ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
The need to assess the possible negative impact of our innovations on the present and future societies has become more critical than ever.
The plethora of phrases such as green finance, responsible investment, sustainable finance; environment, social and governance; and climate finance in current discourse indicate the seriousness that modern society attaches to sustainable innovations.
Adoption of responsible innovation presents a unique natio nal advantage with the potential to attract investments into our FinTech ecosystem for the creation of employment and wealth.
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Let me address the FinTechs regarding issues of privacy and confidentiality.
Bank of Ghana as a regulator of financial service maintains the highest level of confidentiality and secrecy.
For this reason, your participation in the Bank’s Regulatory Sandbox will not expose your ideas to third parties.
We would like to assure you that every staff is committed to an oath of secrecy and under no circumstance will third party information be disclosed.
A breach of the secrecy requirement attracts serious sanctions including dismissal.
With regards to developments in virtual assets, the Bank continues to monitor developments on regular basis , and the many cautionary notices issued indicate the presence of significant inherent risks.
While we do stand by these cautions, we are open to dialogue geared towards the potential exploration of regulatory outcomes, keenly focused on consumer interest and protection.
The Sandbox could potentially present us with these opportunities.
I encourage you to take advantage of this unique opportunity to enhance service offerings to better serve the many people in Ghana whose financial service needs are yet to be satisfied.
I wish you a fruitful deliberation.
Thanks for your kind attention.
1 LAUNCH OF THE 75TH ANNIVERSARY CELEBRATION OF THE UNIVERSITY OF GHANA THEME: ‘NURTURING RESILIENCE: ADOPTING TECHNOLOGY, EMBRACING HUMANISM’ REMARKS BY MRS.
ELSIE ADDO AWADZI SECOND DEPUTY GOVERNOR BANK OF GHANA WEDNESDAY, 31ST AUGUST 2022 GREAT HALL, UNIVERSITY OF GHANA, LEGON 2 Chief of Staff, Office of the President, Hon.
Akosua Frema Osei-Opare Minister for Education, Hon.
Yaw Osei Adu Twum Chancellor of the University of Ghana, Mrs.
Mary Chinery-Hesse Chairperson of the University of Ghana Council, Justice Sophia A.B.
Akuffo (Rtd) Members of the University Council Vice-Chancellor of the University of Ghana, Prof.
Nana Aba Appiah Amfo Pro-Vice Chancellors of the University of Ghana, Prof.
Gordon Akanzuwine Awandare and Prof.
Felix Ankomah Asante The Registrar, Mrs.
Emelia Agyei-Mensah Faculty and Staff of the University Alumni Students Distinguished Guests, Ladies, and Gentlemen 1.
32 years ago, when I arrived on this great campus as a shy and confused F.U.E.
student (as first year undergraduate students were then called), the sheer privilege of the opportunity was not lost on me.
More than three decades after, I can proudly say that my University of Ghana experience (what I will call “the UG experience”) was transformational and has served me, my family, Ghana, and the world, well.
This is the story of many others who have been blessed with a UG education.
I am truly honoured and equally humbled to speak to you today for the launch of the 75th Anniversary celebration of this great institution.
I believe that the year-long celebration leading to this important milestone in 2023 under the theme Nurturing Resilience: Adopting Technology, Embracing Humanism will provide the right setting to take stock, learn lessons, and look forward to the next 75 years .
I will therefore focus my remarks today on the past, present, and future of our great university.
75 Years as Ghana’s Premier University 4.
Over the past 75 years, the University of Ghana has built a strong reputation as an academic institution of excellence, making it one of the preferred choices for academics, researchers, and students in Africa and beyond.
It has made substantial contributions to the human resource needs of our nation, shaping the minds that have built our state institutions, communities, businesses, and the political, economic, social, and cultural systems that have underpinned our fortunes as a people.
The hallmarks of this great university are its strong tradition of academic excellence, integrity (true to it s motto, Integri Procedamus, which as we 4 know, means progress with inte grity), its warm and picturesque Legon campus which has over the decades maintained its charm , and its vast network of academics, researchers, distinguished alumni, and many more.
