By: Grace Zigah
Ghana’s reconstituted Financial Stability Advisory Council (FSC) has officially held its maiden meeting since being restructured, reaffirming its commitment to ensuring a resilient and sustainable financial system.
Though it marks the first sitting of the restructured body, the session held on June 9, 2025, was the Council’s 22nd meeting overall since its inception in 2018.
The meeting, convened under the chairmanship of Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, brought together newly appointed key figures across the financial regulatory institutions.
The Council was reconstituted through an Executive Instrument under Article 58 of the 1992 Constitution, signifying a renewed government commitment to financial stability following the sector’s recovery from major past disruptions.
Who Makes Up the New FSC?
The reconstituted Council is composed of the following members:
1. Dr. Johnson Pandit Asiama – Governor, Bank of Ghana (Chairman)
2. Mrs. Matilda Asante-Asiedu – Deputy Governor (Financial Stability), Bank of Ghana
3. Thomas Nyarko Ampem – Deputy Minister of Finance (Financial Sector)
4. Dr. Abiba Zakariah – Acting Commissioner, National Insurance Commission
5. Dr. James Klutse Avedzi – Acting Director-General, Securities and Exchange Commission
6. Christopher Boadi-Mensah – CEO, National Pensions Regulatory Authority
7. Galahad Alex Andoh – Acting CEO, Ghana Deposit Protection Corporation
Key Issues Deliberated
At the meeting, Council members discussed a number of critical areas affecting the current and future stability of the financial sector. High on the agenda were:
Rebuilding capital buffers across the banking and non-banking sectors to reinforce the sector’s recovery momentum.
An update on legacy issues, particularly unresolved financial burdens inherited from the financial sector clean-up between 2017 and 2020.
Strategic planning to reinforce coordination among regulatory bodies to ensure long-term systemic resilience.
The Council emphasised its focus on proactive oversight, information sharing, and inter-agency cooperation.
The goal, according to the Chairman, is to build a “sound, stable, and innovative financial system that not only protects depositors but also supports real-sector growth.”
A Renewed Mandate Amid Past Turmoil
The FSC was first established in 2018 in response to systemic challenges within the financial sector, which culminated in the revocation of licenses of numerous banks, savings and loans institutions, and microfinance companies.
These actions, though controversial, were deemed necessary to restore public confidence and safeguard depositor funds.
In the years since, Ghana’s financial ecosystem has slowly stabilized.
However, new vulnerabilities—including global financial shocks, domestic debt restructuring, and technological disruptions—have increased the need for continuous vigilance.
Looking Ahead
The reconstitution of the FSC and the renewed focus of its members come at a time when the financial sector is facing heightened scrutiny, particularly in light of the economic recovery program and IMF-supported reforms. With coordination among institutions now formalized, the Council is expected to play a more visible role in steering regulatory responses, crisis preparedness, and sector reforms.
The Council also reaffirmed its commitment to working transparently and collaboratively to ensure that financial institutions remain solvent, risks are effectively mitigated, and consumer confidence is protected.
The Financial Stability Advisory Council Secretariat at the Bank of Ghana issued the statement following the meeting and pledged to keep the public informed on the progress and decisions taken by the FSC going forward.
