Reconstituted Financial Stability Advisory Council Reaffirms Commitment to Safeguarding Ghana’s Financial Sector Stability

Reconstituted Financial Stability Advisory Council Reaffirms Commitment to Safeguarding Ghana’s Financial Sector Stability

The Financial Stability Advisory Council (FSC) has reaffirmed its commitment to safeguarding Ghana’s financial sector stability following the Council’s 22nd meeting, which also marked the maiden session of the reconstituted body.

The meeting, held on June 9, 2025, brought together key regulatory authorities and financial sector policymakers to deliberate on strategic measures aimed at enhancing the resilience and sustainability of Ghana’s financial system.

Chaired by Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, the Council discussed progress on rebuilding financial sector buffers to sustain recovery, ongoing initiatives to address legacy issues within the sector, and strategic plans to strengthen the Council’s role in promoting financial stability.

In a statement issued after the meeting, the FSC underscored the importance of proactive oversight, enhanced collaboration, and coordinated action among member institutions to maintain a stable, inclusive, and robust financial system capable of supporting the real economy and driving sustainable growth.

The reconstituted FSC includes:

1. Dr. Johnson Pandit Asiama – Governor, Bank of Ghana (Chairman);

2. Mrs. Matilda Asante-Asiedu – Deputy Governor, Bank of Ghana (Financial Stability);

3. Hon. Thomas Nyarko Ampem – Deputy Minister of Finance (Financial Sector);

4. Dr. Abiba Zakariah – Acting Commissioner, National Insurance Commission;

5. Dr. James Klutse Avedzi – Acting Director-General, Securities and Exchange Commission;

6. Mr. Christopher Boadi-Mensah – CEO, National Pensions Regulatory Authority;

7. Mr. Galahad Alex Andoh – Acting CEO, Ghana Deposit Protection Corporation.

Established in 2018 by an Executive Instrument pursuant to Article 58 of the Constitution, the FSC plays a critical role in promoting the stability and resilience of the financial system. Its mandate is anchored on three core pillars: coordination of financial sector regulation and supervision, identification and mitigation of systemic risks, and enhancement of crisis preparedness.

The Council’s work is supported by a Technical Committee and three dedicated Working Groups focused on delivering its core objectives.