I commend successive administrations of this noble university and the tireless efforts of faculty and staff over the decades for their foresight and dedication towards the success of this university.
I also applaud Government for its support of this university over the years both financially and otherwise.
Our great university has come a long way from its humble beginnings in 1948 when it first opened its doors to students.
It has undergone significant transformation in diverse ways, some positive and some not too positive.
As students here in the early 1990s, my classmates and I heard stories from lecturers of what life as a student used to be in the earlier decades where each student had a dorm room to themselves, was waited on by butlers and stewards, and attended compulsory formal dinners with Hall Fellows.
These stories sounded as though they were from a different civilisation than the one we lived through as students from 1990 and onwards.
On returning to the Legon campus in 1998 for my MBA studies, I encountered a different UG, one that made my experience from the early 1990s feel somewhat more privileged.
There were sometimes a countless number of 5 undergraduate students sharing the same rooms that had been occupied by two students during my undergraduate days a few years earlier.
Class sizes had ballooned to a point where many undergraduate students stood outside classrooms.
Many of them could not connect with the educational rigour that my contemporaries and I had been blessed to experience years before.
The Present 10.
Despite these challenges, it is fair to say that this great university has continued to challenge itself to keep up with the changing times and the changing needs of its stakeholders.
New infrastructure, new courses, new teaching and learning tools and pedagogies, relatively reduced class sizes, new governance structures, and upgraded faculty training, are but a few of the positive changes that are evident in the university today.
Thankfully, white boards and markers have replaced the black board and chalk of the past, desktop and laptop computers have replaced typewriters, and electronic libraries are enabling access to a large pool of modern learning and teaching resources beyond the confines of the famed Balme Library that was once so intimidating for students.
Under its current administration, the University is making even greater strides pursuing it s overall vision of becoming a “world -class research- 6 intensive university”.
The Vice Chancellor’s bold and audacious vision to ‘create a culture that promotes research, teaching and learning, administrative processes and extension activities driven by technology and anchored in humanism’ have led to the launch of key activities including the ‘Vice -Chancellor’s Programme for Enhancing the UG Student Experience through Digitalisation’.
Emerging from the ravages of the COVID -19 pandemic, th e new emphasis on Nurturing Resilience: Adopting Technology, and Embracing Humanism , is welcome and in the right direction.
The pandemic underscored the importance of constant investments into the future to build resilience and strong safety nets in order to reduce inequities and exclusion from our socio-economic development efforts.
While technology enabled the adaptations that were necessary to reduce the fallout from the pandemic including the impact on teaching and learning, existing gaps in access to technology introduced disparities in the extent to which some were able to cope with disruptions from the pandemic.
For example, students who had no access to electronic devices and/or had no access to cost -effective and reliable internet connectivity to support their online learning were suddenly facing new hurdles in pursuing their educational dreams.
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There were also gendered dynamics to the impact of the pandemic, such that female lecturers or students were disproportionately saddled with responsibilities for childcare, care of relatives, and housework, with schools closed and labour markets disrupted , while at the same time having to keep up with online teaching and learning.
It is against this backdrop that the big push fo r investments in technology to promote resilience going forward and in a human-centred manner is critical .
Equitable access to reliable and cost -effective technology will go a long way to promote teaching and learning in a more sustainable manner and ensure than no one is left behind .
Hence, the recently launched ‘One student, One laptop’ (1S1L) program me, where about 120 students have been provided laptops, deserves applause.
It is my hope that many corporate bodies and well -meaning Ghanaians, wi ll support this initiative to ensure that all needy students receive this support.
What will the next 75 Years Hold?
Madam Chair, as we prepare to start a year of much -deserved celebrations to mark this important milestone, it is imperative that we look into the future with new ways of thinking and pursuing our vision and goals.
The pursuit of “world-class” excellence should be a moving target, 8 and as times change, that vision should be calibrated to deliver outcomes that keep this great institution relevant.
