ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
In 2008, the Bank made a significant shift in a policy stance towards digital financial services with the issuance of the Branchless Banking Guidelines.
Ever since, various policies have been issued to promote FinTech solutions of which , the current Payment Systems and Services Act 2019(Act 987) is at the core.
Based on the principle of proportionate regulation , six ( 6) risk -based license categories with corresponding permissible activities are accommodated in the Ghanaian FinTech space thereby permitting the participation of FinTechs of varying sizes.
It is to be noted that this seemingly unusual policy approach is supported by about a decade empirical evidence on FinTechs impact on financial inclusion.
In 2011, Ghana’s financial inclusion was 22%.
This increased to 41% in 2014, within three years, largely on account of mobile money.
Subsequent increases in Ghana’s financial inclusion of 58% and 68% in 2017 and 2021 were largely due to FinTech products and services delivered on the back of mobile money.
Even more exciting are the diverse financial services designed and delivered through FinTech channels and platforms in collaboration with banks, specialized deposit-taking institutions, insurance , and pension companies.
Prior to the emergence of FinTechs, the unbanked and underserved were not profitable market segments for the traditional players in the financial service industry based on the branch model.
With the advent of FinTechs and leveraging the extensive network 3 of mobile telephony, savings, credit, insurance, investment, and pension products are now available across the length and breadth of the country, and even in geographically challenging locations.
Inclusive access to a wide array of financial products and services is at the core of effective financial inclusion and essential to empowering persons economically for a meaningful life.
Presently, most unbanked, and underserved segments of the population have experienced formal fund transfers and payments through mobile money, an important and critical step to financial inclusion.
However , access to savings, credit, and investment remains a challenge.
People must be able to save to take care of future needs, invest and access credit to meet pressing needs or seize opportunities to expand their businesses.
This presents opportunities for FinTechs to rise to the challenge and provide innovative solutions to address these besetting constraints to fostering a truly financially inclusive society.
Let me shift focus a bit to the gender dimension of financial inclusion.
Despite the significant reduction in the gender gap in account ownership across developing countries from 9 percentage points to 6 percentage points, according to the 2021 Global Findex Report , the situation is deeply concerning.
Women dominate the micro, small and medium size enterprise segment which constitutes about 90 percent of businesses in Ghana.
Consequently, the gender gap has far-reaching implications for output growth, employment generation, societal welfare , and economic and financial empowerment.
This is without a doubt, a fertile ground for FinTech intervention that promises very high dividends .
Several types of businesses including agriculture, manufacturing, distribution, transportation, retail, and wholesale are represented in this category and require user-centric solutions to make any meaningful impact.
Indeed, a lot has been done by FinTechs in collaboration with banks and SDIs in these areas .
For instance, collateral -free and instant digital micro loans have become an important source of funding for micro businesses.
The absence of an 4 elaborate paperwork coupled with the flexibility and convenience of round-the- clock access enhances the appeal.
By using alternative data, such as social media and mobile ph one usage, FinTechs can assess the creditworthiness of loan applicants in new ways and enable persons who could not obtain loans for lack of collateral to do so.
However, the stark truth is that an awful lot needs to be done with the interventions to be impactful.
With a technologically savvy youth, the future of digitally enabled financial inclusion looks promising.
But it must start now with solutions tailored to their needs.
Addressing the financial inclusion needs of the youth amounts to investing in the future of a financially literate generation , that can be tapped into for accelerated and inclusive economic empowerment.
In our zeal to promote inclusive access to financial services, we must not ignore the low-hanging fruits.
Starting from what is f amiliar is likely to give FinTechs a foothold among the unbanked and underserved.
A case in point is the traditional “susu” model which has a lot in common with crowdfunding.
With the Bank of Ghana’s crowdfunding policy, the enabling regulatory regime has been provided for FinTechs to explore and enhance this financial model familiar to Ghanaians.
This hybrid system of savings, investment, and credit has a strong appeal among the unbanked and underserved and could be a composite panacea to some of the country’s inclusion problems.
