ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
In addition to access to finance, programmes that provide networking, mentoring and coaching opportunities for women are needed to provided them with world-class business and entrepreneurial skills, which will go a long way to help them access the Africa market and beyond and build competitive and sustainable businesses.
This, therefore, requires broad stakeholder cooperation to develop interventions that support women-owned and women-led businesses.
Empowering women should not be a charitable cause that one occasionally looks at to do some good.
It should be at the heart of corporate strategies and macroeconomic policy.
On its part, t he Bank of Ghana continues to do its best within its statutory mandate to promote price stability and financial stability, all of which are key ingredients for the development of strong viable business.
Thanks to necessary and difficult reforms undertaken 5 by the Bank of Ghana before the COVID-19 pandemic, and policy and regulatory reliefs it announced at the onset of the pandemic, the banking sector in Ghana has played a critical role in helping to mute the effects of the pandemic on our real sector .
Among other things, banks, savings and loans companies, finance houses, microfinance companies, and rural and community banks were able to restructure loans and suspend loan repayments for customers who were negatively impacted by the pandemic.
Banks provided ne w loans in the total amount of GHC 27,850,500,963.01 from March to December 2020 to sectors of the economy like the pharmaceuticals industry and the textiles and garments industry that produced PPEs that were critical in helping to fight the pandemic, and helped to accelerate the recovery of our economy from the initial downturn.
The Bank of Ghana expects banks and SDIs to continue in their efforts to support a strong recovery of the Ghanaian economy through reasonably-priced credit delivered in a prudent manner.
Banks must promote gender equity in their lending and other operations and help support the transition to a greener economy, guided by the Sustainable Banking Principles launched in November 2019 by the Bank of Ghana, the Ghana Association of Bankers, and the Environmental Protection Agency.
We expect banks to deploy technology and strategic partnerships to promote access to finance for all segments of our economy , including women-owned busin esses, through innovative products, services, and delivery channels.
Women-owned and women -led businesses must also embrace digital financial services provided by banks to help formalise payments for their goods and services so as to help them build the relevant banking history needed to access critical financing for their businesses.
The Bank of Ghana remains committed to promoting a policy and regulatory environment that supports inclusive and broad -based economic growth where all economic actors including women entrepreneurs, are able to innovate and access appropriate forms of financing and at cost-effective rates to help launch, grow, and sustain their businesses.
Congratulations to the A GI-Women in Business initiative.
On your second anniversary, you are only just starting and your work is cut out for you in the area of advocacy, providing dialogue opportunities for awareness creation for all stakeholders, and supporting your members to step up to opportunities available as you help to promote more opportunities for women-owned and women-led businesses.
On this note, I wish you the very best in your efforts.
Long live female entrepreneurs in Ghana and their businesses, long live the AGI, and may Almighty God bless our dear nation Ghana and bless us all!
1 PROJECT LAUNCH — DEVELOPMENT OF THE NATIONAL CORPORATE GOVERNANCE CODE BY THE INSTITUTE OF DIRECTORS, GHANA A SPEECH BY MRS.
ELSIE ADDO AWADZI, 2ND DEPUTY GOVERNOR, BANK OF GHANA, REPRESENTING DR ERNEST ADDISON, GOVERNOR, BANK OF GHANA 4TH NOVEMBER 2021 2 The President and Members of Council, Institute of Directors - Ghana Fellows and Members of the Institute Heads of Regulatory Bodies, Standards Setting Bodies, and other Stakeholder Groups Invited Guests Members of the Media Distinguished Ladies and Gentlemen A very good morning to you all.
I deem it a great honour to be invited as a Special Guest to the launch of the IoD-Ghana’s initiative to develop a National Corporate Governance Code, and I thank Council of the IoD-Ghana for this.
The importance of good corporate governance in building strong institution s, communities, and economies, and helping to avoid the collapse of businesses cannot be overemphasized.
From time immemorial, corporate failures have had their roots in poor corporate governance.
