The FSC is the new regulator of credit unions and all financial institutions other than banks, finance companies and trust companies. The FSC oversees credit unions to ensure that their operations are satisfactory, and that they are lending prudently. All credit unions report regularly to the FSC, which also carries out physical inspections from time to time.
Ghana’s pioneering role is also of relevance in the field of central banking. The Bank of Ghana was one of the first central banks in subSaharan Africa to introduce an inflation targeting monetary policy framework in the mid 2000s, at a time when virtually all other central banks in the region were either implementing monetary targets or targeting the exchange rate.