ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
In October 20 18, the Bank of Ghana issued the Cyber and Information Security Directive (CISD) for banks and other Bank of Ghana -regulated financial institutions with expectation that all regulated financial institutions would implement the required Information Security Management Systems (ISMS) controls to ensure the delivery of a safer digital financial Industry.
The implementation of the Directive was phased over 36 months, and through effective monitoring and supervision among regulated banks.
As these institutions worked towards full implementation of the Directive, it became evident that the Bank of Ghana had to establish an industry Security Information and Event Management (SIEM) system to enable those institutions implementing SIEMs to send logs/alerts, aggregate information and reports.
To achieve this, the Bank initiated the SIEM project which we call the Financial Industry Command Security 2 Operations Centre (FICSOC) Project.
The FICSOC Project is now completed and operational with reports/alerts in the form of threat intelligence provided to the banks to improve their incident response mechanisms.
Just last week, I was invited to chair a book launch on an enabling architecture for a digital economy written by Prof.
Kwaku Appiah-Adu and Mr.
Franklin Asare.
In my opening remarks, I agreed with the Authors, that digital technology can be a potent tool for financial inclusiveness.
I also took them through the digitisation journey of the Bank of Ghana starting from the introduction of the common platform for interbank payments and the e -zwich through the development of the mobile money and interoperability to current efforts at designing the e-cedi.
In all of this, Bank of Ghana was very much aware of the increased cyber security risks in the financial sector.
This FICSOC project is a key component of the systems and we have to deal with the challenges of cyber security.
Your Excellency, this project will help provide real-time visibility into cyber threats and attacks targeting the banking sector .
The Bank of Ghana and the Cyber Security Authority are collaborating to improve the cybersecurity posture in the banking sector.
In particular, the two institutions are discussing various ways to approach implementation of the Cybersecurity Act, 2020 (Act 1038) for the sector.
The detailed areas of collaboration are contained in the joint statement issued by BoG and CSA on 24th June 2022, nearly a year ago.
On this note, I would like to thank His Excellency and our guests for honouring the invitation to commission the FICSOC Project.
My appreciation also goes to the implementation partner, Virtual InfoSec Africa, the FICSOC Consultant, Mr Samuel Amoah, and BoG FICSOC Proj ect Team members for their commitment and diligence in achieving success in this project.
I say Ayekoo!
LAUNCH OF ABSA SME LOAN AT 10% REMARKS BY MRS.
ELSIE ADDO AWADZI SECOND DEPUTY GOVERNOR, BANK OF GHANA 10TH MAY, 2023 1 The Board of Directors, Managing Director, and Staff of Absa Bank Ghana Limited Country Director and staff of Mastercard Foundation The Presidents, Council Executives, and members of the Association of Ghana Industries, Ghana Union of Traders’ Associations, and other trade associations Representatives of banks and other financial institutions Cherished Customers of the Absa Ghana Limited Invited Guests Distinguished Ladies and Gentlemen Good Morning 1.
I am extremely delighted to be here to witness the launch of the “ABSA SME loan at 10%” proposition by Absa Ghana Limited and Mastercard Foundation.
I bring you warm greetings from Governor Ernest Addison and the entire management team of the Bank of Ghana.
As I understand it, this is an initiative under which Absa Bank Ghana and its strategic partners will build the capacity of 5,000 Ghanaian small and medium-sized enterprises (SMEs) to help make them investor-ready by the year 2025.
In addition, these SMEs will be supported over the next few years with loans – up to Gh¢ 1 million with no collateral and between Gh ¢1 million and 11 million wi th collateral – all at a fixed interest rate of 10 percent.
The launch of the “ABSA SME loan at 10%” proposition at this juncture is very timely, and for many reasons.
First of all, all around the world, recent macroeconomic challenges post pandemic and with the onset of the war in Ukraine have impacted SMEs the most given the fact that they tend to be the most vulnerable when crises hit.
In our domestic economy, this is no different.
Secondly, with high interest rates around the world including in Ghana as inflation soared over the last year, SMEs have found it even more challenging to access loans at all or at interest rates they can afford.
