Communications at the BoG, said the engagement was part of the BoG nationwide drive to deepen public understanding and to strengthen the nation’s financial sector.
He explained that the engagement was designed to enable the BoG to access feedback from the public towards policy development and unlicensed financial schemes and currency abuses.
Mr Otabil emphasised that the central bank remained dedicated to the public and strengthened public trust and confidence in the Ghana cedi.
“The Cedi is not just a paper or coin, but it’s trust and we can’t formulate the best monetary policy, if the trader in Techiman market does not understand or trust the cedi,” he stated, adding: “That is why we are here, to listen, to dialogue, and to partner for financial reforms and stability.”
Mr Otabil reiterated the BoG commitment to sustaining open dialogue with stakeholders across the regions and to promote financial literacy and financial inclusion.
He urged members of the public to report suspected activities of unlicensed financial institutions to the bank.
Mr Abdulai Lawal Abubakar, the Regional Director, Sunyani office of the BoG noted that the central bank remained committed to engaging stakeholders and to gather information that would foster the development of the bank.
“Our engagement is meant to interact with and engage stakeholders to improve the total development of our operations that would enhance the BoG’s policy,” he added.
Some of the stakeholders commended the central bank, describing the engagement as an eye opener and insightful.
They expressed concern about high lending rates as well as activities of unregulated lenders and called on the BoG to do more to tackle those challenges.