ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
The Bank of Ghana facilitated the process which led to the passage of the Payment Systems and Services Act 2019 (Act 987).
Among others, the Act provides for: o Licensing regime for non-bank entities o Governance arrangements o Oversight and reporting requirements o Technology, security and controls o Permission to use Agents o Electronic float management The Act is technology neutral, outcome focused, proportionate to risks and harmonized across various payment streams.
Just last week the Bank of Ghana launched the Payment Systems Advisory Committee with several working groups to provide another critical 5 BANK OF GHANA ES T.
1 9 57 supportive governance structure to promote orderly development of a safe and efficient payment ecosystem.
The Payment Systems Advisory Committee under the Chairmanship of the Governor, as stated under Section 4(2) of Act 987, is required to advise the Bank on regulation and oversight of the payment systems, operational and technical stands of the payment systems, and any other matters affecting payment services clearing and settlement of payments.
 Licensing and Authorization of Payment Service Providers The Bank of Ghana , in furtherance of its objectives of fostering financial innovation, has also taken into consideration the size, nature and characteristics of each financial technology company in prescribing the required minimum capital, governance , and systems requirements for all fintechs operating in Ghana.
Additionally, the Bank has also permitted fifty (50) percent of the prescribed minimum capital required for existing Fintechs to be held in non -current assets , and the remaining f ifty (50) percent to be deposited in a designated account at the Bank of Ghana.
 Cyber Security Directive Globally, the quest for cashless payments is gradually shifting consumer interfaces from the manual environment to cyber space.
This transition is however being threatened by the increased spate of complex cyber security threats which poses systems risks to the financial s ector and also to the financial inclusiveness agenda through its technological underpinnings.
To counter these threats to ensure the integrity and 6 BANK OF GHANA ES T.
1 9 57 operational security of the financial system, the Bank of Ghana issued the Cyber Security Directive for compliance by banks and payment service providers to build a robust and resilient digital ecosystem.
Payment Systems Strategy (2019 – 2024) Ghana’s Payment systems infrastructure is undergoing significant changes on account of technological advancement and widening scope of innovative financial products.
Electronic payments are also steadily pushing out paper- based instruments on account of their relative efficiency.
Currently, the increasing mobile phone usage has enhanced the appeal of mobile money for payment services and holds prospects for eliminating constraints to financial inclusion.
To meet the myriad needs of consumers of such products and widen the scope for financial technology firms and other non -bank entities in the payment ecosystem , the Bank in collaboration with stakeholders has developed a 5-year strategic plan (2019-2024).
The key objects of the strategic plan are as follows:  Develop and implement comprehensive and clear regulatory and governance framework;  Promote free, competitive and orderly development of the payment s eco-system to encourage innovation;  Deepen financial inclusion; and  Promote financial technologies.
7 BANK OF GHANA ES T.
1 9 57 The strategy plan also provides for leveraging Ghana’s Fintech capacity to lower barriers to the entry for non -traditional players through the strict implementation of the laws and regulations that support the development of the sector .
The Bank of Ghana’s policy responses to emerging financial technologies will continue to be driven by the inherent risks they pose to the financial stability and ultimately to protect the consumer.
In this direction, the Bank will fully engage all stakeholders and experts in the digital ecosystem to s trike the right balance in the supervisory and regulatory frameworks.
INAUGURATION OF PAYMENT SYSTEMS ADVISORY COMMITTEE REMARKS BY DR.
ERNEST ADDISION GOVERNOR, BANK OF GHANA MARCH 5, 2020 BANK OF GHANA - MPC CONFERENCE ROOM 1 Distinguished Members of the Payment Systems Advisory Committee Heads of Departments Members of Staff Members of the Media Fraternity Ladies and Gentlemen 1.
Good morning and a warm welcome to the inauguration of the first ever Payment Systems Advisory Committee.
Today marks another landmark in our journey to develop a safe, efficient, competitive , and inclusive payment system for Ghana.
As we all know, payment systems are essential components of a modern economy .