Thirdly, this initiative’s focus on women-led SMEs and youth-led (18-35 year of age) SMEs, and businesses in the agribusiness, Fintech, and microfinance sectors, at a time when these businesses are in dire need of financing to lead our macroeconomic recovery efforts, is commendable.
There is no gainsaying that SMEs are the bedrock of our economy, accounting for over 92 percent o f all businesses many of which are owned by women and young entrepreneurs, and contributing about 70 percent of Ghana’s GDP.
Despite the important role played by SMEs in the country, access to finance for our SMEs remains a perennial challenge.
The finance gap impedes a critical segment of our private segment from surviving, growing, and playing a more meaningful role in our socio - economic development.
The “ABSA SME loan at 10%” initiative is therefore revolutionary, as it is designed to address the SME finance gap in many ways including by (i) by scaling up the volume of loans to SMEs; (ii) pricing these loans at an unbelievable 10 percent; (iii) requiring no collateral for loans of up to Gh¢ 1 million; and (iv) supporting such borrowers with much-needed capacity building and business supporting services.
Indeed, this is a ground-breaking, bold, and laudable initiative and I congratulate Absa Bank Ghana and its Board and management team for throwing this lifeline to Ghanaian SMEs.
I also commend and congratulate Mastercard Foundation for making this initiative possible through financial support .
Indeed, given the current lending rates on the market starting from the base rate or Ghana Reference Rate of 26.45 percent as of May 2023 even without adding the risk premia and fees that banks typically add on to arrive at their Annual Percentage Rates f or borrowers, offering SMEs loans at 10 percent comes at a deep subsidy which I understand is made possible thanks to the benevolence of Mastercard Foundation.
While thanking Mastercard Foundation for this feat, let me challenge them to do even more by deepening their partnership with Absa Bank to ensure that even more SMEs benefit from this initiative beyond the 5,000 expected at this juncture.
I also expect that even lower interest rates will be offered to SMEs with time especially as inflation continues on a downward path as we have seen consistently over the last four months including with the just-released inflation reading for April 2023 at 41.2 percent down from 45 percent in March 2023.
We expect to see interest rates on the market trend downwards, and therefore it is conceivable that with the help of Mastercard Foundation this initiative could offer loans below 10 percent in the not so distant future.
I encourage SMEs to take advantage of this opportunity provided by this partnership between Absa Bank Ghana Limited and the MasterCard Foundation and to make the most of this to scale up and build more sustainable and resilient businesses.
With this lifeline, SMEs should aim to venture more into manufacturing to produce enough to help make our economy more self -sustaining and able to withstand external shocks that we contend with every now and again.
Furthermore, SMEs should aim to produce for the African market and take advantage of th e African Continental Free Trade 3 Agreement to serve the whole continent , aided by the Pan –African Payments and Settlement platform that ensure s safe, efficient, and timely cross -border trade settlement.
On its part, the Bank of Ghana remains committed to achieving its statutory objectives of ensuring price stability, promoting economic growth and the effective and efficient operation of the banking and credit systems in the country , and promoting financial stability.
Indeed, our banking sector remains solvent and liquid even after the pandemic, in the face of recent macroeconomic challenges , and in particular the Government debt restructuring efforts.
It is worth mentioning that the banking sector clean-up and recapitalisation efforts before the onset of the pandemic, provided the industry with the necessary capital and liquidity buffers to withstand the pandemic and the recent macroeconomic challenges.
We expect banks over the next few years to take steps to rebuild strong buffers so that they remain resilient for the long-term.
While regulating and supervising banks to promote their safety and soundness, the Bank of Ghana expects banks to be more inclusive in their product and service offerings to ensure that all economic actors in Ghana are able to access much-needed finance to grow their businesses and contribute to the growth of our economy.
We expect banks to deploy the funding available to them into more lending to the private sector especially to SMEs, within the framework of robust credit underwriting and risk management.
