ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
Before starting, let me acknowledge the major stakeholders, namely, Development Bank Ghana, in partnership with the Monetary Authority of Singapore through its subsidiary, Elevandi, organisers of the globally acclaimed Singapore Fintech Festival (SFF), who have supported the Bank of Ghana in organising this event.
The theme for this summit , “Unleashing the FinTech and digital economic potential of Africa” captures the vision of Africa in a digital world and the essence of our collective endeavours for the next three days.
This forum, presents a unique opportunity for private and public sector stakeholders to explore, discuss, and interrogate technological advances, FinTech innovations, and financial sector policies to revamp the digital financial services industry in support of Africa’s socio-economic transformation.
Distinguished Guests, the rapid evolution of technology has impacted all facets of life globally.
For the financial sector, actualisation of novel technologies in the payment ecosystem has revolutionised business transactions, reshaped customer behaviour, and redefined the nature of commerce.
Presently, we stand on the precipice of a global digital era, especially with artificial intelligence, and there is now a sense of urgency for Africa to accelerate the digitalisation agenda through the 3is of innovatio n, investment, and impactful policies to boost economic growth and development.
As Africans, we have an advantage in the digitisation race based on the bulging and tech- savvy youthful population, the high mobile phone penetration, the consistent expansion of mobile network access coupled with the rising homegrown FinTech solutions.
These factors have provided fertile grounds to accelerate the digitalis ation agenda across the continent.
While these are commendable, it is important to note that lack of requisite investments in African FinTechs could slow the pace of innovation and scalability of solutions in achieving the desired impact of a digitised Africa.
The general lack of investor visibility is a major challenge for most local FinTechs.
Without sufficient capital, brilliant ideas, and prototypes of FinTech startups solutions with the potential to address the diverse financial service needs fail to progress to production.
The regulatory aspect is another major reason not to ignore the issue of deficient funding in the FinTech space.
FinTechs should have the ability to navigate regulatory requirements and meet compliance standards, which we all agree are non -negotiables, especially in Africa’s financial industry.
Hence, the need to address the information gap between investors and FinTech startups to stimulate the payment ecosystem.
Against this background, t he goal of the 3i Africa Summit is s imple, yet audacious, and that is to share the African FinTech narrative, discuss the opportunities and challenges on how to employ digital technology, as well as enhance collaboration among policymakers, investors, and innovators to advance the economic prosperity of the African continent and its partners.
We all acknowledge that the l ast two decades has been eventful for Africa’s financial service industry.
High mobile phone penetration coupled with a pool of local technology talents has resulted in various FinTech solutions that have expanded access to financial service to the unbanked and the underserved.
Mobile money, a gamechanger product that is central to most digital payment innovations in Africa countries is enabling e-commerce and serving as an affordable solution for merchant acceptance of digital payments.
Micro, small and me dium sized enterprises (MSMEs) now have online presence, which has enabled them to expand their market reach outside the localities of operations.
These developments, emerging from a thriving Fintech sector, are based on the conducive environment created by the widespread regulatory reforms and modernisation of payment system infrastructure, including mobile money interoperability.
With regards to intra - Africa trade, the Pan -African Payment and Settlement System ( PAPSS) has been developed to support free trade across the continent in line with the objectives of the Africa Continental Free Trading Area (AfC FTA).
This will enhance both domestic and cross - border payment systems and empower MSMEs by facilitating access to financing opportunities and broader domestic and global markets.
Distinguished Guests, we need to have fashioned out concrete initiatives and partnerships by the end of this 3i Summit to achieve tangible policy outcomes that will, • Enable affordable and safe instant cross-border payments.
• Empower FinTechs to drive Africa’s economic transformation agenda by committing to a sound regulatory environment.
• Advance digital public infrastructure, and finally, • Explore the role of FinTech in bridging the financing gap for SMEs , including the creative arts industries.
Distinguished Guests, the need to foster innovation and investment across diverse sectors is central to the various discussions that will go on in the next three days.
