加纳：加强宏观审慎政策框架和工具包的技术援助报告

GHANAEnhancing the Macroprudential Policy April2026 Prepared ByTengTeng Xu (Mission Chief, MCM), Jaunius Karmelavičius (MCM), and Tomáš Konečný Authoring Departments/InstitutionsMonetary and Capital Markets The contents of this document constitute technical advice provided by the staff of the InternationalMonetary Fund to the authorities of Bank of Ghana (the "CD recipient") in response to their request fortechnical assistance. Unless the CD recipient specifically objects to such disclosure, this document (inwhole or in part) or summaries thereof may be disclosed by the IMF to the IMF Executive Director forGhana, to other IMF Executive Directors and members of their staff, as well as to other agencies orinstrumentalities of the CD recipient, and upon their request, to World Bank staff, and other technical The analysis and policy considerations expressed in this publication are those of the IMF’s Monetary and Contents Glossary___________________________________________________________________________4 Preface____________________________________________________________________________5Executive Summary _________________________________________________________________6Recommendations __________________________________________________________________8I. Introduction _____________________________________________________________________10 II. Institutional Framework ___________________________________________________________11 A. Institutional Framework for Macroprudential Policy at the BoG ______________________________11B. Recommendations ________________________________________________________________15 A. Systemic Risk Framework at the BoG _________________________________________________20B. Macroprudential Measures and their Operation at the BoG ________________________________21 IV.Technical Guidance on D-SIB and CCyb Frameworks__________________________________27 A. The D-SIB Framework: Overview and Recommendations __________________________________27B. The CCyB Framework: Overview and Recommendations__________________________________31 Figures 1. The Macroprudential Process .................................................................................................................172. Sorted D-SIB Scores and Sensitivity to Changes in Cut-off Thresholds ................................................293. Mapping of D-SIB Score to HLA Buckets ...............................................................................................304. Credit-to-GDP Ratio and HP-Filtered Credit Gap (Basel Methodology, λ = 400,000)............................325. Credit-to-GDP Gap–Year-on-Year Contributions of Nominal Private Credit and Nominal GDP ............326. Alternative Credit Indicators vs Basel Gap .............................................................................................337. Illustrative Example–Mapping Real Private Sector Credit Growth to CCyB Rates.................................34 1. Key Recommendations .............................................................................................................................82. Illustrative Example—Indicators and Weights for the Revised D-SIB Framework .................................283. Number of Identified Banks and -Δ100bps Change in Cut-off Score .....................................................294. Countries with Past CCyB Activation and PN CCyB Framework Adoption ............................................35 Annexes I. The D-SIB Methodology...........................................................................................................................37II. The CCyB Methodology and Toolkit .......................................................................................................43 Glossary BBMBorrower-Based MeasuresBCBSBasel Committee for Banking SupervisionBoEBank of EnglandBoGBank of GhanaBSDBanking Supervision DepartmentBSSIBankingSectorSoundness IndexCCoBCapital Conservation BufferCCyBCountercyclical Capital BufferCET1Common Equity Tier 1CRDCapital Requirements DirectiveCRRCash Reserve RatioDDEPDomestic Debt Exchange ProgramDRCDifferenced Relative CreditD-SIBDomestic Systemically Important BankDSTIDebt-Service-to-Income RatioFSCFinancial Stability CouncilFSDFinancial Stability DepartmentFSRFinancial Stability ReviewFXForeign ExchangeGDPGross Domestic ProductHLAHigher Loss AbsorbencyHPHodrick-PrescottLCRLiquidity Coverage RatioLTDLoan to Deposit RatioLTVLoan to Value RatioMCMMonetary and Capital Markets DepartmentMoUMemorandum of UnderstandingMPCMonetary Policy CommitteeNICNational Insurance CommissionNOPNet Open PositionNPLNon-performing LoansNPRANational Pensions Regulatory AuthorityNSFRNet Stable Funding RatioOFISDOther Financial Institutions Supervision DepartmentPN CCyBPositive Neutral CCyBRWARisk Weighted AssetsSECSecurities and Exchange CommissionTATechnical AssistanceTCTechnical Committee Preface At the request of the Bank of Ghana (BoG), a mission from the Mone