I do hope that this great initiative by Absa Bank Ghana is a catalyst that births more strategic partnerships between Mastercard Foundation and Ghana’s banking industry to support more SME lending to help build a more inclusive, sustainable, and resilient economy.
In concluding, permit me to once again congratulate A bsa Bank Ghana Limited and Mastercard Foundation on this monumental initiative, and I wish you and your clients great success on this new exciting journey.
On that note I hereby declare the “ABSA SME LOAN at 10%” initiative duly launched.
2023 AFRICA CONSULTATIVE GROUP MEETING WITH THE MANAGING DIRECTOR OF THE INTERNATIONAL MONETARY FUND, KRISTALINA GEORGIEVA ADDRESSING DEBT CHALLENGES AND ENHANCING DEBT MANAGEMENT TO IMPROVE ACCESS TO FINANCE IN AFRICA REMARKS BY DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA IMF HEADQUARTERS BUILDING, WASHINGTON, D.C, USA SUNDAY, 16TH APRIL 2023 2 Thank you, Chair.
I wish to focus my intervention on addressing debt challenges and enhancing debt management to improve access to finance in Africa.
But, let me first take this opportunity to express my sincere appreciation to Madam Georgieva, for the exceptional leadership and relentless efforts in exploring, to the full extent possible, resources to help member countries , especially in Africa, mitigate the adverse imp act of the C OVID-19 pandemic.
African economies have accumulated debt at a rapid pace over the past decade to help address developmental and infrastructural needs.
Consequently, t he continent’s debt structures have become more sophisticated, including bonds, loans, collateralized debt contracts and repurchase agreements, and the creditor base has become more diverse and fragmented.
The COVID-19 pandemic, the war in Ukraine, and the tightening of financing conditions have all acted in concert to expose Africa’s heightened debt levels, as well as elevated debt-service costs and rollover risks.
At the same time, recurrent climate-related disasters are adding to the already acute fiscal and debt problems on the continent.
The WBG World Debt Report (2022) estimates Sub-Saharan Africa’s (SSA’s) long-term external debt stock at US$636 billion at the end of 20211, with nineteen of the 35 low-income countries either in or at high risk of debt distress 2, while some others (including Ghana) are completely shut out of the international capital market.
If unaddressed, the overall debt situation is expected to worsen in 2023 and further constrain the capacity for many member countries to raise the needed funding to deliver broader social protections and respond to climate change.
To address the fast-deteriorating debt dynamics in the continent: • African countries remain committed to pursuing credible fiscal consolidation, anchored on efficient expenditure rationalization and robust domestic revenue mobilization measures .
This will help build buffers for critical social interventions and infrastructural development , while safeguarding medium -term debt sustainability.
To boost fiscal resilience, members are undertaking measures to improve pu blic financial and investment management, enhance fiscal transparency and governance, address corruption risks, and progressively phase out untargeted subsidies.
• African countries also recognize the need to p rioritize efficient debt management practices, consolidate debt data in a centralized system , publish reliable, comprehensive, and timely debt information, and deepen domestic debt and capital markets to foster greater access to long-term finance.
It is, however, clear that domestic policy efforts alone are inadequate to sustainably address the debt burden and restore macroeconomic stability in the continent.
For this reason, Madam Managing Director, and given the current context of fragmented global financial safety nets, much stronger support is needed from the IMF to prevent the region’s debt levels from spiraling out of control.
1 WBG (2022).
International Debt Report 2 IMF (October 2022).
Regional Economic Outlook 3 Going forward, Madam Managing Director, the global policy dialogue should focus on Africa’s debt sustainability, long-term investment needs, macroeconomic resilience to shocks, and laying the foundation for the continent’s inclusive and job-rich growth.
Against this backdrop, I would suggest the following for consideration: • Improve the IMF’s lending framework to enhance the continent’s access to Fund resources is macro-critical in this challenging environment.
In this regard, I would urge the Fund to consider increasing concessional financing to the continent by modifying the access thresholds, including expanding access limits and relaxing eligibility criteria for PRGT resources.
This will ensure timely financing assistance to most vulnerable members.
