Last year, I spoke on the challenges, lessons and opportunities for the banking system and the Ghanaian economy posed by the global financial crisis. I enumerated a number of challenges and systemic risks that confronted the economy and the banking system and the need to introduce measures to mitigate the impact on our economy of what were essentially external shocks. 4.
Major advanced economies suffered a sharp deceleration in economic activity, but thanks to prompt and bold policy actions taken by the authorities including central banks, the global economy was able to avoid another Great Depression. However, even though eight years have passed since the start of the crisis, the global economy has yet to regain its full strength.