Ghana Financial Sector Development Project

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The objective of Financial Sector Development Project for Ghana is to promote financial sector soundness and access to financial services by individuals. The project has four components. (1) Improving financial sector regulatory oversight and market transparency and discipline component will support Bank of Ghana and the Ministry of Finance to improve the oversight of Specialized Deposit‐taking Institutions (SDIs) and promote market transparency and discipline. (2) Increasing the outreach of Rural and Community Banks (RCBs) and Microfinance Institutions (MFIs) and linking Village Savings and Loans Associations (VSLAs) to the formal financial sector component will modernize the Management Information Systems (MIS) used by RCBs and MFIs to manage their business operations and to report to regulators; upgrade the e‐banking platform of the Association of Rural Banks (ARB) Apex Bank and developing and rolling out a shared network of bank agents to expand the existing branch network of RCBs; and build the capacity of select VSLAs in support of their outreach and integration into the broader financial sector. (3) Bolstering financial capability and consumer protection component will boost financial capability and consumer protection and contribute to both financial stability and inclusion. (4) Enhancing the capacity for the implementation and monitoring of financial sector policies and supporting project implementation component will support overall project implementation.