Ghana’s central bank, the Bank of Ghana (BoG) has been admitted as a member of the Basel Consultative Group (BCG).

According to a statement issued by the BoG, Ghana joins one of four other African countries [Ghana, Tunisia, Mauritius and Nigeria] that form an internal structure of the Basel Committee for Banking Supervision (BCBS), which is the global standards setting body for the supervision of banks.

“As membership of the BCBS is limited to G20 countries, the BCG provides a platform for the BCBS to engage with non-members, thereby, facilitating broader dialogue around the work with banking supervisory authorities such as the Bank of Ghana and promoting supervisory cooperation and implementing supervisory standards and best practices,” the statement explained.

It further added, “The Bank of Ghana’s membership of the BCG will increase the exposure of its banking supervisory staff to best practices in the supervision of banks, and strengthen its cooperation with other supervisory authorities around the world.”

The central bank says it remains committed to promoting the safety and soundness of Ghana’s banking sector through effective regulation and supervision.

Read the statement below: