Banks urged to comply with regulations
The writer

Banks urged to comply with regulations

The Governor of the Bank of Ghana, Dr Ernest Addison has emphasised the need for banks to be abreast and comply with banking regulations in order to survive in a fast changing environment.


He said with the dynamics of finance and banking becoming increasingly complex, the need for robust, informed and adaptive regulatory practices has become more apparent than ever.

The Governor said this in a keynote address that was read on his behalf at the opening of the Regional Course on Legal Foundations of Bank Regulation and Implementation organised by the West African Institute for Financial and Economic Management (WAIFEM) in collaboration with the International Monetary Fund.

Dr Addison said in the aftermath of the global financial crisis of 2008, the world witnessed firsthand the consequences of inadequate regulation and oversight.

“Banks and financial institutions around the globe faltered, economies tumbled, and it was clear that a lack of understanding and proper implementation of banking regulations had profound, far-reaching consequences,” he said.

He said a robust understanding of the legal framework was crucial for ensuring that banks and financial institutions comply with both domestic and international laws.

“In-depth legal knowledge helps regulators enforce compliance, reducing the risk of financial malpractice and crisis that can arise from non-compliance.

“It also ensures that regulations are interpreted correctly and uniformly across board, thereby maintaining a level playing field,” he added.


Dr Addison also noted that regulators with a comprehensive grasp of legal principles are better equipped to formulate effective and enforceable regulations.

He said this capacity was especially important in responding to the continuous innovation within financial markets, such as the rise in fintech and digital currencies.

“Legal expertise helps in crafting regulations that can effectively address new products and services without stifling innovation,” he said.

Course objectives

Highlighting the objectives of the regional course, the Director General of WAIFEM, Dr Baba Y Musa, said the course was meticulously crafted to enhance understanding of the legal framework in central banking, central bank independence, bank regulation and resolution issues and challenges.

He said the curriculum would identify key legal issues relevant to the regulation and supervision of banks, bank resolution, crisis management, and how international best practice addresses those issues.

Dr Musa said it would also analyse and assess domestic financial sector legislation; explain key legal principles and frameworks governing bank regulation; and discuss the processes and challenges involved in implementation.

Established in July 1996 by the central banks of The Gambia, Ghana, Liberia, Nigeria and Sierra Leone, WAIFEM’s primary mandate is to cultivate a cadre of skilled professionals in macroeconomic and financial management.

This is being achieved through targeted training programmes tailored for central banks, core economic ministries and other pivotal public and private sector institutions shaping economic policy.

Dr Musa said with a track record of delivering 942 capacity building programmes to 26,294 participants from across the cub region and beyond, WAIFEM has left an indelible mark on the economic governance and policymaking landscape.

He said WAIFEM remains committed to fostering excellence in economic management and policymaking as it looks to the future.

“We stand ready to continue our journey of empowerment, equipping public officials with the knowledge, skills and expertise needed to navigate the complexities of our ever-changing global economic landscape,” he said.

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