- Bank Of Ghana Takes Trust-Building Campaign to Techiman
The Bank of Ghana has intensified its effort to rebuild public confidence in the financial system by taking its regional stakeholder engagement programme to Techiman, where businesses and community leaders pressed the regulator on high lending rates, unlicensed lenders and access to affordable credit.
The forum, held at the Jemima Grace Hotel on October 12, formed part of the central bank’s outreach across all 16 regions. It was organised under the theme, “Strengthening Stakeholder Relations Through Dialogue and Engagement”, and attracted 150 participants from across the Bono East Region.
Traditional and religious leaders joined market queens, trader associations, small and medium-sized enterprises, rural and community banks, microfinance institutions, security agencies and media practitioners for the engagement.
The breadth of participation reflected the Bank’s attempt to move central banking beyond technical policy statements and establish direct feedback channels with people whose commercial decisions ultimately determine how monetary and financial policies affect the economy.
Bernard Otabil, Director of Communications at the Bank of Ghana, said public trust was essential to the effectiveness of monetary policy and the wider stability of the financial system.
“The Cedi is not just paper. It is trust. It is a social contract between the Bank of Ghana and every Ghanaian,” he said.
“We can formulate the best monetary policy, but if the trader in the Techiman market, arguably one of the largest open markets in West Africa, does not understand or trust it, we have failed.”
His remarks capture a challenge facing central banks: technical credibility must eventually translate into public understanding. Interest-rate decisions, banking regulations and currency-management policies cannot achieve their intended results when households and businesses distrust institutions, misunderstand official actions or rely on misinformation.
That challenge is particularly relevant in Techiman, whose market plays an important role in agricultural distribution and regional commerce. Decisions taken by traders, farmers and small businesses concerning prices, borrowing, savings and currency usage connect central-bank policy with everyday economic activity.
Mr Otabil said the Bank had adopted a people-centred approach in which public feedback would help shape responses to unlicensed financial schemes, currency abuse and misinformation.
“We are here, not to lecture, but to listen, to dialogue, and to partner for financial stability,” he said.
The delegation included Victor Akakpo, Head of the Regional Branch Coordinating Office, and Abdulai Lawal Abubakar, the Sunyani Regional Director with oversight responsibility for Bono East.
Specialists from the Banking Supervision, Other Financial Institutions Supervision, Financial Stability and Currency Management departments delivered presentations covering the Bank’s mandate, financial-sector regulation and consumer responsibilities.
Participants were briefed on the central bank’s responsibilities for price stability, financial stability and currency management. Officials also explained the rationale for reforms in the microfinance sector and their implications for institutions and customers.
The discussion on responsible borrowing focused on consumer rights, loan-disclosure requirements and the dangers of excessive debt. This is important as digital and informal lending channels expand, giving borrowers faster access to credit while increasing the possibility of high charges, weak disclosure and multiple borrowing.
Currency officials demonstrated the “Feel, Look, Tilt” method for identifying genuine cedi banknotes and detecting counterfeits. Participants were also educated on the proper handling of notes and the security features of the Heritage Series.
The Bank additionally addressed dud cheques, explaining the legal and financial consequences of issuing cheques without sufficient funds and outlining measures to reduce the practice.
During the open forum, stakeholders questioned why lending rates remained high despite falling inflation. SMEs and farmers also raised concerns about affordable credit, while others highlighted unregulated lenders and black-market foreign-exchange operators.
These concerns reveal the gap that can exist between improving headline macroeconomic indicators and the conditions experienced by businesses. Lower inflation and easing government borrowing costs do not immediately produce affordable commercial loans, particularly where banks still price in credit risk, operating expenses and uncertainty about borrowers.
Bank officials provided responses and promised to escalate the concerns to management for policy consideration. The value of the regional programme will therefore depend partly on whether feedback influences supervision, consumer-protection initiatives and communication.
Mr Otabil reaffirmed the Bank’s commitment to continuing dialogue across the regions to promote financial literacy, inclusion and resilience. He urged citizens to report suspected unlicensed institutions, counterfeit currency and financial fraud to the Bank or law-enforcement agencies.
The Techiman forum underscores that confidence cannot be created through regulation alone. It must be sustained through transparency, responsiveness and visible enforcement.
For the Bank of Ghana, success will be measured not simply by completing 16 forums, but by whether citizens become better equipped to identify financial risks, understand monetary policy and hold regulated institutions accountable.
Protecting the cedi ultimately requires more than securing banknotes. It requires preserving the public belief that Ghana’s financial institutions are competent, accessible and acting in the interests of the economy. That trust remains central to lasting stability.
