ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
I would like to start off by acknowledging and extending my heartfelt gratitude to H is Excellency, the Vice President, Alhaji Dr Mahamudu Bawumia for gracing us with your presence today.
Your attendance here this morning is a testament to your support, which we do not take for granted.
In recent years, Ladies and Gentlemen, Ghana and the world has witnessed the remarkable shift with the rapid emergence and evolution of financial digitalization and transactions.
The actualization of novel technologies in the payment ecosystem has revoluti onized business transactions, reshaped customer behaviour, and redefined the nature of commerce.
Presently, we stand on the precipice of a global digital era, and it could not be more imperative than now that 2 Africa embraces and accelerates the digitalisation progress in trade and finance to level the playing field globally.
We have an advantage in the digitization race as Africans.
This is due to the bulging youthful population who are tech -savvy, the high mobile phone penetration, the consistent expansion of mobile network access and more importantly, the rising homegrown FinTech solutions.
These immense opportunities provide fertile grounds for accelerating digitalisation.
And while these are commendable, it is important to highlight the potential negative impact a lack of requisite investments in African FinTechs could have on the innovations and scalability of solutions in achieving the desired impact.
Ladies and Gentlemen, to a great degree, the lack of funding can significantly stunt the growth of the FinTech movement in several ways.
Without sufficient capital, brilliant ideas, and prototypes of FinTech startups solutions with the potential to address the diverse financial service needs have failed to progress to production .
Furthermore, a FinTech is only as strong as its members and in that same vein, a lack of funding could ultimately impact a FinTech’s ability to attract and retain premium talent.
The regulatory aspect is another major reason we cannot ignore the issue of deficient funding in the FinTech space.
This could hinder FinTech companies ’ ability to navigate regulatory requirements and meet compliance standards, which we all agree are non-negotiables, especially in Ghana’s and Africa’s financial industry.
From the regular engagement with FinTech startups as part of the Bank’s innovation nurturing role, it has emerged that most of these nascent companies 3 generally lack investor visibility.
This will help unleash the full potential of FinTech startups to contribute meaningfully to the economic development of the African continent.
Against this background, the upcoming 3i Africa Summit is designed as a p latform for governments, businesses, investors , regulators, innovators , and thought leaders to discuss and collaborate on measures to unlock Africa’s full potential by harnessing the potential of FinTech .
The Summit, which is premised on innovation, investment, and impact, is being organised by the Bank of Ghana and Development Bank Ghana, in partnership with the Monetary Authority of Singapore through its subsidiary, Elevandi, organisers of the globally acclaimed Singapore Fintech Festival (SFF).
The Summit will take place over three days from 13th - 15th May this year in Accra, under the theme ‘From Innovation to Impact: Investing in Africa’s Financial Sector to drive Africa’s Transformation’.
Among other things, • The Summit will feature a Lab Crawl, a platform through which diverse participants can benefit from visibility for investment opportunities to both local and international investors and capital providers.
• The speaker line-up includes 15 keynote speakers of eclectic and influential backgrounds, about 15 Central Bank Governors spanning 5 continents, 3 Heads of States, over 100 global investors, asset managers, Tech Executives and many more.
• The plenary and break-out sessions will offer participants the opportunity to discourse and learn from over 10 0 speakers from across the world on current developments influencing 4 Africa’s innovation landscape, capital generation , and policy development.
These interactions are important to enhance innovators and regulators’ appreciation of each other’s perspectives in the spirit of cooperation and collaboration.
• In addition , the Summit will provide the opportunity for professional and career advancements through the integrated online learning channels , which will offer purposefully designed programmes in partnership with experienced partners like Cambridge SupTech Lab, De University of Ethereum and our own National Banking College.
• Furthermore, the various activities planned for the 3i Africa summit are designed to provide an environment for participants to extend their social and professional network horizon.
Most importa ntly, Government will establish an Innovation Fund to promote the development of the FinTech Industry.
