The Bank of Ghana, together with the appropriate Government Agencies, has worked on a number of reform programmes to improve the efficiency of the financial system. Structural reforms have been undertaken in the capital market, money market, banking and non-bank financial institutions and the settlement and payment systems. As a result of these, we now have a robust and diversified financial system.
Recent amendments in international accounting rules are useful in order to protect banks’ current results from further crisis-driven exaggerations. One-sided easing of accounting rules, however, entails the risk of sowing the seeds of a growing risk appetite in the future. As an economist, I suppose, it has become obvious that accounting is too important to leave it to the accountants.