It is imperative therefore, that stakeholders must plan, design, and implement payment systems reforms in a holistic manner.
Over the past two decades, the Ghana’s payment system infrastructure has recorded rapid t ransformation supported by digitisation.
To recap, the evolution of the payment system started with the establishment of the Real Time Gross Settlement System, the Automated Clearing House, Cheque Codeline Clearing and Truncation System, the National Switch (E-zwich) and Smartcard Projects.
All these culminated in the establishment of the Ghana Interbank Payment and Settlement Systems (GhIPSS) w ith a mandate to oversee all interbank payment and processing activities.
The implementation o f the mobile money interopera bility system was another significant achievement within Ghana’s payment ecosystem.
The 2 interoperability system has enabled seamless funds transfer across platforms of electronic money issuers on one hand, and between mobile money ecosystem and bank accounts on the other .
Th is interconnectedness has laid the foundation for the efficient delivery of digital financial services and the scaling up of financial inclusion.
The increasing digitisation of the payment systems landscape has also widened the scope for financial technology firms (Fintechs) to operate.
Among others, Fintechs have continued to create innovative products and services that meet the needs of various customer types at affordable costs, which is critical for financial access.
Importantly, the Government’s quest to formalise the economy through digitisation places the payment system at the core of the national development agenda.
Indeed, the payment system has become the central focus for delivering several digital products including pension, insurance, credit, investments, and savings.
Without doubt, the payment system is of systemic importance and engenders financial inclusion.
Therefore, the Bank of Ghana will continue to strengthen the supportive structures, including the provision of strong regulatory and prudential oversight to ensure that the payment system is safe, efficient, competitive, and supportive of innovation.
It is against this background that the Bank facilitated the enactment of the Payment Systems and Services Act, 2019 (Act 987).
Among others, Act 987 seeks to provide a strong regulatory framework for the emerging digital payment environment.
This includes establishing the 3 critical supportive governance structures to promote orderly development of a safe and efficient payment ecosystem .
Broadly, this underscores the reason for today’s launch of the Payment Systems Advisory Committee.
The Payment Systems Advisory Committee under the Chairmanship of the Governor, as stated under Section 4(2) of Act 987, is required to advise the Bank on regulation and oversight of the payment systems, operational and technical stands of the payment system s, and any other matters affecting payment services clearing and settlement of payments.
Let me note that the Act has stipulated the membership of the A dvisory Committee, and the selection process involved extensive deliberation and careful consideration of the strategic fit of the organisations and individuals.
For effective discharge of its responsibilities, the Advisory Committee will harness the expertise of stakeholders through the establishment of working groups on the vari ous thematic areas of the payment systems operations.
On this note, Ladies and Gentlemen, it is my pleasure to formally inaugurate the Bank of Ghana ’s first ever Payment Systems Advisory Committee.
I am sure your expertise can provide valuable insights, which will further push the frontier of Ghana’s payment systems.
1 Launch of the Refinitive Matching Platform Remarks by Dr.
Ernest Addison Governor, Bank of Ghana Kempinski Hotel, Accra, Ghana February 20, 2020 2 Deputy Governors of the Bank of Ghana, CEOs and Treasurers of banks, Executives and Representatives from Refinitive, Heads of Departments, Bank of Ghana, The media fraternity, Ladies and Gentlemen.
It is my singular pleasure and privilege to join in today’s programme as we launch this key technological intervention in Ghana’s interbank FX market.
Before going any further with my remarks, I wish to specially thank Refinitive (formerly Reuters) for the key role it has played to make this launch possible today.
I am also pleased to share in greater detail how this launch fits into Bank of Ghana’s broader objective of reinforcing macroeconomic stability to create the needed conducive environment for economic growth.
Ladies and gentlemen, early this year, the country successfully raised a US$3 billion Eurobond which has significantly improved the reserve levels, providing additional buffers to calm the foreign exchange (FX) market.
Over the years, t he Bank of Ghana has been implementing FX market reforms to enhance transparency, improve price discovery, and increase availability of FX hedging products.
