FSC intensifies reforms to strengthen Ghana's financial system

The Financial Stability Council (FSC) has stepped up efforts to strengthen Ghana's financial system through a series of reforms, according to the Financial Stability Review Report 2025. The reforms are aimed at reducing risks and making the financial sector more stable and resilient. The FSC adopted recommendations from the World Bank to improve how it operates, make its work more visible, and strengthen coordination among its member institutions.

The FSC, which includes key regulators such as the Bank of Ghana, Securities and Exchange Commission, National Insurance Commission, and National Pensions Regulatory Authority, has increased cooperation among its members to address weaknesses in the system. The council has created a system to monitor risks in the virtual assets sector, following the passage of the Virtual Asset Service Providers Act, 2025. The FSC is preparing for Ghana's third Mutual Evaluation by GIABA, a regional body that assesses efforts to combat money laundering and terrorism financing. The council is working with the Ghana Statistical Service to build a reliable real estate database to help track developments and risks in the property market. The FSC is supporting the Bank Listing Project, which encourages banks to list on the Ghana Stock Exchange. The council had backed policies that required the use of local insurance for imports. The FSC, in collaborating with the National Identification Authority, was working to solve identity verification challenges.

The report emphasised that those coordinated efforts were important in maintaining stability in Ghana's financial system, especially after recent economic challenges. The FSC will continue to work together to identify risks early and implement policies that ensured long-term stability in the financial sector.