ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
On behalf of the Board, Management, and Staff of the Bank of Ghana, I extend a warm welcome to you all.
BANK OF GHANA NOTICE NO.
BG/GOV./SEC/2025/03 SWEARING IN ADDRESS BY Johnson Pandit Asiama (PhD) Governor, Bank of Ghana February 25, 2025 Excellency, The President, Excellency, The Vice President, Honourable Ministers of State, Distinguished Guests, Ladies and Gentlemen It is with profound humility and a deep sense of responsibility that I stand before you today, honoured by the trust that has been reposed in me to serve as the Governor of the Bank of Ghana.
Let me extend my sincere gratitude to His Excellency, the Presid ent and her Excellency the Vice President for this appointment, and to the Council of State for the endorsement of my appointment.
Let me also acknowledge the unwavering support of my family, colleagues, friends, and mentors who have contributed to my career journey thus far.
Under the leadership of His Excellency the President, Ghana is embarking on an economic reset.
This reset is about stabilizing the macroeconomy and addressing key issues such as high inflation, persistent fiscal deficits, and excessive debt levels.
Achieving this stability will require monetary and exchange rate policy reforms, fiscal austerity measures, and debt restructuring to reduce fiscal risks and create a stable economic environment.
Excellency, we are meeting today at a pivotal moment in our nation’s economic history.
The challenges before us require decisive leadership and prudent macroeconomic policies to reset the economy.
Indeed, the Bank of Ghana is a key institution in this age nda to reset the economy and must remain steadfast in its mission to maintain price stability, ensure a sound financial system, and support economic growth.
Your Excellency, as Governor, my focus will be on six (6) priority areas: First, is the need to recalibrate our monetary policy strategy and enhance the policy framework to achieve our mandate more efficiently.
Under my leadership, our policies will be clear, predictable, and responsive to emerging threats.
We shall adopt a more proactive and precise approach to managing inflation, leveraging on advanced data analytics and artificial intelligence.
Also, we shall coordinate policy efforts with other government agencies for example to manage food prices.
We shall be consistent in o ur policy actions to avoid sending conflicting signals as happened in the recent past, and we shall work to enhance monetary policy implementation.
Among others, we shall: • pursue reforms in the inflation targeting framework to foster more transparency and enhance the effectiveness of monetary policy implementation.
• discontinue the use of differentiated cash reserve requirements, and instead rely on open market operations (OMOs) to manage liquidity conditions.
• improve our communication regime and ensure regular dialogue with banks on regulatory matters.
We are confident that current levels of inflation will gradually trend back to target range and within the forecast horizon.
My second priority is on the need to preserve exchange rate stability and limit excessive volatility in the rates.
The days of currency speculation and exchange rate instability must come to an end, and we are poised to ensure this happens.
In this regard, the Bank of Ghana under my leadership will engineer a well -functioning, and stable foreign exchange market to support economic activity.
Among others, we will: • implement strategic interventions, including the enactment of a new foreign exchange law to replace the Foreign Exchange Act 2006 (Act 723).
• implement targeted market operations to eliminate leakages of forex and improve our reserves management.
• deepen our participation in the Pan African Payment and Settlement System (PAPSS), allowing Ghanaian businesses to trade across Africa using local currencies instead of always relying on the US dollar.
• implement further reforms in the remittance space and collaborate with the Fintech and remittance agencies to harness remittances as a major source of FX.
• introduce structured and transparent systems that ensure fair pricing and fair distribution in the forex market.
• leverage our gold reserves and strategic foreign assets more effectively to support the Ghana cedi.
• reform the Bank of Ghana’s Domestic Gold Purchase Programme to improve efficiency, enhance reserve accumulation, and increase transparency in gold transactions.
Excellency, through these measures, we will build a more resilient foreign exchange market that inspires confidence among investors and businesses.
Third among my priority areas is the need to realign our regulatory mandate to promote greater levels of financial intermediation to support economic growth.
While our banking sector remains broadly stable after the recent crises, it requires targeted reforms to address legacy challenges and ensure continued resilience.
Under my stewardship, we shall enforce strict prudential regulations while fostering an enabling environment for responsible lending and innovation in the banking sector.
We shall: • tackle the problem of high non -performing loans (NPLs) and weak risk management practices in the industry.
• work closely with banks to reduce the high incidence of cybersecurity breaches and strengthen capital adequacy requirements.
• update the Banks and Specialized Deposit -Taking Institutions Act, 2016 (Act 930) which was passed during your tenure in 2016, to enhance our resolution framework, and ensure that distressed institutions are effectively managed while maintaining financial stability.
• work with all stakeholders – including banks, financial institutions, technology partners, businesses, and regulators – to ensure that every Ghanaian; from traders to entrepreneurs, benefit from a financial system that is modern, fair, and built to last.
My fourth priority is on the need to boost financial inclusion and innovation to promote inclusive economic growth, reduce poverty, empower individuals, and ensure the stability and competitiveness of the financial system.
It is gratifying to note that Ghana is well -poised to become a regional hub for financial technology and digital assets; and this transformation agenda will be pursued with appropriate safeguards and policies to ensure financial stability, while fostering innovation in the payment ecosystem.
We will: • introduce a digital strategy to adapt to the digital age, improve our operations, and better serve the needs of our stakeholders.
• continue to support initiatives that expand access to financial services, leveraging fintech and mobile banking solutions to broaden the scope of access, especially in underserved communities.
• work with banks, start -ups and international partners to build a stronger digital finance ecosystem - one that supports secured transactions, faster cross border payments and financial accessibility for all.
• work towards a clear regulatory framework for digital assets, ensuring that new financial innovations are introduced in a safe and structured manner.
My fifth priority is on the need to promote greater fiscal and monetary policy coordination while maintaining our operational independence.
The Bank of Ghana operates independently under the BOG Act 2002 (Act 612), and as amended; and we will uphold this independe nce while working collaboratively with government and our international partners.
To strengthen our independence further, we shall enhance key provisions in the Bank of Ghana Act, 2002 (Act 612) and as amended, to ensure that institutional autonomy is not just a legal principle but a practical reality in our policymaking and operations.
We will engage constructively with government and other key stakeholders to always ensure alignment between monetary, fiscal and other policies.
Excellencies, my sixth and final priority area is the need to reverse the Bank of Ghana’s negative equity position to maintain financial stability, credibility, and public trust.
In this vein, we will seek to re-examine the Bank’s non-core operations where savings could be made.
We shall adopt several austere measures to help reduce the Bank’s operational costs and achieve cost efficiency.
Additionally, we will craft very clear policies to return the Bank’s negative equity to positive equity in the medium term.
Conclusion Excellency, the reset path we have embarked on is more than mere sloganeering.
It is about restoring public trust, rebuilding confidence, and ensuring that Ghana’s economy is stable, innovative and ready for the future.
Through responsible financial sector governance, digital transformation, and sound economic policies, we will create an economic and financial system that is transparent, predictable, and stable.
Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity.
As I take this oath of office, I do so with a solemn promise to the people of Ghana.
That is to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana.
In this regard, I will carry out my duties, guided by no interests other than the interests of the people of Ghana.
And I know I can count on your support, partnership, and trust as we embark on this journey together for God and for country.
Excellencies, I thank you for your attention.
(SGD.)
SANDRA THOMPSON (MS.)
25TH FEBRUARY 2025 THE SECRETARY
UNIVERSITY OF GHANA BUSINESS SCHOOL, UNIVERSITY OF MAURITIUS, STELLENBOSCH UNIVERSITY 2ND EMERGING COUNTRIES INTERNATIONAL CONFERENCE ON BUSINESS, FINANCE AND ECONOMICS THEME:THE INTERSECTION BETWEEN AI, PRODUCTIVITY AND GROWTH IN EMERGING COUNTRIES KEYNOTE SPEECH BY DR.
MAXWELL OPOKU-AFARI FIRST DEPUTY GOVERNOR, BANK OF GHANA DECEMBER 3, 2024 UGBS AUDITORIUM, ACCRA The Faculty of Law and Management, University of Mauritius, The Faculty of Economic and Management Science, Stellenbosch University, The University of Ghana Business School, Distinguished guests, students, ladies and gentlemen, 1.
At the outset, let me say that it’s a great pleasure to be able to join you today at this 2nd Emerging Countries International Conference on Business, Finance and Economics.
Let me begin by thanking the conference organizers: The Faculty of Law and Management at the University of Mauritius, The Faculty of Economic and Management Sciences, at Stellenbosch University, and the University of Ghana Business School, for bringing together such a distinguished audience to discuss “The Intersection Between AI, Productivity and Growth in Emerging Countries”.
Mr Chairman, the topic being discussed today reminds me of a similar conference I attended in Singapore in 2023 , where I played the role of a resource person discussing the implications of AI in monetary policy conduct .
For me , this discussion on the intersection between AI, productivity and growth in Emerging Market Economies is a second-order symposium which closes the loop for me on how AI impacts inflation and its associated monetary policy response and on the real economy (productivity and growth).
And so, I feel very excited.
In my brief remarks this morning, I will do four things; first I will first highlight how AI is offering unprecedented opportunities for enhancing productivity and driving economic growth.
But before turning my attention to the challenges posed by the widespread adoption of AI and what countries in the Sub-Region must do in terms of policy measures to mitigate the risks posed by AI, I will touch on the role of AI in supporting monetary policy conduct and provide an example of how AI has permeated work at the Bank of Ghana.
In the final section, I will give some concluding points.
AI and Productivity enhancements: The AI transformative process is taking place organically.
This is a revolution that cannot be stopped.
The past decade has witnessed significant shifts in the technological space driven by rapid advancements in Artificial Intelligence.
As a result, the global economy is slowly being transformed and opportunities are being created in the process through revolutionizing productivity and driving growth.
Artificial Intelligence (AI) is transforming the global economy, revolutionizing productivity, and driving growth.
Today, there is no issue of whether AI will shape our future; it already is.
AI is now more than just a buzzword; it is a catalyst for systemic transformation.
Across these sectors, AI is driving innovation and reshaping industries globally.
AI is transforming the finance, healthcare, agriculture, manufacturing, education, transportation, and energy sectors by enhancing efficiency, personalizat ion, and decision -making.
It is enabling breakthroughs like early diagnostics, precision farming, autonomous systems, and smart energy grids among interesting outcomes.
From 2022 to 2024, AI has significantly influenced various sectors, driving innovation and prompting critical discussions on its societal impact.
AI has come to stay and so let us embrace its positive impact on the economy and allow it to shape our future.
There are those who harbour the destructive fears of AI on labour dynamics.
While many studies have predicted the likelihood that jobs will be replaced by AI , what we do know in fact is that in many of the cases that have examined, AI is likely to complement human work.
This complementarity is expected to enhance productivity in the long run.
Evidence shows that the real impact of AI on the economy cuts across many sectors of the economy.
AI is transforming the finance, healthcare, agriculture, manufacturing, education, transportation, and energy sectors by enhancing efficiency, personalization , and decision -making.
In Ghana, for example, the introduction of AI -enabled digital banking services is being harnessed to simplify credit scoring, allowing SMEs to access much-needed financing.
This, in turn, boosts entrepreneurial activity, spurs job creation, and strengthens the economy.
Agriculture remains the backbone of many economies in the sub -region, employing a significant proportion of the population.
In Ghana, Startups like Farmerline, use AI - powered platforms to provide farmers with weather forecasts, market prices, and access to funding.
Similarly, AI -driven drones are helping to monitor crop health and optimize irrigation practices, significantly boosting productivity.