The deal room and pitch fest will serve as platforms for entrepreneurs and investors to explore mutually beneficial partnerships, driving innovation forward and fuelling economic growth.
Also, discussions on the use of Fintech for inclusion should remain paramount to ensure that the benefits of technological advancement s are accessible to all segments of society.
By harnessing the power of financial technology, we can bridge the gap and empower marginalized communities, advancing towards a more inclusive and prosperous future.
The inclusion of sessions dedicated to Women in Tech reaffirms our dedication to diversity and gender equality in the digital landscape and bears witness to t he invaluable contributions of women entrepreneurs and innovators, and we must continue to create an environment that nurtures their talents and aspirations.
As stewards of responsible finance, discussions on Environmental, Social, and Governance (ESG) principles are vital.
The investment decisions must integrate the ESG principles to ensure that actions taken today can pave the way for a better and sustainable tomorrow.
The AgriTech sector also holds immense promise to drive agricultural transformation and food security across the continent.
By leveraging technology, we can promote sustainable practices, empower rural communities, and enhance productivity, thereby unlocking the full potential of Africa's agricultural sector.
Lastly, the Founders' Peak provides a platform for visionary leaders to share insights and experiences to inspire the next generation of entrepreneurs and innovators.
In conclusion, Distinguished Guests, let me urge everyone t o engage in open and constructive dialogue, exchange experiences, ideas, and best practices , while exploring new opportunities for investments and partnerships.
Together, let us seize this moment over the next three days to unlock Africa's true potential and usher in a new era of sustainable growth and development.
I extend my sincere gratitude to DBG, Elevandi, sponsors, and participants for the commitment to this worthy cause.
Together, let us work so that this 3i Africa Summit serves as a catalyst for a positive digitalisation change that will resonate across Africa and beyond.
Thank you and may these three days leave a lasting impact on the future of our continent.
I urge you all to also take some time off to sample the many delights Ghana has to offer outside this conference facilities.
LAUNCH OF THE COMMERCIAL PAPER MARKET IN GHANA KEYNOTE ADDRESS BY DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA 10TH MAY 2024 AFRICA TRADE HOUSE, ACCRA The Managing Director of the Ghana Stock Exchange The Deputy Director-General of the Securities and Exchange Commission GSE Council Members The Chief Executive Officer of the Central Securities Depository Representatives of various stakeholder institutions Members of the Press Ladies and Gentlemen, Good morning.
First, I would like to thank the Acting Chairman and members of the governing council of the Ghana Stock Exchange, the Managing Director, and organisers of this programme for inviting me to this special launch and outdooring of the Commercial Paper Market in Ghana.
Let me also thank all the various stakeholders who have worked assiduously to make this launch possible.
I acknowledge the leading roles played by Stanbic Bank Ghana and Bentsi- Enchill Letsa & Ankomah for collaborating with the Ghana Stock Exchange (GSE) t o develop a framework towards the effective operation of a commercial paper market in Ghana.
Distinguished Guests, the unique role played by the financial sector and the capital market in developing Ghana’s economy cannot be overemphasized.
It is for this reason that the Bank of Ghana has partnered with the Ghana Stock Exchange , since its establishment in 1990, to provide an efficient securities market that grants access to capital and investment for economic development.
Throughout these years, the Stock Exchange has spearheaded several innovative projects to improve the depth of the capital and financial markets.
For instance, in May 2021, the Exchange launched a 10-year strategic Capital Market Master Plan (CMMP) to deepen the capital market, make it more efficient, and ensure that it is well-regulated and attractive for local and international investors.
Today, we are gathered here to witness one of the outcomes of this plan.
Ladies and gentlemen, Ghana has gone through some economic challenges in recent times.
Global developments combined with domestic factors led to financing pressures, a depreciating domestic currency, declining international reserves, slowing economic activity, and high inflation.
Faced with these economic challenges and heightened uncertainty, the government of Ghana requested for and received a 3 -year IMF supported Extended Credit Facility (ECF) of US$3 billion, to help restore macroeconomic stability and debt sustainability.