Examples abound, including the Global financial crisis of 2007/08, mass corporate failures in Ghana’s banking and securities sectors in the last few years where we saw the demise of 420 institutions licensed by the Bank of Ghana, and several fund management companies licensed by the Securities and Exchange Commission, with colossal losses to depositors, investors, other creditors, clients, employees, suppliers, shareholders, and other stakeholders including the Ghanaian tax payer.
Evidently, the effects of poor corporate governance tend to be widespread with severa l stakeholder groups feeling the brunt of the actions or inactions of a few.
Good corporate governance is indeed the bedrock of any modern market economy.
Building a strong and resilient economy , particularly as we emerge from the current COVID-19 pandemic, will therefore require a new emphasis on strengthening governance and sound management of corporate Ghana and public sector institutions to deliver the desired outcomes for all stakeholder groups.
Corporate governance standards continue to evolve all around the world, with increasing emphasis on effective risk governance, promoting sustainable and social development 3 goals, Board effectiveness, strong internal controls, and incentive structures that support prudent management.
In Ghana, the Bank of Ghana published a Corporate Governance Directive in 2018 for banks and specialized deposit -taking institutions, drawing on best practices in governance from the Commonwealth Association, the OECD, the Base l Committee, and other sources.
In November 2019, the Bank of Ghana also published the Ghana Sustainable Banking Principles to guide banks and specialized deposit-taking institutions in modeling their operations to promote world -class standards of environmental, social, and governance risk management.
By a combination of these two instruments, the Bank of Ghana expects banks and specialized deposit-taking institutions to govern and manage their businesses in a manner that promotes economic, environmental, a nd social goals and by that create lasting value for shareholders and other investors, depositors, employees, communities, the environment, and the nation as a whole.
That is a key part of our contribution to promoting a more inclusive, sustainable, and resilient economy.
The Bank of Ghana recognizes that good corporate governance in the banking sector alone cannot promote robust and sustainable economic growth for all.
Strong governance in all of corporate Ghana and indeed in public sector institutions as well, is necessary for promoting the socio -economic transformation we all desire for Ghana.
The extent to which the banking sector can continue to lend to businesses is directly related to the extent to which corporate Ghana is governed.
Poorly -run busine sses are the bane of banks’ non-performing loan portfolios, which threaten the viability of the banking system and indeed feeds back into stagnated economic growth as banks shy away from extending more credit.
It is therefore in everyone’s interest that we promote best practices in corporate governance nationally to help build strong institutions, industries, and ultimately a strong, inclusive and sustainable economy, and a strong nation.
We recognize the efforts that other regulators and indeed other stakeholders are making towards the same goals as I have articulated above.
It is now time to join forces to work on a national code that cuts across industries and sectors and business types and sizes.
Indeed, it is encouraging to note that Ghana’s new Companies Act of 2019 (Act 992) which I call the minimum common denominator in governance for all companies of all sizes incorporated in Ghana , has elevated governance standards for all companies.
Similarl y, provisions of the Public Financial Management Act of 2016 (Act 921), the State Interests and Governance Authority Act of 2019 (Act 990), and others, have all raised the bar for the governance of public sector institutions including State-Owned Enterprises to help promote transparency, accountability, and prudence in the management of State resources for the benefit of all Ghanaians.
4 The case for a National Corporate Governance Code is clear.
As a nation, we have a shared responsibility to organize our way of doing business according to a set of values that we can all identify with and that helps secure a future where our individual efforts help us achieve outcomes that make us all better off.
The identification and articulation of such values, and a set of principles and prescriptions that will guide how we do business across sectors, will go a long way to help us realise the future we all desire for generations to come.
All over the world, there are examples of how national corporate codes have help ed to shape the emergence of viable and world-class businesses fuelled by ethical and effective leadership across corporate and public sectors.
The King’s Code on Corporate Governance now in its fourth reiteration, is a good example of how a national code un ites a people around clear values and purpose in pursuing legitimate business goals in a way that advances the common good.
Other examples are found in the UK, Mauritius, Zimbabwe, just to mention a few.