In all these cases, financial education and awareness are key.
People must have easy access to information on financial products and services and in a familiar language.
Importantly, they must appreciate the risks and be equipped with the knowledge and skills to protect themselves from fraudsters and scammers.
Users must be assured of ready support from service p roviders to timely address their concerns.
Certainly, this should not relieve FinTechs of their responsibility for guaranteeing a robust and resilient infrastructure capable of averting cyber-attacks by implementing effective state-of-the-art security solutions.
Being a player in the 5 financial services industry goes with a responsibility for contributing to financial stability.
FinTechs, therefore, must always be guided by the principle of responsible innovation in all their endeavours.
Let me assure you that the Bank of Ghana is committed to the FinTech agenda and has demonstrated it through the conducive regulatory environment created for FinTechs to thrive.
The Guidelines for Inward Remittance by Payment Service Providers have permitted FinTechs to facilitate inward remittance nationwide in a cost-effective and efficient manner.
Similarly, the New Merchant Account Categories Notice is encouraging payment solutions targeted at MSMEs.
In addition, the Regulatory Sandbox of Bank of Ghana provides a congenial environment for the experimentation of products, solutions, and business models that have the potential of scaling up financial inclusion.
FinTechs are encouraged to avail themselves of the cohort announcement to pilot their innovations.
Besides these measures, the Bank is keen on the issuance of a digital version of the Ghanaian cedi, and it is currently analysing the pilot data to map up strategy for the next steps of the eCedi project.
This is part of the Bank’s agenda to promote innovative and affordable digital financial services as a means of expanding financial inclusion and encouraging the use of digital payment as an alternative to cash.
In addition, the eCedi is designed to enhance operational efficiency and cost- effectiveness in payments, and provide a safe, secure, and trustworthy alternative to privately issued digital currencies.
The Bank of Ghana will continue to work with FinTechs to ensure that financial services are provided to all Ghanaians, regardless of their income or location by encouraging and providing a conducive regulatory environment.
In conclusion, Ladies and Gentlemen, FinTechs are playing an increasingly important role in the financial system, offering new and innovative ways for individuals and businesses to manage financial resources, make payments, and 6 access credit.
By leveraging the power of technology, FinTechs are financially empowering the unbanked and underserved, and thereby contributing to economic growth and societal well-being.
This ceremony, therefore, is a fitting tribute and recognition of the immense contribution of FinTechs to the financial inclusion gains of the country.
It is my sincere hope that these awards will motivate and encourage us all to work together to explore the greater potential that FinTech innovation has to offer.
19TH ANNUAL GENERAL AND SCIENTIFIC MEETING OF THE GHANA COLLEGE OF PHYSICIANS AND SURGEONS THEME: “MAINTENANCE OF HEALTH IN A CHALLENGING GLOBAL ECONOMY: POLICY AND PRACTICAL IMPLICATIONS” SPEECH BY DR.
ERNEST ADDISON, GOVERNOR, BANK OF GHANA 7TH DECEMBER 2022 AUDITORIUM, GHANA COLLEGE OF PHYSICIANS AND SURGEONS 2 Chairman of the Council of Ghana College of Physicians and Surgeons Members of the College Council President of the Ghana College of Physicians and Surgeons Vice President of the Ghana College of Physicians and Surgeons Vice-Rector Distinguished Guests Graduating Doctors Friends from the Media Ladies and Gentlemen 1.
It is with great pleasure that I join you on this special occasion of the induction of Newly Qualified Members, Newly Qualified Fellows and Elected Fellows of the Ghana College of Physicians and Surgeons .
This occasion , which also serves as the 19th Annual General Scientific Meeting, presents all gathered here the opportunity to congratulate our newly qualified doctors, newly qualified fellows, as well as newly elected fellows, on achieving this milestone.
Let me applaud the Ghana College of Physicians and Surgeons on the excellent work, year after year, in adding value to the country’s health sector with highly-trained specialists and fellows.
