The Bank of Ghana (BoG) has been admitted as the newest member of the Basel Consultative Group (BCG).
The BCG is one of five working groups that form the internal structure of the Basel Committee for Banking Supervision (BCBS), the global standards-setting body for the supervision of banks.
BoG’s addition to the BCG, makes Ghana one of four African countries – Ghana, Tunisia, Mauritius and Nigeria – that are members of the BCG.
With membership of the BCBS limited to G20 countries, the BCG provides a platform for the BCBS to engage with non-members, thereby, facilitating broader dialogue with banking supervisory authorities – particularly Central Banks – and promoting supervisory cooperation and implementing supervisory standards and best practices.
In a release announcing its new membership of the global body, the BoG noted 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.