As we all know, one of the economic reforms under the programme was for the government to restructure its debt.
Consequently, the government embarked on a painstaking Domestic Debt Exchange Programme where some domestic government debt was restructured to help restore debt sustainability.
This development significantly impacted the financial sector and threatened investor confidence.
Indeed, the investment climate for both retail and institutional investors became limited, the reason why I would like to commend the Ghana Stock exchange for introducing the Commercial Paper Market to support the development of Ghana’s capital market.
With this launch, Pillar 1 of the CMMP, which is to improve the diversity of investment products and liquidity of the securities market has been achieved and I am optimistic that this will lay the foundation for achieving the remaining three pillars of the 10 -year strategic Capital Market Master Plan.
Distinguished Guests, with the introduction of the Commercial Paper market in Ghana, the plan to diversify the investment space and investor base is now fully on course.
My understanding is that, in line with pillar four (4) of the CMMP, the Securities and Exchange Commission has also approved the Commercial Paper Issuance and Admission Rules to help regulate the Commercial Paper Market.
This is good progress, which should spur the achievement of the overall objectives of the 10-year strategic plan.
We, at the Bank of Ghana, are particularly excited about these developments because having a vibrant commercial paper market bodes well for diversity for both short -term lenders and borrowers and complements the traditional sources of investment products for investors.
Ladies and gentlemen, a vibrant commercial paper market provides businesses with additional avenue to raise short -term capital quickly and efficiently.
This diversification helps small and medium scale enterprises (SMEs) and emerging businesses struggling to access traditional financing channels.
Therefore, the launch of a formal Commercial Paper Market has come at the opportune time to create new investment opportunities for institutional investors, such as pension funds, insurance companies, and asset management firms.
This will also instil market confidence in the product and give protection to investors.
It is important to note that the commercial paper market has existed for some time, but it remains small relative to its potential, with limited avenues for trading.
So, the Ghana Stock Exchange deserves commendation for spearheading efforts to revamp th is unique commercial paper market in Ghana.
The benefits of a thriving commercial paper market are manifold and should serve as a catalyst for greater innovation within the Ghana Stock Exchange.
Success in this regard will boost the development of an active and liquid bond market, enabling firms to issue long-dated securities.
Given the increasingly pressing global issue of climate change, I encourage the GSE to also consider implementing rules conducive to the introduction of Green Bonds or the trading of carbon credits.
Ladies and gentlemen, let me say here that the economic headwinds that weighed on the recovery process are gradually easing, and has provided a conducive environment to launch this product.
So far, the market has been calm, backed by some recent debt servicing by the government.
On various due dates, the government has paid all cash coupons and Payment-in-Kind (PIK) coupons on the DDEP Bonds.
The government has also paid all individuals who opted out of the DDEP exercise.
The government has started paying institutional holders who did not participate in the DDEP.
In the last two (2) weeks, about GHS200 million was paid to institutional investors.
Economic activities are picking up.
The Bank’s high-frequency real sector indicators point to a continued pickup in economic activity in 2024.
The Bank’s latest confidence surveys reflected sustained improvements in business sentiments.
Headline inflation has remained broadly stable since December 2023.
Fiscal performance points to some consolidation, as the 2023 targets were broadly met.
The exchange rate has been generally stable until recent weeks when some headwinds have been observed in segments of the market, but this is given much attention as the Bank has built-up enough reserves to tackle the pressure on the market.
The banking sector’s performance has also rebounded after the DDEP.
This notwithstanding, credit to the private sector by banks has remained weak.
In response to this and to anchor inflation expectations, the Bank of Ghana introduced the dynamic Cash Reserve Ratio (CRR), which is dependent on bank’s loan-to-deposit ratio.
This strategy by the Bank is to create incentive for the banks to undertake effective intermediation of their resources in support of the economy, while at the same time mopping up excess liquidity in the system to support the disinflation process.