In healthcare, AI is being used to address critical gaps in infrastructure and workforce shortages.
For example, the Ghanaian company mPharma uses AI algorithms to predict medication demand and manage pharmaceutical supply chains, ensuring that essential drugs are available when and where they are needed.
AI tools are also being used to enhance diagnostic capabilities and improve patient care in countries like South Africa, where medical professionals are scarce.
Such innovations not only save lives but also optimize healthcare delivery systems 10.
In the financial sector, AI -driven fintech solutions are promoting financial inclusion.
Platforms like Paystack and Flutterwave use machine learning to detect fraud and simplify transactions for small and medium enterprises (SMEs).
These innovations are not only boosting productivity, but also driving economic growth by enabling businesses to thrive.
In the education sector, intelligent tutoring systems are addressing teacher shortages by providing personalized learning experiences.
In Uganda, AI is facilitating access to legal education for rural communities, empowering citizens who previously lacked resources.
Mr Chairman, I could go on and on, regarding the productivity impact on the economy.
Permit me to briefly touch on AI and its supporting role in Monetary Policy.
I will be brief here.
As we navigate the complexities of modern economies and tries to understand economic interactions for decision making, AI can be exploited in enhancing decision - making, improving forecasting and optimizing policy implementation .
In the area of monetary policy, AI can be used for predictive analysis, provide real time data analysis, help identify potential risks and vulnerabilities in the financial system and finally help optimize monetary policy instruments, such as interest rates and quantitative easing 13.
At the Bank of Ghana, AI has been employed to help with forecasting and generate near- term forecasts.
Through the development of algorithms and creation of crawlers, AI has been used in gathering prices of goods and services in firms that have an internet presence.
The data is scrapped off the website of these firms that have internet presence, ship the data back to the office for processing.
Our AI generated inflation provides us with real time inflation numbers, and this is novel and our peers in sub-region have requested technical assistance in this area to also help support work in their jurisdictions.
Notwithstanding the Benefits, there are challenges to be tackled.
Chairman, a recent study by the IMF showed that AI exposure in advanced economies is 60 percent.
In emerging markets and low -income countries, by contrast, AI exposure is expected to be 40 percent and 26 percent, respectively.
From the statistics, although emerging market and developing economies face fewer immediate disruptions from AI, they do not have the necessary infrastructure or skilled workforces to harness the benefits of AI.
Therefore, leveraging the power of AI to increase productivity and growth in EMDEs will re quire a number of measures including but not limited to the following: • Tackling Energy-related Infrastructure gaps: Reliable electricity and internet connectivity are prerequisites for AI adoption.
These remain inconsistent in many parts of Ghana and Sub-Saharan Africa.
Many emerging countries lack the necessary data infrastructure and quality data to train and deploy AI models effectively.
• Digital Divide: Access to digital tools and education remains unequal.
Bridging this gap is critical to ensuring that AI benefits are equitably distributed.
• Ethical and regulatory concerns: The ethical implications of AI, such as bias, privacy, and job displacement, need to be carefully considered and addressed.
Without robust regulations, AI could exacerbate existing inequalities or be misused.
Developing ethical frameworks and policies is essential.
• Capacity building: There is a shortage of skilled AI professionals in emerging countries, hindering the development and adoption of AI solutions.
We need to invest in human capital.
Training programs, scholarships, and industry partnerships are vital to building an AI-ready workforce.
Policy Related Issues to support AI Development: To harness the full potential of AI while mitigating its risks, it is important to focus on implementing policies that would lay a solid foundation for effective adoption of AI solutions: These include • Investing in Digital Infrastructure : We must prioritize investments in broadband connectivity and digital capabilities to create an environment conducive to AI innovation.
• Enhancing Human Capital: Upskilling our workforce through education and training programs will be essential.
We need to equip our young population with the skills necessary to thrive in an AI-driven economy.