It is in this context we welcome the Fund’s decision to temporarily raise the annual and cumulative limits in the General Resources Account (GRA) to 200 percent and 600 percent of quota respectively for a period of 12 months.
Nevertheless, we underscore the importance of aligning PRGT access limits with those of the GRA to enhance Fund support to PRGT -eligible members facing acut e debt challenges, while strengthening the fundraising efforts to bolster the PRGT resource envelope.
• The Fund should continue close engagements with other international financial institutions and creditors to strengthen the multilateral framework for dealing with Africa’s debt distress in a timely manner.
In this context, the G20 Common Framework (CF) should be enhanced to deliver swift, predictable, transparent, and equitable debt resolutions, while permitting debt service suspension during negotiation to offer instantaneous relief to debtor s. As you are aware, Madam M anaging Director, a protracted CF process undermines overall confidence and impacts IMF’s catalytic role, in addition to its negative demonstration effect with new countries that are hesitant to request a CF debt treatment.
We also underscore the need for the newly created Global Sovereign Debt Roundtable to remain focused on accelerating debt restructuring processes and making the G20 Common framework more efficient.
• Finally, the Fund should continue tailored capacity development and surveillance support, in conjunction with other international partners , which are indispensable in the continent’s reform agenda towards addressing debt challenges and creating fiscal space to tackle long- standing snags to sustained economic growth and development in member countries.
Thank you once again, Chair and Madam Managing Director.
1 University of Ghana Congregation Ceremony for Bsc Administration Class of 2023 The College of Humanities Remarks by Guest Speaker Dr.
Maxwell Opoku-Afari First Deputy Governor, Bank of Ghana & Chair, Advisory Board, College of Humanities University of Ghana Great Hall, University of Ghana, Legon Tuesday, 21st March 2023 2 1.
Madam Chancellor, Lady Chair and Members of Counc il, Pro Vice-Chancellor responsible for Academic and Student Affairs, Registrar, Members of the Advisory Board of the College of Humanities, Provost, Deans and Directors , Members of Convocation, Staff and Students , Alumni, Invited Guests, Distinguished Ladies and Gentlemen, and most especially the Bsc Administration Class of 2023 to whom I offer my sincerest congratulations.
It is an honour and a great privilege to have been invited to share this important occasion with you all.
I see the beaming smiles and pride on your faces as you anticipate receiving your degrees any moment from now with a huge sigh of relief of having endured the journe y. I know that feeling of accomplishment when you smartly dress up and put on the ‘‘Acapees’’ to pick the certificate .
Back in the day s, that was how we called it, and I later learnt that it stood for ‘Academic Pomposity’.
I am not sure whether you still refer to it by that name.
Ladies and Gentlemen, I am grateful for the opportunity to return to my Alma Mater, which always brings back fond memories, walking from the Commonwealth Hall to the Economics, Statistics and Mathematic s Departments, sometimes to ‘N’ block for lectures, and to the Balme Library to search for relevant textbooks and journals.
The last time I was at this Great Hall, it was at the invitation of The University of Ghana Business School to deliver a Public Lecture on the topic “Macroeconomic Management in 3 Ghana—When the Love is Gone” .
That lecture focused on where we have traversed as a country in terms of macroeconomic management and the paradigm shifts required to sustain the gains made so far.
Today, I will be doing something different.
I will be focusing on how I see the world economy evolving and how we need to re-think the relationship between academia and industry and create a place for graduands like you to immerse yourself after school.
But you see , in a free -market-economy, policymakers need to do one thing, and that is , create an enabling environment that allows for innovation to take place.
Innovation allows for job creation and we should strive towards that.
We need to dream and DREAM BIG.
As a matter of fact, talking about linkages between academia and industry, my current employer, the Bank of Ghana has forged and continues to forge strong links with the U niversity of Ghana Fraternity, and that relation ship will continue to strengthen.
We have gathered here for one purpose only, and that is to send you off into the world to do exploits with the knowledge acquired.
I can tell by the expectant looks on your faces that today is an important milestone in your journey to the future.
