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In its recently released 2024 Annual Report and Financial Statement, the Bank of Ghana has outlined significant strides made in enhancing its human resource capacity while simultaneously strengthening the banking sector's performance. Aimed at improving organizational effectiveness, the central bank has updated its Human Resources (HR) Policies Handbook. This initiative ensures that HR practices remain relevant and effective in a dynamically changing financial landscape.
As part of its ongoing commitment to staff development, the Bank has also advanced the implementation of the Human Capital Support Project, a strategic initiative designed to bolster employee skills and expertise. In line with these efforts, there has been a marked improvement in HR functionalities, notably the automation of job descriptions and competency profiles within the enhanced Performance Management System (ePMS). This modernization is expected to streamline processes and enhance overall employee performance.
To reinforce a positive organizational culture, the Bank organized an Employee Appreciation Day. This event recognized the dedication and contributions of staff members, highlighting the institution's commitment to valuing its human capital. The report noted that the Bank’s staff strength rose by 6 percent, reaching a total of 2,368 employees by the end of December 2024, an increase from 2,233 the previous year. In total, 201 new employees were recruited during the year, while 64 staff members exited, resulting in a net intake of 137.
In addition to human resource initiatives, Dr. Johnson Asiama, the Governor of the Bank of Ghana, reported on the overall health of the banking sector in his foreword to the annual report. He noted that the sector continues to show improvement, supported by robust asset growth. Key financial soundness indicators indicate enhancements in solvency, liquidity, and operational efficiency. The Capital Adequacy Ratio of the banking industry stands at 14 percent, exceeding the prudential minimum requirement of 10 percent, a positive sign of financial stability.
However, Dr. Asiama expressed concerns regarding rising credit risks, as evidenced by an increase in the non-performing loans ratio among banks. To address these challenges, the Bank of Ghana is enforcing stringent credit risk management practices and underwriting standards across regulated financial institutions. The Governor emphasized that ongoing efforts would be critical to fortifying the resilience of the banking sector in the face of emerging risks.
Looking forward, Dr. Asiama highlighted the Bank's commitment to enhancing financial inclusion and ensuring fair treatment for all customers, underscoring adherence to consumer protection principles. A significant part of this initiative involves expanding access to digital wallet solutions and mobile money services, which aim to connect underserved populations with conventional banking services.
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Moreover, the Bank has taken steps to issue the Persons with Disabilities Directive. This policy aims to ensure that individuals with disabilities receive equitable access to banking and financial services without discrimination or barriers that may impede their participation.
In conclusion, the 2024 Annual Report from the Bank of Ghana illustrates a forward-looking strategy focused on both internal human resources development and the external banking environment. With renewed policies and proactive measures, the Bank is positioning itself to navigate future challenges while promoting financial inclusivity and safeguarding the interests of all customers.
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