The Bank of Ghana (BoG) has reiterated its commitment to deepen its regulations within the financial market.

The central bank said it will invest in data protection to prevent fraud related cases from stifling innovation within Ghana's financial sector.

Speaking on behalf of the Governor at the West African Institute for Financial and Economic Management (WAIFEM) engagement with member states, Head of Risk, Foreign Reserves Management at the BoG, Stephen Opata urged central banks across the sub-region to build capacity on regulations.

He pointed out that such an initiative will help central banks on the continent to collaborate in the fight against cross border financial fraud.

"Building capacities for central banks is essential for the bank and its regulation. In depth legal knowledge is essential to the operations of central banks in West Africa. The Bank of Ghana is committed to ensuring that it puts key measures in place to ensure a seamless banking system in Ghana”, he said.

Mr. Opata emphasized the importance of coordinating activities among central banks to improve the general banking environment on the continent.

Speaking on behalf of the Director General of WAIFEM, Kora Amodu said policymakers need to build capacity and sharpen their skills to design policies that will enable countries restore price stability and design fiscal plans to alleviate the cost-of-living pressures.

"At the end of the course, participants should be able to analyse potential output, calculate output gaps and diagnose the outlook for the economy. Also, to assess the stance of current fiscal, monetary, exchange rate, financial policies and macro-financial linkages, including the analysis of financial sector soundness indicators".

He stressed that the importance of monetary policies is to improve the economic wellbeing of people.

“They must also be able to assess the economy’s medium-term prospects, especially the sustainability of public and external debt; and identify possible external and internal economic risks and vulnerabilities to economic growth, and develop policies to address them,” he stated

The event will take into account the sustainability of public and external debt, possible misalignments of the exchange rate and vulnerabilities arising in the different sectors.