Story: Business Desk

The Bank of Ghana (BoG) has announced quarterly meetings with all regulators in the financial sector to monitor companies and individuals with regulatory issues within the industry.

The central bank says the activities of Menzgold and other illegal financial institutions must be checked to safeguard the sector.

Speaking to journalists, BoG Governor Dr. Ernest Addison said Menzgold and its activities caused a major reform in the financial sector.

“At least since the Menzgold incident, we now have the financial stability council. Financial stability council brings all the regulators together, BoG, SCCE, NPRA, National Insurance Commission.”

“We have a quarterly meeting where we discuss development in the market, and we believe that that should help deal with this issue about regulatory gaps. Because now all the regulators have a forum where they discuss these developments as they unfold,” he stated.