Ladies and Gentlemen, the 3i Africa summit 2024 will be a major catalyst for promotion and innovation in financial service, which is why we encourage participation of all relevant stakeholders within the ecosystem .
We urge all innovators, financial institutions, the media, industry players, investors, start-ups, technology players and all other stakeholders to join us make history together with this maiden summit to catapult the FinTech revolution in Africa even further.
Let me conclude by quoting Mr.
Ravi Menon at the 2023 Singapore FinTech Festival.
“Everything we do in FinTech must have a larger purpose.
Yes, there is money to be made, costs to be cut, opportunities to be seized.
But FinTech is more importantly; 5 • About solving real-world problems, • About improving people’s lives, • About promoting a more inclusive society, and • About securing a sustainable planet for the future ….”
To the DBG and Elevandi, I salute you for agreeing to partner Bank of Ghana to put together this historic event, and also for your unwavering dedication to developing a tech -savvy society, promoting financial inclusion to the people of Ghana and beyond.
Through your efforts, you will continue to empower people, including that grandmother producing shea butter in the Northern Region and selling in Accra and beyond.
Africa’s future lies in leveraging digital technologies.
To this effect, we firmly believe that the 3i Africa Summit, which we launch today, will steer the financial sector in adopting technology comprehensively to improve the delivery, efficiency, convenience, and inclusivity of financial services in Africa.
MOU SIGNING AND LAUNCH OF MSMEs PROJECT SPEAKING NOTES “INNOVATIVE FINANCING FOR MSMEs IN GHANA” BY DR.
MAXWELL OPOKU-AFARI FIRST DEPUTY GOVERNOR BANK OF GHANA MPC CONFERENCE ROOM, BANK OF GHANA, ACCRA 21ST FEBRUARY 2024 The CEO, Development Bank Ghana The Dean, University of Ghana Business School The Secretary and Directors, Bank of Ghana Colleagues from UGBS, DBG and Bank of Ghana The Press The Distinguished Guests Ladies and Gentlemen.
It is my pleasure to welcome you to this two-fold event, the signing of the Memorandum of Understanding (MoU) between the Bank of Ghana and the Development Bank Ghana (DBG), the first of its kind, and the launch and commissioning of the study o n “INNOVATIVE FINANCING FOR MICRO, SMALL AND MEDIUM ENTERPRISES (MSMEs) IN GHANA”.
Credit is critical for every economy, particularly developing economies such as Ghana.
Both theory and empirical literature point to the nexus between credit and economic growth.
As a central bank, though price stability remains our primary mandate under the inflation targeting framework, economic growth through credit expansion is also of key concern to us, and that is why a major consideration is given to the impact of our policies on the real sector.
For instance, much of the reforms that have been initiated within the banking sector in particular, have been geared towards creating sound, stable, well -capitalised and profitable institutions capable of supporting the real sector a nd economic growth through increased lending.
Historically, banks have been conservative in their lending to MSMEs due to the perceived high risks associated with lending to them.
This risk aversion of banks has been exacerbated by the global and domestic shocks that the economy has had to grapple with in the past four years, starting with COVID-19, to the geopolitical tensions between Russia and Ukraine, and the macroeconomic challenges, all of which culminated in the Domestic Debt Exchange Programme (DDEP) in 2022-2023.
All these developments have necessitated the introduction of policy and regulatory reforms to encourage lending to critical sectors of this economy, such as MSMEs.
For instance, the establishment of the regulatory framework for development finance institutions in Ghana by the Bank of Ghana, under which the Development Bank Ghana was licensed to operate was also to encourage lending to critical sectors of the economy through Participating Financial Institutions (PFIs) such as banks and also to provide guarantees and other de- risking schemes which will moderate the risks associated with lending to sectors perceived to have high credit risk and help close the funding gaps that chara cterise these sectors.
Despite these efforts, the funding gap still persists.
It is on this background that we are excited to be part of today’s landmark event, which is yet another bold initiative between the Bank of Ghana and two critical institutions in our country, the Development Bank Ghana (DBG) and the University of Ghana Business School (UGBS) to formally commi ssion this study on “INNOVATIVE FINANCING FOR MSMEs IN GHANA”.
The expectation is that this study will promote understanding of and also provide anecdotal evidence on the financing challenges that MSMEs face in Ghana, the funding gap that currently exists and also recommend new and innovative ways of closing this funding gap.
At the end of the day, this study will provide us with a reliable document which will inform policy that will encourage innovation in financing for this critical mass of our economy, the Micro, Medium and Small Enterprises ( MSMEs), and by that create employment and spur economic growth.
One sure way of delivering on credit to MSMEs is via digitalization.
Exploring the powerful reach and potential of digitalization to address all the myriad of challenges that have undermined access to credit by MSMEs —especially the lack of collateral.
Some work is already being done on this, and again in collaboration with DBG and Monetary Authority of Singapore (MAS) to explore the use of Universal Truste d Credentials (UTC) to establish willingness to pay and facilitate credit delivery to MSMEs.
So far, the results from the sandbox is extremely encouraging.
It is for this reason that I am extremely excited that one of the key objectives of this Project is to explore which fintech innovations work and how they can be scaled up to ensure the growth of MSMEs.
My excitement stems from the fact that innovations through Fintech remain top on the agenda for the Bank of Ghana and that is why a lot has gone into developing the regulatory framework and providing the conducive environment for innovation by players.
Results from this study will inform us, the regulator , on other ways in which Fintechs can be used to channel resources from surplus spending units to deficit -spending units in the economy, especially MSMEs.
The Bank of Ghana assures the project team of its commitment to this collaboration with DBG and we believe the success of this collaboration would encourage other collaborations aimed at addressing the challenges that face the financial sector in particula r and the economy as a whole.
The Bank of Ghana also commits to observing the MoU in utmost good faith to ensure the study is successful.
The Bank stands ready to support in any other way to ensure the project’s objectives are attained at the end of the day.
GCB BANK 70TH ANNIVERSARY THOUGHT LEADERSHIP CONFERENCE WELCOME REMARKS BY DR.
ERNEST ADDISSON GOVERNOR, BANK OF GHANA KEMPINSKI GOLD COAST HOTEL, ACCRA 8TH FEBRUARY 2024 1 Honourable Minister for Finance, The Managing Director of GCB Bank, Mr.
Kofi Adomakoh, The Board Chairman and Directors of GCB Bank, Executives of the Banking Fraternity, Heads of Departments and Staff of GCB Bank, Associates and Fellows of the Chartered Institute of Bankers, Distinguished Panellists and Guests, Ladies and Gentlemen, 1.
Good morning, everyone, let me extend my heartfelt gratitude to the Management of GCB Bank for the kind invitation to Chair this Thought Leadership Conference under the theme “70 years of providing unrivalled financial solutions in the socio -economic development of Ghana.”
Since the launch of GCB’s 70th Anniversary in August 2023, GCB has executed multiple initiatives to commemorate the occasion, of which this Platinum Series Conference forms a critical component.
Ladies and Gentlemen, the chosen theme for this conference encapsulates the very essence of GCB Bank’s firm commitment to Ghana’s socio -economic development in good and bad times.
As the largest indigenous bank in the country, GCB has over the past 70 years maintained its position as a systemically important bank in the industry, providing invaluable financial services to the Ghanaian populace and supporting economic growth .
Probably more important than its size is GCB’s relentless efforts to support local private enterprises and promote financial inclusion in Ghana.
From customized financial solutions to stellar customer service, GCB has consistently exceeded expectations in meeting the diverse needs of its clients.
Be it assisting individuals achieve their financial goals, or aiding corporations in realizing their vis ions, GCB has demonstrated a steadfast dedication to prioritizing its customers.
In a climate where Banking has been characterized by its challenges and uncertainties, GCB has consistently demonstrated vision and resilience.
Since inception in the 1950s, with a single location, GCB Bank has expanded its footprint and reaffirmed its commitment to financial inclusion by opening over 150 branches and 11 agencies, making it the bank with the widest branch network spread across all 16 regions of Ghana.
