The Financial Stability Advisory Council (FSC) has met for the first time almost 3 months after it was formally inaugurated by the president on February 12 this year.
The meeting comes a month after Ghana successfully exited its 16th International Monetary Fund (IMF) programme.
On 28th December 2018, the President of the Republic Nana Addo Dankwa Akufo-Addo established the Financial Stability Advisory Council (FSC) by an Executive Instrument in exercise of his Executive authority under Article 58 of the Constitution.
The FSC was established with the objective of strengthening and reinforcing the stability of the financial sector, coordinating regulation and supervision of the financial system, evaluating and mitigating financial stability risks, and developing and enhancing resolution frameworks for crisis preparedness.
In addition to the Fiscal Stability Advisory Councils, the two are also to offer independent advice on fiscal responsibility and ensure the stability of the entire financial system.
Their advice will cover areas such as banking, pensions and fund / asset management, insurance, etc.
Following its first meeting on the 30th of April 2019, the Financial Stability Advisory Council (FSC) went on to sign a Memorandum of Understanding (MOU) to set out the operational details relating to its work.
Members of the council at said meeting emphasized that the establishment of the FSC was timely, since it created a common platform for the various financial sector regulators to work together to ensure the stability of the financial system.
Going forward the terms of the members of the Financial Stability Advisory Council shall lapse with the term of the President under whom he or she is appointed unless he or she resigns or is otherwise terminated or terminates before then.
The current members of the FSC include Dr. Ernest Addison and Mrs Elsie Awadzi both of the Bank of Ghana, Charles Adu Boahen – Deputy Minister of Finance in charge of the financial sector, and Justice Yaw Ofori – Commissioner of the National Insurance Commission.
The other are; Rev Daniel Ogbarmey Tetteh – Director General, Securities and Exchange Commission, Hayford Attah Krufi the CEO of the National Pensions Regulatory Authority as well as Ignatius Wilson, the Officer in charge the Ghana Deposit Protection Corporation.