The statistics show that since December 2003, the Ghana College of Physicians and Surgeons has graduated more than 1 ,500 specialists and fellows .
The increasing number of doctors and surgeons and improvement in health facilities have helped mediate the effects of the brain drain of highly-trained medical personnel , and a major achievement which underscores the invaluable contribution of the College of Physicians and Surgeons to the country.
Chairman, the chosen theme, that is, “Maintenance of health in a challenging global economy: policy and practical implications” could not have been more appropriate during these challenging times.
The Pandemic showed us the importance of health on economic and financial stability.
The Pandemic starting off as a health crisis, quickly transitioned into an economic and financial crisis.
Although the health aspects of the pandemic were largely resolved with the early intervention of mass vaccination, the economic consequences have lingered, exacerbated by the recent Russia -Ukraine conflict and spilled over into global inflationary concerns and tight financing conditions.
Broadly, the difficult economic environment has weakened growth prospects and left lasting social and economic scars through lower investments, erosion of human capital through job losses, and fragmentation of global trade and supply linkages.
In emerging markets and developing economies , the pandemic exerted significant pressures on fragile healthcare systems, collapsed the tourism sector, dwindled remittances, subdued capital flows, and resulted in tight financing conditions amid mounting debt.
In 2021, the pandemic effects eased considerably supported by mass vaccinations, but the onset of the Ukraine war upended the fragile economic recovery .
The spill over effects in terms of rising cost of living and weakened growth prospects, have been felt across several countries, including G hana.
As noted by the World Bank ’s Poverty and Shared Prosperity Report (October 2022), the pandemic has set back global poverty reduction efforts, and the war threatens to make the situation worse.
In Ghana, we have recorded the highest rate of inflation in recent years.
The Ghana cedi has depreciated by 52 percent in 2022 also and the cost of living has risen significantly.
Without the needed policy interventions, the increasing poverty levels could trigger other health challenges.
Fortunately, we are making progress.
The 2022 budget , which aims at fiscal correction has been passed already.
The debt overhang is being addressed and we hope to reach a Staff Level Agreement (SLA) with the IMF by the close of this year.
Chairman, the pandemic stretched health care systems globally, with disruptions in major essential services, such as routine vaccination programmes and mental health services .
In Ghana, the readiness of the public health and medical emergency systems was fully tested and brought to the fore pre-existing gaps and inadequacies in the primary healthcare delivery system.
Inadequate medical equipment, such as ventilators and PCR machines, lack of appropriate logistics, and the dearth of unequal distribution of medical expertis e were all major challenges that became evident during the pandemic.
In this regard, a lot of improvisation took place, and I am sure the College had to devise strategies to continue training the various specialists amid those challenging times.
Thankfully, the peak of the pandemic has passed, and useful lessons have been learnt, which should put policymakers in good stead in case of any such future medical shocks.
4 Policy and Practical Implications 7.
Despite the devastating effects of the pandemic and the war, these challenges should be seen as an opportunity to develop and implement policies to significantly improve all sectors of the Ghanaian economy, including the healthcare system.
Indeed, focusing on the health sector should be a priority, and this must start with increased financial resources to reboot the health infrastructure across the country.
In this regard, the local manufacturing industry should be supported to expand the production of equipment and logistics for the health sector.
During the pandemic, we all witnessed the Ghanaian’s ingenuity in the local production of masks, drugs, and hand sanitizers.
This was a major achievement, and it must not end with the pandemic.
The private sector, especially the budding local pharmaceutical industries, should be encouraged to locally manufacture health products that can serve the nation as well as save the country some hard-earned foreign exchange.
Furthermore, conscious efforts should be made to address primary healthcare issues that were relegated to the background at the peak of the pandemic .
Increased advocacy for funding of public and medical emergencies at all levels of healthcare in the country would also be required.
As we deliberate on the chosen theme, it is important for the College to explore innovative ways , including P ublic-Private Partnerships with the government , to ensure local vaccine production in the country.
