ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
However, your decision to issue an Executive Instrument to acquire the land for the Public Good—seeing this as a national monument—paved the way for this project to commence.
Over the past 67 years in operation, the core functions of the central bank have expanded, both in terms of scope and number of functions, following the f ast-changing domestic economic landscape and increasing integration with the global financial architecture.
For example, the scale of issuing and redeeming currency in the 1950s pales in comparison to the same operation in today’s economy.
The number of regulated financial institutions has increased from less than 5 individual institutions in 1957 to over 830 institutions and across many institutional categories presently.
The number of branches of regulated institutions , personnel and systems that must be supervised have expanded significantly; and we cannot ignore the monumental evolution of banking services , the corresponding increase in the number of consumers of those services, and technological advancements that have changed the financial service ecosystem in Ghana , bringing on board licensing and supervision of mobile money operators and Financial Technology firms (Fintechs).
As you may be aware, Bank of Ghana has multiple offices in the city of Accra, and with a strategic plan to harmonise all 5 | P a g e these operational units at the headquarters under one roof, this new head office provides us with the opportunity to better streamline our operations, improve communication, reduce costs, and create the needed synergies for efficiency.
Features of The Bank Square 11.
Distinguished Guests, THE BANK SQUARE was designed with the future in mind and stands as one of the most important modern civic landmarks in the city of Accra and for that matter, our nation.
This building will play a pivotal role in shaping Ghana’s identity as leading force in Africa’s financial ecosystem, symbolizing Ghana's growing influence as an economic powerhouse on the world stage.
By commissioning th is product of the imagination of an internationally celebrated architect, Sir David Adjaye, a proud son of Ghana, we are boldly affirming our commitment to investing in the nation’s future.
His architectural firm, Adjaye Associates, has created this enduring masterpiece —one designed to withstand the test of time and serve as a beacon of Ghana’s revitalization for generations to come.
This architectural form reflects the Bank’s role as a regula tory authority and affirms its importance within the nation’s economic framework.
6 | P a g e 14.
Standing at 100 meters, it is not only the tallest building in Ghana, but also the most sustainable EDGE Advanced structure of its size in the country and in the sub-region.
This landmark complex is entirely powered by its own harvested solar energy, setting a new standard for environmentally conscious civic and public buildings across Africa.
Together, the four buildings will accommodate over 2,500 staff and alongside offices and public banking facilities, there is a currency museum, conference and press amenities, 1,500 seat auditorium and rooftop terraces.
Despite all the innovative features of the building, by acquiring the services of local partners, the Management of Bank of Ghana has ensured that the value for money assessment of this project can boast of a lower cost per square meter than comparable projects in Accra.
In addition, t he construction of THE BANK SQUARE has provided an invaluable opportunity for hundreds of local workers to upskill their trades and crafts.
It has equipped them with expertise to create buildings that set new standards in sustainability and craftsmanship, positioning them at the forefront of modern construction in Africa.
Your Excellency, this is a civic building in the heart of Accra, that is designed to honour, shape and celebrate the future of Ghana.
This state-of-the-art facility will foster creativity, collaboration, and efficiency, and undoubtedly it will enhance productivity in the Bank and further drive our success.
We envision this building as a hub for innovation, where more groundbreaking ideas will be born and nurtured.
It will be a place where our new generation of officials will thrive and achieve new heights in modern central banking.
7 | P a g e Appreciation, Expectations and Conclusion 17.
I am personally elated but also humbled to see this national monument completed during my time in office.
I want to express my sincere gratitude to you, Your Excellency Mr.
President, for your immense support to get our hands to the wheels of this project and for your assistance in the acquisition process of the land.
I also appreciate our dedicated team who worked tirelessly to bring this project to fruition.
Their hard work and commitment have made this day possible.
We are also grateful to our valued stakeholders who have supported us throughout this journey.
Special credit to Goldkey Property Limited, the General Contractor, Adyaye Associates, the architects and interior designers; Mr.
