Dr Johnson Pandit Asiama, Governor of the Bank of Ghana (BoG), stated that the Bank has witnessed worrisome instances of fake land title papers being used to support credit applications.
He added that increased fraud risks related to third-party collateral arrangements have been discovered by the BoG’s supervisory activity.
According to him, consent letters have been fabricated, ownership documents have been forged, and properties have been pledged without the knowledge of rightful owners.
He stated at the Post-130th MPC Heads of Banks meeting today, June 16, 2026, at Bank Square, “The implications are severe. When collateral cannot be legally enforced, loan recoveries are compromised, balance sheets are weakened, and public confidence is undermined. I therefore urge all Chief Executive Officers to act decisively. Banks must formalise robust policies governing third-party collateral, strengthen due diligence procedures, enforce strict verification standards, address control weaknesses, and take decisive disciplinary action against staff involved in misconduct.”
Dr. Asiama added that the Bank is still working to improve the stability, soundness, and resilience of the financial sector through a comprehensive regulatory reform agenda.
He stated that they released six exposure drafts for industry consultation earlier this year, which included instructions and guidelines on the Internal Capital Adequacy Assessment Process (ICAAP), stress testing, recovery planning, interest rate risk in the banking book, liquidity risk management, and liquidity monitoring tools.
These changes are meant to guarantee that our regulatory framework stays strong and progressive in an increasingly complicated operating environment. They are in line with global best practices.
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“I encourage all banks to provide their comments and input before the consultation period closes at the end of June. The effectiveness of these frameworks will depend not only on regulatory design, but also on meaningful industry participation and ownership,” he said.
Ghana is presently going through the third cycle of mutual review between the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) and the Financial Action Task Force (FATF).
This experiment assesses the efficacy of implementation in addition to rules and regulations.
Dr. Asiama informed the banks that Ghana’s international financial status, investor trust, and correspondent banking ties would all be significantly impacted by the outcome.
“I therefore encourage all institutions to continue supporting this national effort through strong compliance and effective controls,” he stated.
Source: newsthemegh.com