The introduction of the Commercial Paper Market is, therefore, a step in the right direction to augment the efforts of the Bank of Ghana towards addressing the financing gap within the private sector.
Ladies and gentlemen, the Bank of Ghana stands ready to collaborate on policy and operational matters needed to drive innovation in the commercial paper market space.
Additionally, we remain steadfast in our commitment to enforcing regulations to uphold the integrity of our banking system.
The recent sanctions imposed on certain banks for violating FX laws underscore the importance of vigilance and dedication from all participants in the financial sector.
Without a collective commitment to a rule -based operating financial environment, we ris k undermining the trust and credibility essential for a world-class financial system.
Therefore, I urge the Ghana Stock Exchange to strictly enforce the regulations pertaining to commercial paper issuance.
The Exchange should always strike a fine balance between creating an environment where issuers can be innovative without flagrant disregard for market conduct rules.
Upholding these rules is imperative for fostering investor confidence and facilitating the anticipated growth of the commercial paper market.
In conclusion, let me once again thank the leadership of the Ghana Stock Exchange and the organizers for the invitation to share these few words at this launch of the Commercial Paper Market .
I also want to reaffirm Bank of Ghana’s unwavering commitment to collaborate with the Ghana Stock Exchange in advancing Ghana's financial system.
Thank you and I wish you a successful launch.
LAUNCH OF THE COMMERCIAL PAPER MARKET REMARKS DR.
MAXWELL OPOKU-AFARI FIRST DEPUTY GOVERNOR, BANK OF GHANA/ GFIM COMMITTEE CHAIRMAN 10TH MAY 2024 AFRICA TRADE HOUSE, LIBERIA ROAD, ACCRA The Managing Director of the Ghana Stock Exchange The Deputy Director-General of the Securities and Exchange Commission GSE Council Members The Chief Executive Officer of the Central Securities Depository CEOs of Listed Companies CEOs of Invited Companies CEOs of Licensed Dealing Members Members of the Press Distinguished Ladies and Gentlemen As the Chairman of the GFIM Governing Committee, I want to express my gratitude to all those who have contributed to the development of th e Commercial Paper Market, especially the GFIM Technical Committee.
Your hard work and dedication have been instrumental in bringing us to this moment.
The Ghana Fixed Income Market , which began in August 2015 has recorded exceptional growth .
Until recent market developments , the market had been very vibrant with active participation in both government and corporate securities with cumulative volume traded of 845 billion as of April 2024.
As part of its strategic efforts to improve the product offering and to deepen the market, GFIM through a market-led process developed the Commercial Paper Issuance and Admission Rules.
The Rules, developed in line with international standards with the aim of meeting market needs, holds immense potential to grow the debt market and to provide flexible financing and investment platform for businesses and investors alike.
Through this platform, GFIM aims to contribute to national economic development through enhanced access to lower cost of capital, diversification of funding sources, and improved creditworthiness.
This initiative represents a significant milestone in the evolution of our financial markets and the economy at large.
Our next initiative is to develop the Securities Lending a nd Borrowing, and Market Making to add up to the stock of products on the market .
These efforts signify our commitment to making Ghana the financial hub of the sub- region.
As we embark on this journey, I encourage all stakeholders to embrace innovation, promote dynamism, and collaborate towards the success of the Commercial Paper Market.
Together, we can create a vibrant marketplace that serves the needs of our economy and drives sustainable growth.
Thank you once again and I wish you all a successful launch.
NAME CHANGE GALA DINNER OF FBNBANK GHANA LIMITED REMARKS DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA MAY 02, 2024 OMANYE HALL, LABADI BEACH HOTEL The Honourable Minister of Finance, Dr.
Mohammed Amin Adam H.E.
High Commissioner of Nigeria to Ghana, Amb.
Ibok-Ete Ibas The Group MD/CEO of FirstBank Group, Mr.
Olusegun Alebiosu Board and Management of FirstBank Ghana FirstBank of Nigeria Group Executives Staff of FirstBank Valued Customers of FirstBank Media and Invited Guests Good evening, Distinguished Ladies and Gentlemen.
