The failure to do so may result in serious internal control lapses resulting in loss as I had mentioned earlier. The adoption of international standards and industry’s best practices in the IT sphere by the financial institutions would certainly result in benefits for them and supplement their efforts for sustaining growth.
As a commitment to the development of the domestic capital market, the Bank of Ghana introduced the Central Securities Depository (CSD) system, which became operational in 2005. The depository has seen increasingly large volumes of activity in terms of transactions in equity. The system has curtailed unnecessary delays in settlement, and it minimizes fraud.