By bringing its services to new and remote areas, GCB has made access to financial services possible for many.
Additionally, GCB has capitalized on the digital finance evolution, becoming the first bank in Ghana to launch a bank -led mobile money service (G -Money) which currently serves more than 2.7 million customers.
Through consistency and resilience, GCB Bank’s most significant recent contributions to the country’s development agenda include: • Helping drive the national agenda of financial inclusion and financial literacy by deepening its reach to the most remote communities through its expansive branch network.
• Contributing positively to promoting financial intermediation as the second largest bank in credit extension (10.7% share of gross loans as at end-December 2023), and • Serving as a key facilitator of Ghana’s international trade, with dealings in letters of credit, financing medium -term loans, forward contracts, and export credit guarantee lines, among others.
For example, in March 2023, GCB Bank executed Ghana’s first successful Pan -African Payment and Settlement System (PAPSS) client transaction.
A year on, PAPSS has facilitated transactions with twelve Central Banks and signed on ninety-five commercial banks cross-continent, on the Switch platform, of which thirty-seven are fully integrated.
I must commend GCB for its commitment to innovation and continuous evolution in line with emerging trends in the industry.
Over the past four years, the bank has demonstrated exceptional fortitude in the face of COVID-19 disruptions and the challenging macroeconomic environment, resulting in the implementation of the DDEP, with its associated impairments.
Undeterred by this setback, provisional unaudited returns reflect a significant improvement in GCB Bank’s performance.
The bank is projected to post profits in 2023, which will help close the capital gap created by the DDEP.
Sustaining these profits in the next few years will also contribute to improving the solvency position of the bank.
With this, the bank will maintain its resilience well into the future, underscored by continued compliance with the banking sector regulations.
Recently, GCB Bank was adjudged the safest bank in Ghana by Moody’s, Fitch, and Standard & Poor’s, and was also voted the most compliant Bank in Africa by the Association for Certified Compliance Professionals in Africa (ACCPA).
This is a testament to GCB Bank’s unwavering dedication to delivering exceptional value to all its stakeholders.
Indeed, GCB’s commendable achievements have set the pace in the banking industry, which shows that, given the right conditions (such as sound governance structures and ethical practices), any indigenous bank, even a government -owned one, can perform well, even in the face of strong competition from foreign counterparts.
This conference presents an opportune space to brainstorm and share ideas that promote the development and resilience of the financial sector in Ghana.
I am excited that the discussions today promise to cover vital issues around ethics, financial conduct, as well as financial inclusion, mobile money, and the reinvention of finance in Africa.
As demonstrated during the pandemic, digital innovation can be used as a catalyst for growth 4 to boost recovery efforts during these times.
Every setback offers us the opportunity to strategize on ways to reinvent ourselves and build back better and stronger.
In conclusion, let me commend GCB Bank for their tireless efforts in bringing this conference to fruition.
The panel of experts’ promise will undoubtedly stimulate our intellect and reshape our thinking on the criticality of ethics, financial inclusion, financial regulation, and conduct, and ultimately the socio-economic development of Ghana in the years to come.
Looking ahead, I have no doubt in my mind that GCB Bank will continue to chart new horizons, shatter barriers, and inspire change within Ghana and beyond.
On this note, I wish you fruitful deliberations and thank you for your attention.
AFRICA PROSPERITY DIALOGUES (APD 2024) SCALING UP MOBILE INTEROPERABILITY TO DEEPEN FINANCIAL INCLUSION AND INTRA-AFRICAN TRADE CONTEXT NOTES DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA PEDUASE PRESIDENTIAL LODGE, ABURI HILLS, GHANA 26 JANUARY 2024 1 Your Excellencies, Distinguished Panellists and Guests, All Protocols Observed, Ladies and Gentlemen, 1.
It is with great pleasure that I proceed to provide a context for this panel discussion on a topic that is at the heart of technological progress - “Scaling up mobile interoperability to deepen financial inclusion and intra -Africa Trade”.