• Fostering Local Innovation : Encouraging homegrown tech startups will help build a resilient local ecosystem capable of developing solutions tailored to our unique challenges.
• Establishing Regulatory Frameworks: Policymakers should develop regulations that promote ethical AI use while protecting workers from potential job losses due to automation.
• Promoting Collaboration: Strengthening partnerships between governments, academia, and private sectors can facilitate knowledge sharing and drive innovation.
Conclusion: 16.
Let me say that the AI picture evolving is not a bad one.
By 2030, AI is expected to contribute over $15 trillion to the global economy.
While much of this growth is predicted to occur in advanced economies, emerging countries have unique opportunities to leapfrog traditional developmental trajectories by embracing AI.
They can only do this by reforming, putting in place appropriate policies and institutions and developing capacity.
The curricula at the universities must change to reflect these changing times.
To fully harness AI’s potential priorities must be set.
But these priorities will depend on each country’s development level.
A novel AI preparedness index shows that advanced and more developed emerging market economies should invest in AI innovation and integration, while advancing adequate regulatory frameworks to optimize benefits from increased AI use.
For less prepared emerging market and developing economies, foundational infrastructural development and building a digitally skilled labour force are paramount.
For all economies, social safety nets and retraining for AI-susceptible workers are crucial to ensure inclusivity.
In conclusion, let me reiterate that the intersection between AI, productivity, and growth in emerging countries presents a unique opportunity to accelerate economic development and improve the lives of millions of people.
I am therefore encouraged that th e organizers have brought together key stakeholders in this area to not only to look at trends in the adoption of AI, but also look into the future to assess what needs to happen in the medium -to-long- term to leverage on the rapid advancements in AI to confront some of the challenges of our time in agriculture, health, education, financial sector, and governance.
GHANA INSTITUTE OF ARCHITECTS 2024 ANNUAL GENERAL MEETING THEME: ECONOMIC SIGNIFICANCE OF A QUALITY BUILT ENVIRONMENT SPEECH BY DR.
MAXWELL OPOKU-AFARI FIRST DEPUTY GOVERNOR, BANK OF GHANA 28 NOVEMBER 2024 A. Introduction Mr.
Chairman, the President of the Ghana Institute of Architects Distinguished Invited Guests Past Presidents of the Ghana Institute of Architects Fellows of the GIA Chairman and Board Members of the Architects Registration Council Members of the Ghana Institute of Architects All protocols observed, 1.
It is a great pleasure to join this very esteem and professional group today at this opening ceremony of the Ghana Institute of Architects Annual General meeting.
I personally feel privileged because, growing up as a young boy, I always wanted to be an architect—my parents constantly drummed into my ears and encouraged me to work towards becoming an architect.
Up till today, my 94-year-old mom still reminds me that I wasn’t supposed to be an economist.
I am sure she will be extremely happy when I report to her after this program that I have come closer to my childhood dream.
Let me take this opportunity to thank the leadership of this great institute for inviting me to be part of this important event that has brought together distinguished Architects from across the country to discuss issues of national importance under the theme “Economic Significance of a Quality Built Environment”.
Chairman, the meeting is taking place at a time population growth, urbanization, and growing demand for energy efficiency, have placed enormous responsibilities on architects to design buildings that are sustainable—maximize space, promote tourism, attract investment, and make use of new and efficient energy resources.
I am therefore encouraged that your institute has brought together its members to deliberate on the economic significance of a quality building environment.
A quality-built environment has numerous economic benefits including increased property values, improved productivity, enhanced economic growth, reduced maintenance costs, attracting businesses and talent, increase tourism and revenue, improved public health and enhance quality of life.
The Architectural profession has a moral obligation to deliver a quality-built environment ensuring to deliver the numerous economic benefits that can positively impact individuals, businesses, and the society.
In a developing country such as ours, this onerous responsibility is even more pronounced in the face of institutional weaknesses and other developmental constraints that plague many developing economies.