Thank you for the opportunity to be part of this special occasion, and I bring you heartfelt greetings from the entire management team of the Bank of Ghana.
Today, we mark two significant milestone s in FBNBank’s journey, first, to commemorate 130 years of excellence in Banking, and secondly, to witness the official name change from FBNBank Ghana to First Bank Ghana.
Originating from Nigeria, the FirstBank Group has been a distinctive West African premier bank, since1894 .
From inception, the Bank distinguished itself as a customer - focused bank with a mission to provide personalised, efficient, and competitively priced financial products and services for all its stakeholders, regardless of their location.
I congratulate the bank on these achievements over the years.
Let me briefly take you down memory lane, as we reflect on the FirstBank’s story, which is the main reason that we have gathered here tonight.
The Bank, formerly International Commercial Bank (ICB) , commenced operations in Ghana in November 1996.
This followed the acquisition of 100% equity stake by First Bank of Nigeria Limited in 2013 in the West Africa Operations of ICB .
On BOG’s approval, the bank changed from ICB to FBNBank (Ghana) Limited and currently has twenty-two networked branches and two agencies across Ghana.
After 11 years, the bank is taking yet another bold step forward to rebrand as FirstBank Ghana.
Names are symbolic, and the choice of FirstBank Ghana embodies the bank’s commitment to a consistent identity, primarily through aligning with the parent bank’s brand.
Additionally, I am aware that FBNBank, now FirstBank Ghana Limited, suffers from significant brand confusion and mistaken identity with First National Bank Ghana Limited, also known nationally and internationally as FNB.
We all recognize how this could have an impact on the bank’s marketing and brand ing, making it harder for customers to differentiate between two entities.
The Bank of Ghana granted approval for the name change because of these obvious challenges which created some level of confusion.
It is worth noting that the Bank has started implementing a rebranding marketing strategy which is expected to be seamless.
As the regulator, Bank of Ghana is fully committed to remain vigilant in its oversight operations of all financial institutions in Ghana.
Notwithstanding this, Banks have continued to breach guidelines that have been set to ensure that our Banking system remains safe and sound and free from all facets of fina ncial crime including money laundering, fraud, terrorist financing, corruption, market manipulation, insider dealings and cybercrime.
In recent times, the Bank of Ghana had had to apply sanctions and penalties on a few banks because of such breaches.
Let me note that, to protect depositors, while ensuring the stability and soundness of the banking system, the Bank of Ghana will continue to be vigilant to ensure that banks comply with regulatory requirements and guidelines to build trust and confidence in our financial institutions.
Distinguished Guests, the banking sector operations and services are rapidly evolving, driven by financial technology advances.
The emergence of fintechs in the financial ecosystem, and their delivery of innovative financial products and services, has rejuvenated the adoption and diffusion of technology in every sphere of banking sector operations, which have supported the financial inclusion agenda.
Let me use this opportunity to congratulate Firstbank for the work that it is doing in this area.
The latest data on the float balances with the Banks showed that FirstBank placed 6th out of 23 banks in their share of balances held on mobile wallets, supporting various types of transactions, utility payments, school fees payments, insurance products, and their PtoB and PtoP payments.
I would therefore encourage the Bank to strengthen its systems and operations to continuously churn out innovative electronic-driven services and tailor-made products that cover the needs of the unbanked population.
Furthermore, I would like to encourage FirstBank to leverage on the Environmental, Social and Governance frameworks to attract green fund ing to support their lending activities.
For example, the Green Climate Fund (GCF) has allocated US$1.26 billion for climate action in emerging countries.
To access this and other similar funds, I would encourage FirstBank to seek accreditation status by the GCF.
Recently, the Bank of Ghana has issued two exposure drafts on the Outsourcing Directive and a Supervisory Framework on Business Model Analysis.
The guidelines aim to streamline outsourced products and services of banks as well as manage risks inherent in outsourcing banking activities and ensuring the viability and sustainability of the business models of banks , respectively.