Welcome to Part 5 of our series, “What They Don’t Tell You About Being a Compliance Officer in Ghana.” The previous parts have very interesting and enlightening. I am enjoying it, hope you are too. If you are, let’s dive into another fascinating aspect: the regulations being shifted as a dance move.
Introduction
The compliance officer in Ghana sometimes feels like they’re trying hard to hit a moving target. One moment, you’re aligned with the regulations; the next, a new directive drops.
Dear Friend,
You might see it on a Friday, and suddenly your weekend plans vanish into thin air. Your mind fills with thoughts of how to get the business to understand and comply. Welcome to the unpredictable dance between compliance professionals and regulators.
One thing they often overlook is that staying up to date with regulatory expectations is a full-time job in itself. In Ghana, regulatory bodies like the Bank of Ghana, Securities and Exchange Commission, National Insurance Commission, and others are constantly evolving to keep pace with a changing world, emerging risks, and new trends. However, the way these changes are implemented can be challenging.
Here’s the reality on the ground: Regulatory updates often come without warning. One day, everything’s fine; the next, there’s a looming conversation about draft exposure, and then suddenly, a new directive drops with a 90-day implementation deadline. It sometimes feels like everything happens overnight. You scramble to read, interpret, and figure out how to implement before your boss asks, “What are we doing about this?”
A recent example illustrates this challenge. Business was operating as usual until the government, through the Ghana Revenue Authority, became interested in charging a levy on electronic transactions. Before long, a new Act was passed, and institutions had to implement changes to their business operations to accommodate this new requirement. Compliance officers found themselves in the middle, trying to ensure that this new directive was understood and implemented in compliance with the law.
Interpretation is half the battle.
The regulations sometimes leave room for creative interpretation, and people’s understanding can vary. When you call the regulator for clarification, you might get a response like, “We’ll get back to you.” Meanwhile, you’re supposed to be advising leadership and team members on the way forward. That’s frustrating!
Limited Guidance
Let’s be real, the compliance roadmap is low. There are some efforts to engage professionals on directives through guidance documents, webinars, or industry roundtables, but it’s just not enough. You’re lucky if you get one in-person training session, and association-organized training is a bonus. So, you rely heavily on networks, forums, and your WhatsApp compliance group to decode circulars and figure out the practicalities of directives, especially in non-bank financial institutions.
So, the big question is: how do you survive in this environment? Here are some strategies:
- Stay plugged in: Join industry associations, subscribe to updates, follow regulators on their website and social media and be part of compliance groups where updates spread quickly.
- Build relationships with regulators:mA good contact in the right office can make all the difference. A quick phone call can provide clarity and help you stay ahead.
- Document everything:From meeting notes to email trails, keep a record of your interpretations and the rationale behind decisions. This documentation is your best defense.
- Educate leadership: Help your team and executives understand that regulatory timelines are sometimes beyond your control. What you can control is how prepared you are.
Conclusion
Being a compliance officer in Ghana is like being a goalie in a football match where the goalposts move every few minutes. But with the right tools, networks, and mindset, you can still keep your team in the game.
Ready for the next and final part? Part 6: “Making Compliance Cool (Yes, It’s Possible)”
Shall I roll it out?
Comply&Thrive 