Ultimately, a deeper FX market in the context of a flexible exchange rate regime and stable 3 inflation environment will increase resilience of the Ghanaian economy against external shocks.
It is within this context that in February 2019 and October 2019 , the Bank introduced the Ghana interbank market rules and forward FX auctions respectively.
Since then we have managed to move our reform process a notch higher and the reason why we have gathered here today to launch the Refinitiv Spot Matching platform.
The Refinitiv Spot Matching platform is a trusted primary FX market platform with unique features designed to support an order book that ensures back-to-back trading with firm prices in a transparent fashion to encourage genuine trading interest.
Over the years, FX trading in Ghana has primarily occurred in over-the- counter (OTC) markets, where relationship trading plays a vital role in the dealer -to-client and interdealer markets for accessing liquidity and managing risk.
Unfortunately markets that trade primarily through OTC relationships are by nature highly fragmented and lack transparency.
But the FX market is increasingly evolving and factors such as technology, regulation, security and structural changes are constantly driving market and industry behaviour.
More importantly, the adoption of new technology is playing a critical role in automating the trading workflows and is supporting a drive towards further market electronification.
As the Ghanaian FX market evolves, it is important to embrace international best practices and standard interbank trading 4 conventions that will position Ghana as a preferred destination for investor equity and portfolio flows in Africa.
This is why the Bank of Ghana has adopted the Refinitiv’s Spot matching platform as the market standard for interbank trading in lots of a minimum size of US$250,000 .
We note that Refinitiv Spot Matching is the primary source of inter-bank liquidity in twenty-seven (27) currencies due to its distinctive features; all prices are anonymous with counterparties knowing about their identities after a trade has been consummated, there is a clear rule book for participants, counterparties are screened for credit, a market -maker enters a bid or of fer with volume and pricing is firm.
It is the expectation of the BoG that this platform will improve price discovery and transparency through real -time access to live prices for onshore and offshore stakeholders in the Ghana interbank FX market and deliver clear surveillance for Bank of Ghana .
This platform will also provide efficient execution of FX trades with no last look an d counterparties will be screened for credit, thereby encouraging genuine interest to trade and client confidence.
This application will provide concentrated liquidity due to its all-to-all firm and aggregated liquidity as there is a single order book .
Finally, all market data obtained from this platform will be a true reflection of market dynamics and it will eliminate duplicity of foreign currency demand from banks and their customers.
Ladies and gentlemen, Refinitiv Spot Matching will play a pivotal role in the functioning of the FX market.
The implementation of standard trading lot Sizes (in multiples of $250,000 or more), bi-lateral credit lines and a closed order book will help support our efforts to deepen the market’s liqu idity, ensure greater volumes, and reduce execution and operational risks.
I am reliably informed that all the banks have been trained and onboarded on this platform and all the required testing of the platform has been done.
It is on that note that I declare the platform duly launched.
T his platform goes live effective tomorrow , 21 st February, 2020 and it will be mandatory for all banks on the Ghana interbank market to use this platform for all their firm dealings of lot sizes in multiples of $250,000 or more.
The adoption of this platform is a key step for deepening the local FX market and we therefore expect full adoption from every bank.
The Bank would in the future approve granting functionality permission on this platform to other relevant stakeholders such as the Bulk Oil Distribution companies ( BDCs) and mining firms that the Bank of Ghana considers important in the foreign exchange market.
I expect this platform to play an effective role in further transforming the interbank market into a deeper, liquid and a more efficient one which will in turn effectively support the central bank’s mandate of price 6 stability and financial stability.
I thank you for honouring this event and for the attention.
LAUNCH OF ABSA BANK GHANA LIMITED ADDRESS BY DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA FEBRUARY 10, 2020 1 Your Excellency, Dr Mahamudu Bawumia, Vice President of the Republic of Ghana Honourable Ministers of State Members of the Diplomatic Corps Representatives of the Board, Management of Absa Group, and Absa Bank Ghana CEOs and Representatives from the Banking Industry Customers and Clients of Absa Bank Ghana Distinguished Ladies and Gentlemen, Good morning.
