BUSINESS NEWS: BoG Governor co-chairs Swiss-based Financial Stability Board

Governor of the Bank of Ghana, Dr Ernest Addison, has been appointed as one of the Co-Chairs of the Regional Consultative Group for Swiss Based, Financial Stability Board. 

Joy Business is learning that he was appointed on July 1 2019. The Governor is expected to work with Governor of the Reserve Bank of South Africa, Lesetja Kganyaga to jointly Chair the Regional Consultative Group of the Financial Stability Board Standing Committee on Supervisory and Regulatory Cooperation. 

The team of the Co-Chairs who are predominately Central Bank governors in some selected countries around the world that have invited to the board. Dr Addison would be responsible for the Sub-Saharan Region, together with Lesetja Kganyaga. 

What is the Financial Stability Board? 

The board made up Central Bank Governors drawn from the G20 country as well some countries that have been invited to join the grouping. The Swiss-based Financial Stability Board FSB is aimed at promoting the reform of international financial regulations and improving supervision of banking operations around the world.
The FSB is established as a not-for-profit association under Swiss law and is hosted by the BIS under a five-year renewable service agreement. 

The organization structure of the FSB consists of the Plenary, Steering Committee, Standing Committees, Working Groups, Regional Consultative Groups, Chair and the Secretariat. 

The Board discharges its accountability, beyond its members, through the publication of reports and, in particular, through periodical reporting of progress in its work to the Heads of State and Governments and the Finance Ministers and Central Bank Governors of the G20. The FSB is established as a not-for-profit association under Swiss law and is hosted by the BIS under a five-year renewable service agreement. The organization structure of the FSB consists of the Plenary, Steering Committee, Standing Committees, Working Groups, Regional Consultative Groups, Chair and the Secretariat. 

Regional Consultative Group RCG for Sub-Saharan Africa… 

The FSB established in 2011 six RCGs, one each for the Americas, Asia, Commonwealth of Independent States, Europe, Middle East and North Africa, and Sub-Saharan Africa region, to expand upon and formalise the FSB’s outreach activities beyond the membership of the G20 and to reflect the global nature of the financial system. The FSB Regional Consultative Groups are governed by an Operational Framework and provide a structured mechanism for:
- interaction of FSB members with non-members regarding the various FSB initiatives underway and planned; 

- promoting implementation within the region of international financial policy initiatives; and 

- the regional group members to share amongst themselves and with the FSB their views on vulnerabilities affecting the financial system, on FSB initiatives and on other measures that could be taken to promote financial stability.

SOURCE: GhanaWeb.com