Lessons learnt from the unavailability and unequal distribution of C ovid-19 vaccines in developing countries at the peak of the crisis should drive this process.
The role of doctors and various teams across the health sector in helping Ghana manage the Covid-19 pandemic cannot be overemphasised.
The commitment, decisiveness, and sacrifice of health professionals was highly commend able and helped manage the pandemic effectively, with Ghana experiencing low mortality rates.
Without the support of the Ghana College of Physicians and Surgeons in churning out highly-qualified health professionals and specialists, who selflessly contribute to the national development agenda, the story would have been different.
We therefore say, “Ayekoo!”
to the College.
This notwithstanding, there is still room for improvement, especially in the acquisition of appropriate technological infrastructure and logistics that will guarantee continuous training of residents even during such global challenges.
It is , however, gratifying to note, Mr.
5 Chairman, that the College is seeking collaborative opportunities with various international institutions, so r esidents can gain international exposure during training.
This is highly commendable.
Bank of Ghana’s Commitment to Support the Maintenance of Health and Post Graduate Training 11.
Chairman, the Bank of Ghana plays a critical role in the national development agenda, which includes healthcare.
In pursuit of the price stability mandate to boost economic growth and development, the Bank indirectly supports the general wellbeing of the population.
The correlation between improved growth and development, and increased life expectancy of the population and declining infant mortality, is well documented.
Periods of strong growth in Ghana are often associated with improved social indicators.
For instance, life expectancy increased from 57.2 years in 2000 to 64.3 years in 2020, a period during which the economy recorded significant improvements.
In addition, the Bank supports the healthcare sector directly through its Corporate Social Responsibility (CSR) policies.
Driven by the vision to become an excellent and well-respected institution by stakeholders, the Bank places a strong emphasis on working responsibly, and aims to cultivate an ethos of generosity and compassion to drive the achievement of positive social values.
This is the cornerstone of the Bank’s Corporate Social Responsibility (CSR) policy guidelines, which has four (4) priority areas, namely:  Funding Education;  Funding Healthcare;  Humanitarian Assistance and Social Services; and  Collaborative Programmes and Support for Institutions.
(Imbedded in this priority area is support for quality and preventive healthcare to all sections of the society.)
The most notable contribution that the Bank has made in the healthcare delivery process in Ghana is the establishment of the Bank Hospital Limited, which provides state -of-the-art healthcare facilities to the public.
The Bank Hospital is fully equipped to undertake Laparoscopic Surgery, Kidney Transplantation, Cardiac Catheterization, and Dialysis, among others.
Over the years, the Bank has made significant contributions to healthcare delivery , with investments in health infrastructure at the University of Health and Allied Sciences, (UHAS) and the Ghana Infectious Disease Centre at Ga East Municipal Hospital.
Other institutions that have received support from the Bank include:  University of Ghana Medical School,  Korle Bu Teaching Hospital,  Yawhima Health Centre,  Tainso Community Health Clinic,  Half-Assini Government Hospital,  West African College of Physicians (WACP), Ghana Chapter, and  Takoradi Hospital.
The Bank has also supported public health institutions, such as Korle Bu Teaching hospital and the University of Ghana Medical Centre, with essential laboratory and imaging equipment to promote health care.
Going forward, the Bank will remain committed to these Corporate Social Responsibilities in healthcare and health education.
Specifically, the Bank will support collaboration between the Bank Hospital and the Ghana College of Physicians and Surgeons to develop capacity in Laparoscopic surgical techniques and kidney transplantation, and other specialised areas in the health field, among others.
Chairman, Ladies and Gentlemen, economic and financial stability depends basically on a healthy workforce as demonstrated so strongly during the Covid-19 Pandemic.
We congratulate the Ghana College of Physicians and Surgeons for their contribution in keeping a healthy workforce and their management of diseases which remains the bedrock on which human lives depend without which our quest for growth and development will be elusive.
On this note, I wish to congratulate all newly -qualified doctors and fellows once again.