It is our hope that work on Ghana’s National Corporate Governance Code will be inclusive, authentic to our best values, and draw on work done or being done by stakeholders including regulators like the Bank of Ghana, the Securities and Exchange Commission, the Ghana Stock Exchange, and private sector initiatives such as the Extractive Industries Transparency Initiative, and others.
In conclusion, I congratulate the IoD-Ghana for this brilliant and timely initiative and for its continued commitment to nation -building through promoting high standards of Corporate Governance practices in Ghana.
Ladies and gentlemen, I now have the singular honour to declare the project to develop a National Corporate Governance Code for Ghana, duly launched.
Long live the IoD -Ghana, long live corporate Ghana, and long live Ghana.
God bless us all!
STANDARD CHARTERED DIGITAL BANKING , INNOVATION & FINTECH FESTIVAL “REGULATION AS AN ENABLER FOR DIGITISING THE FINANCIAL SECTOR ” KEYNOTE ADDRESS DR.
ERNEST ADDISON , GOVERNOR, BANK OF GHANA 3RD NOVEMBER 2021 2 Your Excellency, Alhaji Dr.
Mahamudu Bawumia, Vice President of the Republic of Ghana, Hon.
Ken Ofori-Atta, Minister of Finance of the Republic of Ghana, Hon.
Ursula Owusu Ekuful, Minister of Communication and Digitalisation of the Republic of Ghana, Hon.
Tharman Shanmugaratnam, Senior Minister and Chairman of Monetary Authority of Singapore, Deputy Governors of the Bank of Ghana, Dr.
Maxwell Opoku -Afari and Mrs.
Elsie Addo Awadzi, Mr.
Sunil Kaushal, CEO, Africa and Middle East, Standard Chartered PLC, Mr.
Lamin Manjang, CEO, Nigeria and West Africa, Standard Chartered PLC Dr.
Emmanuel Kumah, Board Chairman, Standard Chartered Bank (Ghana) PLC, Mrs.
Mansa Nettey, Chief Executive Officer of Standard Chartered Bank (Ghana) PLC, Staff of Standard Chartered Bank (Ghana) Limited, Stakeholders in the Banking and Digital Finance Sectors, Distinguished Invited Guests, Ladies and Gentlemen.
Thank you very much for the invitation to be part of today’s event, which commemorates 125 years of Standard Chartered Bank in Ghana as part of the Bank’s Digital Banking and Fintech Festival initiative.
The story of Standard Chartered cannot be told without mention of t he bank’s significant contribution to various sectors of the Ghanaian economy, pre- dating independence.
With commitment to strong banking principles and good corporate governance practises, Stanchart has maintained its position as a top -tier bank in terms of assets and deposits within the banking sector.
It is therefore my pleasure to share in the 125 -year success story and say ‘Ayekoo’ to all of you at Stanchart for carrying the torch laid by the bank’s forbearers.
This Digital Banking Summit and Fintech Festival once again positions Stanchart as a trail blazer, with the foresight and prepar edness towards the next generation of banking models.
Based on the chosen theme of “Shaping the next phase of Ghana’s Financial Technology Landscape for the 21st Century”, I will focus my remarks on the strong foundations that have been laid, in terms of the infrastructure and regulatory frameworks, to support and strengthen Ghana’s financial digitisation agenda.
4 3.
Ladies and Gentlemen, banking in Ghana has changed significantly from the last quarter of the nineteenth century when Standard Chartered first opened its doors to customers more than a century ago .
Presently, the industry is characterised by adoption and diffusion of technology in every sphere of banking operations.
Digitisation of bank accounts has enabled customers to conduct financial services via online platforms in a seamless manner without stepping foot in the banking hall.
The positive aspect of these is the broad accepta bility of these technology driven financial services due to its convenience, efficiency and affordability.
This has also instigated innovative digital financial products services by banks and financial technology firms, to further reinforce financial inclusion.
Ladies and Gentlemen, the current vibrant state of Ghana’s digital financial service ecosystem is a product of well-thought-out and carefully crafted reforms and policies, spearheaded by the Bank over the past two decades.
After a series of strategic policy papers, the Bank of Ghana facilitated the passage of the Payment Systems Act 2003 (Act 662), which provided the legal basis and regulatory anchor for the introduction of technology in the banking industry.