The pandemic taught us the benefit of resilience, preparation, and adaptability.
Resilient organisations anticipate change, prepare for change by making adequate investments in systems that will help to deal with such changes, and adapt effectively to change.
Going forward, what could be the possible changes that need to be prepared for to help minimise disruptions to teaching and learning that pose a risk to achieving world class excellence ?
Global trends of geo - political tensions, climate change, energy security issues, infectious diseases, cyber-attacks give us a sneak-peek into what the next decade or more could hold for the world.
In Africa and here in Ghana, economic vulnerabilities in part caused by colonial economic policies and structures, climate risk, food security , governance, exclusion, youth unemployment, among others, all hold clues for possible future challenges if the right strategies are not adopted and implemented towards more positive outcomes.
Education must respond to the realities of a fast -changing world powered by cutting-edge technologies that are disrupting industries and 9 traditional ways of doing things, and at the same time presenting opportunities for leapfrogging developmental challenges.
Madam Chair, while technology is a key enabler of resilience, it will not take us to the promised land by itself.
Other key pieces of the puzzle must be in place and at the right times.
Please permit me to articulate a few for your kind consideration: ▪ First, we must carefully consider the course offerings and other enrichment activities available to students.
W hich courses will we need to teach our students over the next 7 5 years as we prepare them for a more complex world?
Which skills (technical and soft) are relevant to equip them with tools to solve the nation’s and the world’s critical challenges?
How can we equip them with true leadership, entrepreneurship, and communication skills that give them a competitive edge?
How can we promote innovative and entrepreneurial problem-solving approaches to learning instead of rote learning which only produce fixed mental modes incapable to solving our challenges?
▪ Secondly, we must modernise how we teach relevant subjects.
What technological facilities can we deploy to teach them more effectively?
How can we take advantage of technological advancements to provide relevant skills for students?
How can we attract the best experts and practitioners 10 from home and abroad to help with cutting-edge research and teaching in innovative ways?
▪ Thirdly, we need a strong ethical and moral foundation for the university, one that instils in students a sense of personal responsibility to advance the public interest and the common good.
We need a new generation of students that live and operate by an Hono ur Code who will grow to lead with integrity and selflessness for the benefit of our nation and our world.
A renewed emphasis on ethics and civic education is needed , going forward.
▪ Fourthly, we need to promote a stronger sense of community though active engagement and inclusion of all key stakeholder groups in shaping the future of our university.
Strong alumni engagement should be key, just as strong collaboration between the University and industry.
▪ Last, but not least, we must proactively explore opportunities for funding the investments on a sustainable basis, that are needed to deliver desired outcomes for the next 75 years.
Everyone has a role to play here, and we must all join forces to ensure that our university is able to provide educational facilities and experiences for students that shape them into world leaders.
While donations and endowments through partnerships will go a long way and should be pursued, innovative approaches for 11 generating sufficient income for the university and its various cost centres will be key to sustain continuous improvement in the UG experience.
I believe that as we celebrate over the next year, clear strategies to achieve the above will be helpful to promote a stronger and more impactful university.
Conclusion 24.
Madam Chair, d istinguished Ladi es and Gentlemen , in conclusion, please permit me to reiterate the significant contributions and successes of this great institution over the past 75 years.
It is my singular honour to congratulate madam Chair and Chancellor, the Chair and members of Council, the Vice Chancellor faculty, staff, students, and alumni on their remarkable achievements.
We stand at the crossroads of time, have a rare opportunity, guided by the lessons of the past and present, to looking into the future as best as we can to envision a future that is even more glorious and impactful for our nation, continent, and the world at large.
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I have no doubt at all that our university will grow from strength to strength and glory to glory in the decades and centuries to come, as it harnesses technology for resilience and deliver s inclusive and human - centred educational and training programs.
I thank you all for your kind attention and pray for God's continued blessings on all of us, on our University of Ghana, and on our beloved Ghana.