CHARTERED INSTITUTE OF BANKERS, GHANA 2022 ANNUAL BANKERS' DINNER/GOVERNOR ’S DAY KEYNOTE ADDRESS BY DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA 2ND DECEMBER 2022 ACCRA INTERNATIONAL CONFERENCE CENTRE 1 President of the Chartered Institute of Bankers (CIB), Members of the Governing Council of CIB, Chief Executive Officers of Banks, Associates and Fellows of CIB, Distinguished Guests, Ladies and Gentlemen, 1.
It is always a pleasure to join the banking fraternity to crown the week-long celebrations of the Chartered Institute of Bank ers.
Let me thank the President and Council Members of the CIB for the excellent work on organising these activities year after year.
As the tradition goes, this Annual Dinner, code named the ‘Governor’s Day’, provides a unique platform to unwind in a relaxed atmosphere, reflect on the economic and banking sector developments throughout the year, and strategize for the year ahead.
To move the process along, this keynote address will focus on where we have come from as a country, assess the current economic and banking environment, and provide some guidance on the outlook.
Current economic developments and outlook 2.
Distinguished Ladies and Gentlemen, same time last year, there was some optimism that the Covid-19 pandemic was ebbing, with expectations of a stronger recovery in 2022.
To a large extent, the prevailing accommodative policy mix instituted in 2020 was still prevalent and contributed significantly to a faster pace of economic recovery from the lingering effects of the pandemic.
Although Ghana weathered the pandemic well, there were unintended consequences of the policy actions taken.
First, the economy had to contend with the global spillover effects in terms of slower growth, which had depressed crude oil prices, and led to loss of fiscal revenues on the domestic front.
Secondly, the unintended consequences of the expansionary fiscal policies during the pandemic evolved into widened budget deficits and large financing gaps.
And, finally, the resultant higher domestic and external borrowing requirements culminated into debt sustainability concerns .
These developments , coupled with external shocks, subsequently changed the course of the Ghanaian economy in 2022.
Ladies and Gentlemen , no sooner than we entered the year 2022 that the Russia - Ukraine War broke out, and coupled with the aforementioned emerging weaknesses, set off a chain of events with adverse consequences on the domestic economy.
To start with, the unfolding events heightened global economic uncertainty , unsettled commodity markets, especially energy and food, which erupted into an inflation wave sweeping across various countries.
With inflation reaching historically high levels, c entral banks, led by the US Federal Reserve aggressively hiked policy rates, resulting in tight global financing conditions and a stronger US dollar against major international currencies.
These developments resulted in sharp portfolio reversals , which spilled over into currency pressures and imported inflation, especially in emerging markets and frontier economies.
As the sp illovers from the global economy filtered through, the Ghanaian economy was confronted with sovereign downgrades due to fiscal sustainability concerns.
As a result, the implementation of the 2022 Budget came under severe stress, characterised by revenue shortfalls, expenditure rigidities, lack of access to the international capital market to fund the budget, uncovered auctions and non-resident portfolio reversals.
All these acted in concert to create a huge financing gap, and with lack of external financi ng opportunities, the financing pressures landed on the Bank 3 of Ghana’s overdraft facility available to Government for short term cashflow management, without which the Government would have had difficulty in meeting its obligations.
During these difficul ties, the country’s credit ratings suffered consecutive sovereign downgrades through to November 2022 by the three global rating agencies of Fitch, S&P and Moody's.
This implied that the country was technically blocked from borrowing on the international c apital market , which t riggered sharp portfolio reversals and triggered intense volatility on the foreign exchange market .
With increased demand for foreign exchange amid supply constraints , the Ghana cedi weakened significantly .
This together with the speculation of a possible debt restructuring which led to portfolio rebalancing in favour of foreign currency holdings as against Ghana cedi denominated assets , led to the Ghana Cedi cumulatively depreciated by 54.2 percent, against the US dollar, in the y ear to November 2022, compared with 2.7 percent depreciation in November 2021.