We have invested heavily in technology to correct weaknesses among banks – Governor

The Governor of the Bank of Ghana, Dr. Ernest Addison, has pointed out that his outfit has invested heavily in technology to correct some of the weaknesses it inherited with data integrity by banks that misreported, leading to failures in banks and other Specialized Deposit Taking Institutions Is in 2016.

According to him, a new Suptech tool, the Online Regulatory Analytic Surveillance System (ORASS) has been developed and completed this year.

“Our staff have worked with our technology partners to develop tools that support the entire supervisory cycle from licensing to resolution”, he added.

Speaking at the eCedi Hackathon Awards Dinner, the Governor said “The ORASS is a major reform using technology to enhance our oversight of the financial system and we are the first African Central Bank to develop such a system. We have had Central Banks come from South Africa, Egypt, Barbados, Zambia and Solomon Islands to learn from us”.

“We have also been working to deepen the digitization drive in the economy, including the development of a Central Bank Digital Currency (CBDC). This evening, after the successful eCedi pilot, the Bank will announce the winners of the recently organised eCedi Hackathon to encourage and potentially leverage on the local CBDC innovation, exchange knowledge, and build partnerships”, he alluded.

Out of 88 applications from students, programmers, FinTechs, bankers, engineers, and FinTech enthusiasts, 66 were selected for the hackathon. Of this, 10 finalists have been shortlisted.

In conclusion, the Governor said 2023 has been challenging but fulfilling.

“We are confident about the economic outlook and expect to see significant improvement in the operating environment for businesses in 2024”, he reiterated.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.