1 WORKSHOP FOR THE COMMITTEE FOR CO-OPERATION BETWEEN THE LAW ENFORCEMENT AGENCIES AND THE BANKING COMMUNITY (COCLAB) OPENING REMARKS BY MRS.
ELSIE ADDO AWADZI SECOND DEPUTY GOVERNOR, BANK OF GHANA 30TH AUGUST 2022 ALISA HOTEL The CEO, Ghana Association of Bankers My Lord Justices and Lady Justices Members of the Committee for Co -operation between Law Enforcement Agencies and the Banking Community Colleagues from Bank of Ghana, Members of the Press, invited guests, ladies and gentlemen, 1.
On behalf of the Governor, Dr.
Ernest Addison, we thank you all for honouring the invitation to this very important workshop of the Committee for Co -operation between Law Enforcement Agencies and the Banking Community (COCLAB).
As you know, the formation of COCLAB in Ghana was spearheaded by Bank of Ghana, building on INTERPOL’s 1988 Resolution, to help curb economic crime around the world.
Bank of Ghana recently revived the Committee to provide a platform for strong collaboration among the banking industry, national security and law enforcement agencies ; the Judiciary, and other key Agencies , to step up the fight against financial crime.
This Committee draws its membership from Bank of Ghana, Ghana Association of Banks, the Judiciary, the Ministry of Justice and Attorney General’s Department , the Ministry of Interior, the National Security Coordinator’s Secretariat, Interpol Ghana, the Economic and Organized Crime Office , the Financial Intelligence Centre, the National Investigations Bureau, the Ghana Police Service, Ghana Immigration Service, the Ghana Revenue Authority , the Registrar General’s Department, and the National Communication Authority.
I am glad to note that the C ommittee is currently fully represented by all the relevant stakeholders in the fight against financial crimes.
Distinguished COCLAB members, the work of your Committee is critical now more than ever.
Combatting financial crime through information sharing and strategies, to help prevent financial crime and working closely together to investigate and enforce breaches of relevant rules against perpetrators of financial cri me and their enablers, is essential to building a healthy and resilient economy and nation.
Financial crime in all its forms including money laundering, terrorist financing, fraud (whether through offline or cyber related), siphoning and diversion of funds from the financial system by insiders to related parties, and others, all erode the integrity of our financial system and destroys the confidence and trust that the Ghanaian public and our foreign counterparts repose in it.
This has adverse ramifications for our economy, such as a reduction in the rate of savings and investments in the formal financial system, a reduction in international trade facilities and foreign investment inflows that support our economy.
Key on your agenda for today’s meeting is to discuss Bank of Ghana’s recently published 2021 Fraud Report, which highlighted a disturbing prevalence of fraud in the banking sector , as reported by banks and other regulated institutions .
Disturbing still, is the fact that most of the reported cases of fraud involve staff and contractors of these financial institutions.
Another worrying trend from the 2021 fraud report is the increasing levels of fraud associated with electronic money channels such as ATM fraud , mobile money fraud, and cyber fraud.
Members of COCLAB, I urge you to take a critical look at these developments and identify concrete measures to help to address the underlying factors, so that we reverse the trends.
I also urge you to work together to speed up investigations and prosecutions for financial crimes , that led to the failure and demise of 420 of our regulated institutions in our recent past, as well as brought untold hardships to depositors, 3 former employees, other creditors, and ultimately, tax payers, that had to pay to provide relief for those affected.
Finally, I strongly appeal to your good selves to support Bank of Ghana’s efforts to sanitize the forex bureau sector, by strictly enforcing existing rules for the fair and transparent conduct of business by licensed forex bureaus, and by clamping down on illegal forex operations (the so -called black market) .
While Bank of Ghana regulates the sector, it relies on criminal investigative and law enforcement agencies (all of which a re members of COCLAB) to help with enforcement efforts.
We count on your cooperation especially now more than ever to help restore order and fair pricing to promote the Ghana cedi’s stability.
While thanking you for the opportunity to address you all this morning, let me end my remarks by encouraging you to step up your collaboration and efforts to support our national economic development efforts so that together we build a strong and resilient economy and nation, not only for today but for posterity.