As usual some of you may be apprehensive at the mention of the word ‘ future’, with thoughts running wild about what exactly that future holds.
I have walked this graduation path, and let me assure you that the future has something for 4 everyone here .
A s with all such moments of transition, the uncertainty is palpable, but with the right choices and attitude, you can walk into the future you desire with optimism.
Recent developments show that, academic training and the global economy, including that in Ghana , is undergoing a profound technological “revolution”.
Among others, this “revolution” is facilitating the on -going exchange of ideas, skills, and perspective s needed by the youth to drive the Ghanaian economy to the next level.
It is no wonder that your generation is now referred to as ‘Gen Z ’, that is, Internet Zoomers.
In other words, you are the torchbearers to the next level of the Ghana that we are all seeking to build .
So as you walk out of here and join the workforce, you must gird your loins and prepare for the challenges ahead.
The world out there is also changing and changing very fast, with technology driving everything, from banking, manufacturing, services, as well as the supportive social structures.
The message here is that you need not be stuck in your educational ideology.
You must seize the moment and exploit all the technological experiences around you and try as much as possible to infuse that in your discipline to achieve your goals.
I therefore challenge you to go out there with passion to make a difference and impact your generation.
In doing this, 5 I want to encourage you to be guided by the principles of hard work, perseverance, and integrity.
These should underpin your journey as you head out, and I will explain why.
First, let me say that your presence here today provides strong evidence that you have each worked very hard and sacrificed a lot to reach this point in your life .
The hard work has certainly paid off, but you must learn to be magnanimous in the celebratio n of that success.
Do well to remember the shoulders that have carried you through this journey, including your parents, lecturers, family, and colleagues.
So, while you rejoice in your achievement from the hard work today, count yoursel ves privileged and be grateful to those who contributed along the way, and say thank you.
In working hard towards earning your degree, you must have also learnt a thing or two about perseverance.
The world out there is harsh and the road to success would not always be smooth; you all have different stories to tell on how you pulled through your university education with perseverance.
Hard work and perseverance must remain your guide and hallmark as you move towards the next stage in life.
Do not relax, always strive for greater heights, and know that as graduates, there are more miles ahead of you on the “learning ladder”.
Stretch yourself beyond this level, and with hard work and perseverance, you can make it well beyond your expectations.
Let me share some personal experiences to buttress this point.
Growing up, my parents instilled in me the need to work hard in every situation, despite the challenges along the way.
This thinking greatly influenced my academic pursuits and work life.
During my time as a student, I dreamt of working at the Central Bank.
Though just a dream, I persevered and with God’s guidance, I got in.
As ingrained in my mind, I worked diligently at the Bank, seeing every challenge as a learning opportunity and a stepping stone to the next level.
The hard work, focus, dedication, and drive for results yielded dividends , and I got the opportunity to pursue my Doctorate degree.
When I returned to the Bank, the enhanced academic qualifications and skills acquired , propelled me to the next level of performance, and I can confidently say that the hard work and perseverance paid off.
Today, I find myself invited back here to serve as an inspiration to you, graduands, that whatever your dreams and aspirations are, with hard work and perseverance, you can achieve them.
The other core value that I want to touch on is integrity of character, the lack of which has become critical in the world we live in today.
As you progress in life, you need to cultivate the habit of walking the talk.
Generally, character is observed by the complex mental and ethical traits marking and often individualizing a person or group of people.
To quote Heraclitus, a Greek philosopher , “A man’s character is his fate.”
To say it in another way, your character will determine your fate in life.
The Bible also puts it so aptly in Romans 7 5:3-5, which states that “ not only that, but we must rejoice in our sufferings, knowing that suffering produces endurance, and endurance produces character, and character p roduces hope, and hope does not put us to shame….”.
The greatest obstacle to wards achieving and sustaining success is and has continued to be character.
In this modern society, future leadership is under siege and moral decadence appears to be on the ascendancy, but do not allow yourselves to get caught in th is trap.
Let integrity be your core guiding principle.