Today marks a significant change in the history of the banking sector as Barclays Bank Ghana Limited, which opened its doors to banking in Ghana some 100 years ago transitions to Absa Bank Ghana Limited.
Before going any further, let me extend a special welcome to Mr.
A aron Daniel Mminele, CEO of Absa Group to Ghana , and for gracing this occasion.
A t this stage , permit me to take you down memory lane as we follow the tracks of this over a century journey which has led us to this important launch.
You will realize that t he journey of Barclays and now Absa is intertwined with the history of Ghana —making it a cornerstone of the banking industry.
In 1917 , the Colonial Bank , which was founded by a Royal Charter in 1836 to trade in the West Indies, was acquired by Barclays as the nucleus for its colonial network – Barclays (Dominion, Colonial and Overseas), and started operations in Lagos, Nigeria.
Subsequently, the then new B arclays DCO acquired branches of the National Bank of South Africa and one other bank (the Anglo Egyptian Bank in Lagos) to widen its international operations.
By the end of 1926, Barclays had established nine branches in West Africa, including Barclays Bank of Ghana.
Your Excellency, after several decades of operating in Africa, it is interesting to note , but comes as no surprise , that after Barclays Bank acquired the National Bank of South Africa to establish itself in Africa, Barclays plc is passing the baton back to Absa, a South African bank.
What we are witnessing today is a culmination of three years of arduous planning and execution of a detailed transition plan that was presented to the Bank of Ghana by Executives of Barclays.
As regulators, we have worked closely with Barclays Bank and 3 its officials to ensure that every aspect of the transition plan are aligned with the central bank’s overarching goal of financial stability.
On this note, let me congratulate all those who played diverse roles in this historic changeover from Barclays to Absa Bank, for the professionalism shown in c arefully engaging stakeholders, customers , and the general public during the transition process.
Your Excellency , the history of banking in Ghana would be incomplete if special mention is not made of the contribution of Barclays to Ghana’s banking system and economic development more broadly .
Although the brand Barclays has now been phased out of Ghana’s banking system, it has over the decades left a significant footprint that includes a strong corporate culture, strong corporate governance, the provision of quality financial services, skilled manpower , and investments in technology driving cutting -edge solutions to the ever -growing complex needs of the industry.
Barclays has also influenced the industry with many innovations, including being: 4 • the first bank to be nationally networked and thereby giving real time banking in all the branches across Ghana in 1998; • the first to introduce cash accepting (Deposit) ATMs in Ghana in 2013; and • Today, February 10, 2020 is another landmark as now Absa, becomes the first bank to introduce Vertical Debit & Credit Cards to enhance the functionality of scheme cards in Ghana.
These achievements are remarkable and the Bank of Ghana, and the general public, expect the changeover to Absa to carry along the level of excellence, leadership, and professionalism that has become s ynonymous with the 100 -year Barclays heritage in Ghana.
This is what has endeared the general public to Barclays and that is what will be expected from Absa.
I believe that Absa Bank Ghana will carry the same principles into the next 100 years, and the new footprints will become even more exciting if the Ghanaian public have an opportunity to become shareholders in Absa Bank Ghana in the near future.
Your Excellency, Absa ’s leadership in the African financial markets landscape is not disputed at all.
For example, Absa has single-handedly supported the creation of an Africa -wide Absa 5 Africa Financial Markets Index .
This index studies key developments in financial markets of several countries in Africa and recommends alternative solutions , which is helping t o deepen the financial markets in Africa including Ghana.
Although we had indicated our concerns on some of the matrices, the Absa Africa Financial Markets Index remains an important tool and I will encourage you to share your knowledge and insight, as well as best practices across the banking sector.
As Absa Ghana aspires to become a forward-looking digitally-led bank, the Bank of Ghana is counting on you to contribute to the development of digital solutions that make banking more convenient, while provid ing more avenues to make financial services more accessible to the unbanked.