Bank of Ghana assures you of its continued support for your work and will remain a strong partner going forward.
FINANCIAL LITERACY WORKSHOP FOR JOURNALISTS IN THE NORTHERN ZONE OF GHANA THEME: SUSTAINING THE RECOVERY: THE ROLE OF THE JOURNALIST IN BUILDING CONFIDENCE KEYNOTE ADDRESS BY DR.
MAXWELL OPOKU-AFARI FIRST DEPUTY GOVERNOR, BANK OF GHANA READ ON HIS BEHALF BY: DR.
PHILIP ABRADU-OTOO DIRECTOR OF RESEARCH, BANK OF GHANA MARIAM HOTEL, TAMALE FRIDAY, 26TH AUGUST 2022 1 | P a g e Distinguished Ladies and Gentlemen of the media, 1.
It is my pleasure to join you at this media training workshop organised by the Bank of Ghana.
First, l et me thank the Executives of the media groups present (including JBA, PRINPAG, and IFEJ) for tirelessly working with the Bank of Ghana to organise this training programme on the theme “Sustaining the recovery: The role of the journalist in building confidence”.
This training workshop, the second in the series, is part of the Bank’s strategic measures aimed at building the capacity of business and financial journalists to improve understanding and communication of monetary policy issues.
I will touch on the issue of sustaining the recovery.
Following the COVID pandemic and its aftermath, there was optimism that the world economy was going to return to its trend growth.
Events after 2020, when the world was beginning to recover showed that the world economy has been beset with further set-backs.
While the Pandemic led to a slowdown of the economic activities globally with an impact on the Ghanaian Economy’s growth prospects, the Russia-Ukraine war triggered a downgrade of global growth forecasts by the IMF .
The crises, for us in Ghana has led to heightened inflationary pressures due to rising energy and food prices.
This has necessitated the rollback of Covid-19 era policies and monetary policy tightening across various countries.
These developments have far-reaching implications for the domestic economy and there is the need for confidence building to calm financial markets and prevent disorderly reactions during these periods of heightened uncertainty.
These conditions and the impact on the Ghanaian economy, especially on inflation, the exchange rate, impact on our balance of payments has resulted in Ghana approaching the IMF for some form of cooperation to address the current imbalances and challenges facin g the economy.
At this stage we need to put in all our efforts to begin to restore confidence.
And therefore, my remarks this morning will focus on : the current state of the Ghanaian economy and the policies being pursued; the macroeconomic outlook and policies going forward; and the role of the media to help rebuild confidence in the economy.
2 | P a g e 4.
Let me start with Growth Prospects: Despite strong rebound from the pandemic in 2021 as evidenced by the 5.4 percent overall real GDP growth and 6.3 percent n on-oil GDP growth, recent data points to some softening in the growth momentum.
National accounts data released by Ghana Statistical Service (GSS) showed that the economy grew, in year - on-year terms, by 3.6 percent in the first quarter of 2022, well below the then 5.6 percent expected growth for 2022.
High frequency data such as the Composite Index of Economic Activity (CIEA), Business and Consumer Confidence Indices seem to confirm softening of economic activity.
This has prompted downward revision of the growth tar get to 3.7 percent from the initial 5.6 percent target.
Significant downside risks remain in the outlook, including further headwinds from the Russia -Ukraine war and potential outbreak of new variants of the Covid-19 pandemic.
Second, Let me touch on Inflation.
This is a critical Issue: Headline inflation has shifted well above the upper band of the medium -term target, driven mainly by food prices , transport costs, upward adjustments in ex-pump petroleum prices , and pass -through of exchange rate depreciation.
The latest data show s that headline inflation rose sharply to 31.7 percent in July 2022 from 29.8 percent in June 2022 on the back of significant increase in both food inflation and non-food inflation.
Inflation was 9 percent just a year ago in July 2021.
The Bank’s forecast indicates that inflation would peak later this year and begin trending back towards the medium -term horizon.