Depositors have been encouraged to take active interest in the performance and operations of the banks where they keep their savings as corporate governance reforms strengthen transparency in the banking sector.
Mr John Awuah, Chief Executive Officer of the Ghana Association of Banks, said customers could rely on the Corporate Governance Directive Disclosure framework, which requires banks to publish annual reports by law.
Speaking at the Ghana Institute of Management and Public Administration Law School Corporate Governance Series in Accra, he explained that reviewing corporate governance disclosures would help depositors understand how key decisions were taken and how accountable bank boards were to stakeholders.
He said such reviews would also enable customers to assess the financial strength and viability of their banks without necessarily being financial experts.
Mr Awuah advised depositors who found financial reports difficult to understand to consult banking professionals for guidance when analysing data or making investment decisions.
He noted that compliance with directives issued by the Bank of Ghana had improved banking operations, adding that corporate governance had become a visible and measurable system through mandatory disclosures.
He added that bank boards were expected to undergo certification programmes to better understand emerging risks such as cybercrime and ensure long-term sustainability.
Mr Ismail Adam, Head of Banking Supervision at the Bank of Ghana, said structured engagement between the regulator and banks had strengthened governance, risk management and oversight systems, which were essential for financial stability.
Mr Sina Kamagate, Executive Head of Retail Banking at GCB Bank Plc, also called for a review of board compensation structures, noting that remuneration should reflect expertise and independence required for effective oversight.