In a world where innovation has no limits, the ability of different systems and technologies seamlessly communicating with each other is imperative and Africa should not sit out this movement.
The chosen topic has come at an opportune time when several African countries have deployed mobile money platforms and are making a strong push for interoperability to deepen financial inclusion .
From standards and protocols to the practical implications for businesses and consumers, I am confident that with the calibre of discussants gathered here today, the outcome of deliberations will provide and powerfully shape the trajectory of mobile interoperability, influence policymaking, and inspire the development of solutions that transcend boundaries - not only for financial inclusion, but also to promote intra-Africa trade and therefore growth and poverty reduction.
Ladies and Gentlemen, the evolution of payment systems across emerging countries in the face of recent technological advances has rapidly changed financial transactions.
Across Africa, financial digitization, driven largely by mobile technology, has been a game changer, especially with the introduction of mobile money, which has revolutionized the way Africans manage their finances, particularly among the unbanked.
Several African countries have deployed mobile 2 money platforms as a tool to enhance financial access, and, according to the IMF, Sub-Saharan Africa has become a global leader in mobile money transfer services.
Emerging originally as a simple on-net cash-in/cash-out service for customers, the growth and widespread use of mobile money on the continent has led to its integration in broader payment infrastructures, such as national switches to enhance interoperability.
Mobile money has proven especially pivotal in fostering financial inclusion and given the myriad advantages, it is advisable that a significant push be made to enhance mobile interoperability across African countries.
This could empower the underserved populations with essential financial tools to help unlock opportunities for savings, loans, and secure transactions, as well as promote economic stability and growth.
According to a McKinsey & Co.
Report on The Future of Payments in Africa (2022), “Africa’s e -payments industry, across domestic and cross -border payments, generated approximately US$24 billion in revenues in 2020, of which about US$15 billion was domestic electronic payments.
Despite this, on average, only 5 to 7 percent of all payment transactions in Africa were made via electronic or digital channels, compared with 50 percent or more in Turkey, for instance.
This implies that e -payments have the potential of being a major growth pole for Africa, especially as the convenience and scalability of payment methods improve and the supportive infrastructure develops”.
Indeed, mobile money interoperability remains a critical payment market infrastructure, which can boost cross-border payments on the continent.
Your Excellencies, Africa’s long standing strategic objective has been regional integration and over the years various initiatives have been pursued by existing regional blocs to offer interoperable payment systems to facilitate trade.
However, market fragmentation persists with a range of non -tariff barriers that increase the cost of transaction and limit cross border trade.
Again, Africa’s cross border payment infrastructure has also not been as developed as the national payment infrastructures.
Indeed, most African countries have fairly developed domestic payment infrastructure such as Real Time Gross Settlement Systems, National Switches, Cheque Codeline transaction Systems, vibrant payment system with emerging and nascent financial technology firms as well as vibrant mobile money sector.
Interestingly these national payment systems are not fully linked to other national payment infrastructure to facilitate cross border payments and support regional trade.
Indeed, intra-African trade for the period 2015-2019 averaged 15% for Africa, 58% for Asia and 68% for Europe.
Several factors , including lack of payment infrastructure, has been identified as hampering growth of African trade.
Therefore, to increase intra-African trade from 15 percent in 2019 to 50 percent by 2045, the African Union established the Africa Continental Free Trade Area (AfFCTA) in 2018.
Broadly, AfCFTA seeks to create a single continental market for goods and services and provide combined annual output of almost US$2.5 trillion across member states of the African Union.
This arrangement is also expected to expand intra-African trade through a harmonised coordinated trade liberalisation and 4 facilitation regimes across the existing Regional Economic Communities and the continent.
In recognition of promoting efficient intra -Africa trade through minimizing the frictions in cross border payments, Afreximbank (Africa’s key trade finance institution) – in collaboration with other African central banks and the AfCFTA secretariat – established the Pan -African Payment and Settlement System (PAPSS) to en able efficient and secure financial transactions across African borders and to contribute to financial integration across the region.