Your Excellency, we are launching Absa at a time when Ghana’s banking sector is stronger than ever.
Banks are well - capitalized to perform their financial intermediary roles in support of the economy.
I am also delighted to let you know that Absa Bank Ghana exhibited strong performance even during the critical time of transition.
Indeed, Absa Bank Ghana, was one of the first banks to meet the new minimal capital requirement 6 through internally -generated funds.
Total Assets more than doubled from GH¢5.3 billion at end-December 2016 to GH¢11.7 billion at end-December 2019, and the bank’s Capital Adequacy Ratio of 10.6 percent improved significantly to 16.
Also, t he bank’s N on-Performing Loans ratio of 19.
2 percent improved to 6.6 percent over the review period, an indication of sound credit administration practices.
Your Excellency, the performance indicators just enumerated, is a broader reflection of the current state of the entire banking sector and an attestation that the reforms undertak en by the Bank of Ghana within the intervening period are beginning to yield the desired results.
The banking industry has built up a much stronger balance sheet and recorded strong asset growth, improved quality of loans and profitability during the year.
All the financial soundness indicators, measured in terms of earnings, liquidity, and capital adequacy remained strong.
The banking sector’s performance has been encouraging and as regulators, we will continue to hold banks accountable.
We will ensure the continuous sanity of the sector, and consistently apply the laws applicable to the sector.
Your Excellency, one of 7 the key aspects of the reform agenda was the issuance of the Corporate Governance and the Fit and Proper Persons Directives for banks which banks are now complying with .
In particular, enforcement of the Corporate Governance Directive has led to several board chairs and CEOs of banks ending t heir tenure, while Board members who had served for prolonged periods have been replaced.
In addition, results of a recent survey indicate full compliance with requirements of the Corporate Governance Directive on the size, structure, composition and qualification of bank Boards ; due diligence in the appointment of key management personnel; and separation of the positions of CEOs and Board Chairs.
A total of 184 bank directors undertook the mandatory annual Directors’ corporate governance Certification training programme.
Of this number, over 50 percent have fully completed the programme , while the rest who are at various certification stages will be certified by the deadline of end-March 2020.
Let me reiterate that as regulators, we will continue to commit our resources towards ensuring that financial institutions improve their internal controls and risk management systems 8 since the safety and soundness of institutions pivots on these principles.
Also, we will continue to create an enabling regulatory environment that encoura ges innovation in the industry , while ensuring that we continually strengthen our supervisory and enforcement capabilities to ensure sanity in the industry .
That way, we can ensure that Ghana’s banking business is conducted in a safe and sound manner and with integrity, thereby retaining the trust and confidence depositors, and indeed the gen eral public, reposed in the industry.
Ladies and Gentlemen, let me once again congratulate Absa Bank Ghana and the Absa Group for the success ful transition.
I trust that we can count on your support as we move the banking sector to new heights in support of Ghana’s growth and development agenda.
Media Soiree Welcome Address by Dr.
Maxwell Opoku-Afari First Deputy Governor, Bank of Ghana January 17, 2020 Accra City Hotel 1 Distinguished Guests, Ladies and Gentlemen, 1.
Good evening and o n behalf of the Board of Directors and Management of the Bank of Ghana, I would like to welcome you to this evening’s event.
First, let me thank you all for honouring our invitation and for making this event possible.
Gatherings like this offer us greater scope and latitude to reflect on critical happenings in the past year , especially those that relate to the functions of the Bank of Ghana, and to see how we can foster closer collaboration going forward and in the interest of the nation.
On all counts, t he Bank of Ghana recognises the important role journalists play in sensitising the public about policies and programs nationwide, especially during the Bank’s Monetary Policy meetings.
As a Bank, we always look for opportunities to improve such strategic partnerships with a view to deepen our communications which remains critical to enhancing the achievement of our core objectives .
In this regard, we see you as a major stakeholder for the crucial role of helping disseminate our policies to the general public.