Hayford, the Employer’s representative and the lead consultant of Multicad, Brix Landscaping, who served as the landscaper architects; Green Design Africa for the sustainable features; ESPco the structural and civic engineers;, and last but not the least , Inhabit, the Façade engineers.
We applaud your dedication, professionalism, and teamwork that has resulted in this iconic structure.
We say Ayekoo to you!
To my colleague members of the Board, deputy Governors and staff of the Bank, I know you all share with me the feelings I have expressed.
Let us all embrace the opportunities that lie ahead and work together to make this new head office build on the successes of the old one.
This new headquarters of the Bank of Ghana —THE BANK SQUARE — 8 | P a g e should serve as a new instrument to help us effectively play the role as a transformative economic agency.
In conclusion , Your Excellency Mr.
President, Ladies and Gentlemen, as I earlier mentioned since 1957, our head office has been located on that popular spot on the No.
1 Thorpe Road, off the J.E.A Mills High Street.
After 67 years of meritorious service to the economy, today’s ceremony will officially retire the old head office building.
Therefore, after today’s commissioning, our official address for Bank of Ghana Head Office will change to “The Bank Square, Number 42 Castle Road”.
As we step into this new chapter, I am filled with optimism that this building will remain a significant investment in our collective future as a nation.
This will also push the Bank towards new frontiers in central banking and demonstrate what we as a nation are capable of achieving.
We remain committed to delivering on our mandate , and this new facility should enable us to do so effectively.
Once again, thank you for celebrating our new address with us.
God bless Ghana and God bless us all.
2024 Africa Caucus Meeting with the Managing Director of the International Monetary Fund, Kristalina Georgieva Theme: Overcoming Fiscal Challenges in Africa Remarks by Dr.
Ernest Addison Governor, Bank of Ghana Washington, D.C., USA 22 October 2024 Thank you, Chair.
I appreciate the opportunity to speak today on behalf of my fellow Governors on the critical theme of “Overcoming Fiscal Challenges in Africa”.
My sincere gratitude to Managing Director , Kristalina Georgieva, for her outstanding leadership and support to Africa.
The continent faces numerous fiscal challenges, including debt vulnerabilities, weak domestic revenue mobili sation, and limited access to international capital markets, exacerbated by the pandemic, geopolitical tensions, and climate -related shocks.
According to AfDB, Africa needs up to $170 billion annually for infrastructure, with a financing gap of up to $108 b illion.
The rising ratio of interest payments to revenue since the early 2010s has compromised investment in essential services, leaving about half of Sub -Saharan African countries at high risk or already in debt distress by the end of 2023.
Overcoming these challenges requires a multifaceted approach combining domestic reforms with stronger international support.
The African Governors are committed to fiscal reforms, medium - term consolidation, improving public financial management, rebuilding fiscal buffers, and strengthening governance to bolster durable economic growth.
Given Africa’s constrained fiscal outlook, climate risks, and the global environment, these efforts will need increased international cooperation and support from development partners, including the IMF.
To this end, we will highlight a few of the most important topics as they pertain to the IMF today: • First, the IMF’s support should remain flexible, adapting to global conditions and country-specific needs, while ensuring sufficient resources.
In this context, maintaining the high concessionality of the Poverty Reduction and Growth Trust is critical while ensuring adequate financing through all possible options, such as gold sales.
In this regard, it is crucial to highlight that the timing for the resumption of charging interest rates on PRGT funds (tiered interest rate structure) is inappropriate as most PRGT -eligible countries are still facing significant challenges.
Relatedly, the IMF’s charges and the surcharges policy should avoid adding financial burdens on countries facing fiscal challenges.
With the expiry of the Food Shock Window and rising food insecurity, especially in Africa, timely emergency financing through CCRT resou rces and program augmentations is essential.
Intensified fundraising efforts under the second phase of resource mobilisation are paramount.
• Second, a collaborative approach to address Africa’s fiscal challenges is crucial.
We urge the IMF and World Bank to coordinate their support to develop resilient fiscal policies, considering Africa’s diverse needs.
Programs should account for regional specificities to ensure sustainable and impactful reforms that do not disproportionately affect vulnerable populations.
The IMF should leverage its catalytic role and convening power to deepen dialogue with regional MDBs for additional concessional finance and grants, aiding debt restructuring for members at high risk of debt distress.
• Third, we call for tailored and enhanced technical support from the Fund and other international partners to strengthen institutional capacity in Africa.
This is a key prerequisite to address the underlying causes of fiscal challenges and other bottlenecks to achieve durable and inclusive economic growth in member countries.
To this end, a stronger partnership between the IMF and the Africa Peer Review Mechanism would help boost institutional capacities for country -specific fiscal governance and economic reforms across Africa, and enhance the framework for identifying, managing, assessing, and integrating fiscal risks and debt sustainability.
• Finally, we urge the IMF to continue to lead in debt restructuring and relief efforts for heavily indebted countries.
In this respect, the Global Sovereign Debt Roundtable (GSDR) should ensure swift, fair, and effective debt resolution under or outside the G20 Common Framework, focusing on providing timely debt relief for the most vulnerable countries.
At the same time, we call for greater private sector involvement in the Common Framework to ensure Comparability of Treatment and faster progress on debt res olution initiatives.
The Fund, through the GSDR, should also explore innovative financing solutions —such as blended finance, and debt-for-climate swaps via enhanced RSF —to address both the continent’s debt vulnerabilities and climate change risks.
Joint Press Conference for the 2023 -2026 ECF Third Review Mission Remarks by Dr.
Ernest Addison Governor, Bank of Ghana 4th October 2024 1.
Thank you very much, Stephane.
Over the past few weeks, we have collaborated and worked hard and provided the needed information to the IMF team to enhance discussions on the economy and help complete this third review process.
We are grateful for the maximum cooperation as we end the Mission, which should hopefully, lead to approval at the IMF Executive Board level and the release of another tranche of IMF support.
I will focus on a few key issues which were also discussed in the context of this review mission.
The first issue is on our inflation mandate.
As you are all aware, the Bank of Ghana is fully committed to bringing inflation back within our single digit objective and presently, the inflation outlook is broadly supportive and positive.
By the end of the first quarter, inflation was reported at 25.8 percent.
This dropped to 22.8 in second quarter and eased further to 20.4 percent at the end of August.
T he latest inflation number release d on Wednesday for the end of the third quarter saw a marginal uptick in inflation to 21.5 percent on the back of a sharp increase in food prices.
The Bank will continue to monitor these developments and maintain the necessary monetary policy stance to ensure that inflation stays within the target over the medium term.
Let me note that it is not unusual to see intermittent upticks in inflation.
The key is in the trends in the inflation.
The Bank of Ghana however, will ensure that we stay the course of the sound underlying macroeconomic policies.
In this regard, BoG and MoF will implement an appropriate monetary-fiscal policy mix to deliver sustainable growth in a stable environment.
We will continue to focus on building foreign exchange reserves to at least three months of import cover.
This policy focus has been supported by a stronger external sector performance , driven largely by higher gold production, remittances and improved confidence in the economy.
I must add that our Gold for Reserve programme is providing the economy with the much-needed support for this reserve build-up.
This has more than compensated for the lower output from the cocoa sector.
The Bank of Ghana also remains committed to ensuring exchange rate flexibility in the management of our foreign exchange market and help to mitigate shocks.
We have also focussed on our financial stability mandate and continue to monitor progress of banks toward implementing their post debt exchange recapitalisation plans .
Most banks are ahead of schedule in their recapitalisation efforts.
In conclusion, Bank of Ghana will continue to monitor emerging risks in the economy and respond with prudent policy interventions.
This will ensure that our key objective s of safeguarding our price and financial stability mandate are protected and continue to outperform the programme target.
LAUNCH OF ELECTRONIC MONEY ISSUERS CHAMBER OF GHANA REMARKS BY DR MAXWELL OPOKU-AFARI FIRST DEPUTY GOVERNOR BANK OF GHANA ACCRA MARRIOT HOTEL OCTOBER 3, Representative of the Ga Mantse, Nii Noi Quao Donkor, Senior Divisional Chief of Asene, Director General of Securities and Exchange Commission, Rev.
Daniel Ogbarmey Tetteh CEO/Chairman of EMI Chamber Chairman of Ghana Chamber of Telecommunications CEO, GhIPSS The Board of Directors and CEO of the EMIs Chamber of Ghana, Distinguished Guests, Ladies and Gentlemen, Good morning.
It is a n honour to be here today to celebrate the official launch of the Electronic Money Issuers Chamber of Ghana.
This launch marks a significant milestone in Ghana’s journey towards a more inclusive and digitally driven financial system, with particular emphasi s on the mobile money sector.
I want to extend my appreciation to the Chamber for inviting me to deliver this keynote address, as we come together to recognize the importance of electronic money issuers in shaping the future of financial services in Ghana.
Today’s launch signals the beginning of a new chapter in our digital financial landscape, where collaboration, innovation, and advocacy will work closely to increase financial inclusion, improve the efficiency of our payments systems, and create opportunit ies for economic growth.
It is therefore imperative to reflect on the transformative evolution of mobile money financial services and how these advancements have shaped and continue to shape the world around us.
Over the years, the Bank of Ghana has consistently held the view that a robust and dynamic mobile money industry was to be anchored on the safety and resilient base of the Ghanaian banking sector.
The wisdom in this approach is now evident not only by the state of the mobile money industry today, but in the pivot that some markets are still grappling to make.
Ladies and gentlemen, the advent of financial technology has been one of the most transformative developments which has fundamentally redefined the way we transact, interact, and access financial services.
In Ghana, the phenomenon of physical cash transactions and long queues at the bank has now been replaced by efficient, safe and convenient mobile money services.
With almost twenty -three (23) million active mobile money wallets, this industry has afforded millions of Ghanaians accessible payment services, which has been leveraged on and served as a vehicle to usher them into the deeper offerings of the broader financial sector such as insurance, pensions and investments.
Similarly, the membership of your Chamber has provided employment opportunities to the teeming unemployed youth.
This is evidenced by the presence of over eight -hundred thousand (800,000) registered agents contributing a float account balance of twenty-two billion cedis (GHS 22BN) held by banks in the country.
This rapid growth in mobile money services is a testament to how deeply integrated digital financial services have become in our daily lives.
The Ghana Interbank Payment and Settlement Systems (GhIPSS) has also played a critical role in advancing the count ry’s digital payments landscape.
Platforms such as the Mobile Money Interoperability, amongst others have enhanced the efficiency, security, and convenience of financial transactions.
The introduction of Mobile Money Interoperability has allowed seamless t ransfers between mobile money platforms and traditional bank accounts, further facilitating financial inclusion.
We should, therefore look on with pride, and in equal measure be inspired, by the over 90% financial inclusion rate according to the 2021 FinScope Report.
Distinguished guests, the erstwhile Chamber; the Ghana Telecommunications Chamber has been a key player in the evolution of the digital finance ecosystem.
Since its inception, the Chamber has represented the interests of Mobile Money Operators to advocate for the growth of mobile money financial services and internet services, which have been fundamental to the success of mobile money services in Ghana.
As we gather today to inaugurate the Electronic Money Issuers Chamber of Ghana, it is important to recognize the need for a dedicated body to represent the interests of electronic money issuers.
The timing of this launch is particularly significant given the rapid expansion of digital financial services and the increasing role of mobile money in the financial ecosystem.
The digital payments industry has matured to a point where the unique challenges, opportunities, and risks faced by electronic money issuers require specialized advocacy and coordination.
While the Ghana Telecommunications Chamber has played a crucial role in the broader telecommunications space, the complexities of the digital finance sector warrant a dedicated body to represent the specific interests of EMIs.
It is imperative that I acknowledge the longstanding history of productive engagements between the Bank and th e Chamber.