With this Law, a real time gross settlement system , which is the Ghana Interbank Settlement (GIS) system, was implemented.
Subsequently, additional institutional reforms carried out in line with Act 662 paved the way to establish the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) in May 2007.
Since then, GhIPSS has rapidly transformed the payment ecosystem through the implementation of interoperable interbank retail payment systems , including electronic cheque clearing, automated clearing house for direct debit and credit funds transfer, instant payment, gh-Link card, and mobile money interoperability.
These systems, in addition to complementary systems by banks, have facilitated straight-through processing of payment transactions swiftly and efficiently with marginal errors relative to manual processes.
The next step was to strengthen the regulatory frameworks so as to diffuse the benefits of the improved interbank systems to the wider society and tackle financial exclusion in a practical and affordable manner.
A further review of the BBG led to the Electronic Money issuers and Agents Guideline in 2015 to address some regulatory challenges and boost adoption of the mobile money concept.
These regulatory changes provided the needed boost to the expansion of mobile money operations and set the stage for financial technology in Ghana.
The enabling regulatory environment subsequently attracted several FinTech companies who introduced innovative digital financial products and services on the back of mobile money operations.
Despite their growing importance in the ecosystem, the operations of FinTechs were largely unregulated, since they were not electronic money issuers.
This brought up the need for a regulatory overhaul to better harness the potential of FinTechs without risking stability of the financial system .
7 Extensive review and consolidation of prior laws, regulations, policies and guidelines led to the passage of the Payment Systems and Services Act, 2019 (Act 987).
Among others, the Act 987 has created a conducive environment for inclusive and competitive delivery of digital financial services.
Banks, specialized deposit-taking institutions and FinTechs are now permitted to provide digital financial services permissible under their licence type.
The Act also introduced a tiered licence regime, with each regime associated with peculiar licensing and compliance requirements that are risk-based.
This approach to reg ulation has provided scope for FinTechs of varying sizes to participate in the ecosystem , augment service offerings and promote competition.
Ladies and Gentlemen, we can confidently say that the strong regulatory and supervisory frameworks underpinning Ghana’s payment systems has enhanced the financial digiti zation process.
However, digitisation has come with risks which threaten c ustomer trust and has the potential to unwind the gains of acceptability of digital products and services.
I ssues 8 of cybercrime, scams, phishing, data and privacy breaches, digital illiteracy and unresponsive ness to customer complaints pose serious threats to consumer confidence in digital financial services .
In view of this, the Bank has issued directives, regulations, policies and guidelines on Cyber Security to assist market players’ deal with such threats.
It is important to note that the burden of security awareness is not only on market players .
Indeed, t he emergence of new and digital financial solutions has introduced significant complexities in regulation and supervision as well.
Therefore, discussions on creating an enabling environment for financial sector digitization must also focus on regulatory technology (RegTech) and supervisory technology (SupTech).
Presently, the manual supervisory tools are ineffective in the supervision of digital financial service ecosystem due to its dependence on digital technology, high frequency and dense data, fast transactions, complex and evolving systems.
Consequently, th e Bank has invested in SupTech tools to exercise effective oversight and supervision of digital financial services and reduce the burden of reporting on regulated entities.
An online reporting analytic surveillance system (ORASS) has been set up to 9 facilitate submission and improve analysis of prudential and other regulatory returns .
A complementing supervisory intelligence tool that accepts granular data which are analysed for patterns and trends for timely evidence-based policy interventions is also on-board.
An additional Chatbot project, which is an automated consumer complaints management system is in the offing and will help address market conduct concerns.
Ladies and gentlemen, it is important that regulations keep abreast with the rapid changes in the ecosystem without stifling innovation in d igital financial services.
The Bank has adopted the Regulatory and Innovation Sandbox approach to deal with this issue.
Currently, the sandbox is being used to live -test innovative digital financial service products, business models and supporti ve technologies in a controlled environment for possible market rollout.
As a nurturing arena, the Regulatory and Innovation Sandbox will ensure that the ecosystem remains relevant and resilient to b etter serve the changing needs of society in a sustainable manner.