It is upon our model collaboration that the Bank has fashioned out several key policies including the Electronic Money Issuer Guidelines 2015, the Payment Systems and Services Act, 2019 (Act 987) and the Inward Remittance Guidelines.
When called upon during the scourge of the Covid -19 pandemic, you responded to the dire needs of the country in spite of its financial and operational burdens on your members.
When the Bank set its sights on convening the world at the 3i Africa Summit, you fully availed your chamber as an integral partner for the planning and execution of the enormously successful event.
My mini montage of our symbiotic relation would be incomplete without the due acknowledgement of your deep commitment and impactful contribution on the Payment Systems Advisory Committee.
We continue to count on our enduring partnership, particularly as we embark on a journey to collaborate with fellow central banks to explore pathways to achieve an interconnected Africa, where seamless payments promote borderless trade.
We look forward to working closely with the EMIs Chamber to create a future where every Ghanaian, regardless of their location or socioeconomic status, has access to affordable and convenient mobile money financial services.
I encourage you therefore, to remain steadfast in your commitment to compliance, particularly with cyber security, AML/CFT & PF and consumer protection requirements, to ensure the safe development of a sustainable, innovative and inclusive financial sector.
I congratulate the leadership and members of the EMIs Chamber on this remarkable achievement and assure you of Bank of Ghana’s continued support for this industry.
LAUNCH OF GHANA GOLD COIN REMARKS BY DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA 1.
Ladies and Gentlemen, Distinguished Guests, I am honoured to launch the Ghana Gold Coin (GGC), a development which marks a significant milestone in the Bank of Ghana's history.
This initiative is a testament to our unwavering commitment to deepen financial markets by offering other avenues for savers to invest.
It also serves as a significant reminder of our nation’s rich gold heritage.
The G GC is a coin manufactured from dore gold that has been refined to 99.99% purity, which gives the coin the original gold colour.
The GGC is issued and guaranteed by the Bank of Ghana and is available in three different sizes: namely 1 oz Coin , 1/2 oz Coin and 1/4 oz Coin to suit different investment needs.
Each coin has the Ghana Coat of Arms in front and the Independence Arch at the back.
The packing includes the gold coin, a wooden storage box, a transparent coin holder and a certificate of ownership.
Economic benefits of the GGC issuance 3.
The G GC issuance enables the BOG to mop up extra cedi liquidity in the banking sector and will supplement the use of the Bank of Ghana Bills and overnight depo for our open market operations.
The GGC gives savers resident in Ghana an additional avenue to invest and reap the benefits from the Bank of Ghana’s domestic gold purchase program .
Gold has shown remarkable resilience as a financial asset and can serve as a natural hedge during periods of economic turbulence.
The issuance of the GGC democratises access to this enduring financial asset, enabling residents to diversify their financial portfolios.
Features of the gold coin 5.
For now, the GGC can only be purchased in Ghana through a commercial bank using the Ghana Cedi, and the basis for pricing will be the previous day London Bullion Marketing Association (LBMA) Auction PM Price.
The applicable transaction exchange rate for pricing of the GGC shall be the United States Dollar against Ghana Cedi rate quoted using the previous day close Bloomberg REGN Mid-Rate.
The price of the GGC will be published on the Bank of Ghana website daily by 9:00am GMT and applicable charges will apply.
A holder of a GGC can sell the coin to a commercial bank , the Bank of Ghana stands ready to buy and resell in situations where a commercial bank is not able to purchase a coin.
Gold used for the manufacture of the G GC are from traceable, responsibly mined sources in Ghana in line with the BoG’s Responsible Gold Sourcing Framework.
Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) safeguards are in place to ensure that the buying and selling of the GGCs is devoid of criminal financial activities.
The BoG will publish a Questions and Answers document to provide more insight into the GGC issuance.
The issuance of the GGC is a testament to our commitment to innovation, deepening of our financial markets and providing more avenues for residents to invest in Ghana.
Long Live Ghana!
and make our nation great and strong!
27 September 2024