10 13.
More recently, the Bank has taken steps to explore a central bank digital currency within the framework of the financial sector digitization programme.
Subsequently, Messrs Giesecke+Devrient Currency Technology GMBH (G+D) has been engaged as the technology solution provider to partner the Bank to pilot the issuance of the digital currency.
This project presents a unique opportunity to design a technological representation of a fiat currency that will drive the financial sector digitization further and also facilitate the government’s inclusive digital transformation programme.
In conclusion, Ladies and Gentlemen, let me emphasize that the path ahead for all stakeholders to be in a state of preparedness to collaborate and adopt the rapid changes that are occurring through financial digitization.
As regulators, the Bank will continue to modernize the supportive regulatory frameworks to enhance security and promote confidence and trust in the ecosystem.
Thank you and enjoy the rest of the programme.
FBNBANK@25 GALA DINNER ADDRESS BY MRS.
ELSIE ADDO AWADZI SECOND DEPUTY GOVERNOR, BANK OF GHANA OCTOBER 29, 2021 1 Your Excellency Nana Akufo-Addo, President of the Republic of Ghana ably represented by Hon.
John Kumah, Member of Parliament and Deputy Minister for Finance H. E. Admiral Ibok Ekwe Ibas (Rtd.
), Nigeria High Commission to Ghana Hon.
Kojo Oppong-Nkrumah, Member of Parliament and Minister for Information Dr.
Adesola Kazeem Adeduntan, Group CEO, FirstBank of Nigeria The CEO, Board, Management, and Staff of FBNBank (Ghana) Executives of the Ghana Association of Bankers and Bank CEOs The Director of Banking Supervision, Bank of Ghana Cherished Clients and Distinguished Guests Ladies and Gentlemen 1.
A very good evening to you all.
I bring you warm felicitations from the Governor, Dr.
Ernest Addison, who would have loved to be here tonight but for an urgent official assignment outside the jurisdiction.
Twenty-five years is a major milestone in the life of any institution, especially a bank.
Having started in Ghana as International Commercial Bank some twenty-five years ago and acquired by First Bank of Nigeria in 2013 , FBNBank Ghana Limited has consistently built a strong and enviable business in keeping with the FBN group’s vision of a strong pan-African brand.
Ghana’s banking sector remains one of the most attractive on the continent for investors, and the presence of pan -African banks like First Bank Nigeria and international banks here is testimony to that.
Our banking sector is stable, profitable, and resilient, supported by an enabling macroeconomic framework, regulatory and 2 supervisory reforms that have promoted resilience, g ood corporate governance, effective risk management, and innovation in the industry.
Thanks to necessary and difficult reforms undertaken by the Bank of Ghana in recent years, and policy and regulatory reliefs announced at the onset of the COVID -19 pandemic, our banking sector was well-positioned to withstand the economic shock fairly well.
Among other things, banks have played a critical role of helping to mute the effects of the pandemic on our real sector by restructuring loans and suspending loan repayments for customers who were negatively impacted by the pandemic.
Banks provided new loans in the total amount of GHC 27,850,500,963.01 from March to December 2020 to sectors of the economy like the pharmaceuticals industry, the textiles and garments industry, that were critical in helping to fight the pandemic, and helped to accelerate the recovery of our economy from the initial downturn and to support corporates and households in a number of value chains.
The banking sector’s performance in 2021 to date has remained strong with sustained growth in total assets, deposits, loans, investments, and income, although credit risk remains a concern , which the Bank of Ghana continues to monitor closely as the pandemic rages on.
We expect banks to continue in their efforts to support a strong recovery of the Ghanaian economy.
To this end, we expect banks to significantly increase c redit to the privat e sector, and to offer reasonable and affordable interest rates to their customers.
We remain concerned about the relatively high lending rates that banks continue to charge their customers, with spreads over and above the Ghana Reference Rate and very high fees, commissions and other costs imposed on customers which lead to the exclusion of many small and medium -sized businesses out of the credit market and by extension , impedes their survival and growth.