ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
In my brief remarks this morning I will do three things—First touch on the economic significance of a quality-built environment; why it is important to allow buildings to reflect our thinking ; and finally designing to reflect the developmental stage and phase of economic growth.
B. Economic Significance of a Quality Built Environment 8.
Chairman, the work of Architects has evolved from just creating elegant buildings and other physical structures, to leveraging technology to support economic activity and drive growth.
In the end, a quality-built environment can have many values for the economy and permit me to just touch on a few of them: Increased Property Values and Economic Wealth 9.
A well-designed and well-maintained buildings and public spaces can increase property values, attracting businesses, residents, and investments.
Quality buildings can command higher rental income, providing a stable source of revenue for property owners.
Both theoretical and empirical evidence have established how these factors affect the “rent/property value” gradient function.
And all over the world, architects, working together with town planners have used these qualities to steepen this gradient function to improve our communities and help citizens to maintain the values of their properties .
Property values have become a major component of wealth of nations and continue to influence the transmission mechanism of both macroeconomic and public policies.
Unfortunately, most property developers have not lived up to these standards in most developing countries.
Citizens spend a lot of money on brick and mortar—their entire life savings—but cannot tap any economic benefits from their properties because the environment has completely wiped away all the latent values in their properties.
Job Creation and Economic Growth 11.
Building and maintaining quality infrastructure creates employment opportunities in the construction sector.
A quality-built environment can stimulate local economic growth through routine maintenance culture.
This will attract businesses, tourists, and investments, and ensure that property owners can always fall on such investments in times of difficulties —by creating a lot of derivatives and refinancing opportunities for other critical investments.
Sadly, building or buying a property in Ghana has almost become like a sunk cost.
Once the money goes into the property, there are very limited opportunities for owners to tap into the appreciating values of these properties to finance other aspects of their lifestyles.
While this is not purely the problem of the architects and builders, but also requires creativity from those of us in the finance space, I strongly believe that enhancing our built environment will significant open this space to leverage the huge potential of its inherent economic benefits.
Governments of many developing economies are struggling with domestic revenue mobilization.
Meanwhile, a lot of value and resources are locked in brick and mortar all over our economies which cannot be tapped.
A well-designed built environments with proper cadastres would allow government to formalize property values and collect the required property taxes to further help to maintain the various amenities which by itself enha nces the value of our properties and help our governments to significantly improve our tax revenue.
While most advance and emerging market economies have tax to GDP ratios above 30 percent, developing countries, especially low-income countries, are under 15 percent (with Ghana around 13 percent), and property taxes are mostly absent in our economies.
This has been one of the major reasons why governments have had to borrow to close the financing gap, and why most low-income countries are saddled with debt burdens that are strangulating the development of our economies.
I am convinced that working together, we can leverage this huge potential and derive huge economic benefits from our built environment.
Improved Public Health and Productivity 15.
Let me at this point touch on the public health and productivity benefits.
A well-designed built environment can promote physical activity, reduce air pollution, and improve mental health.
There is enough evidence that quality buildings and public spaces can improve worker productivity, leading to increased economic output.
And this was one of our motivations at the Bank of Ghana in the design and building of our new head office complex—named the Bank Square.
The value of that building clearly goes beyond the cost of the construction.
Environmental Sustainability 16.
Energy-efficient buildings can reduce energy consumption, lowering greenhouse gas emissions and energy costs .
We also know that q uality buildings can incorporate water -saving features, reducing water consumption and wastewater generation.
Social Benefits 17.
A quality-built environment can foster social cohesion by creating public spaces that promote community interaction and social connection.
And this ultimately can help towards reducing crime rates by promoting natural surveillance and community engagement.
Promoting Tourism: Tourism has become a major source of revenue in many countries.
Well- designed buildings and spaces enhance the cultural landscape, attracting tourism and boosting local economies.
C. Allowing Buildings to Reflect Culture and Thinking 19.
Chairman, this point is very important and critical, and this is how we need to proceed as a nation.
Architects by the nature of their work always try to reflect the thinking and character of the people in their communities .
It is always said that you can judge the character, social and psychological make-up of a person or an institution from the structure of their building(s).
Let me give you a practical example.
Last week the Bank of Ghana commissioned its new Head Office: The Bank Square.
The edifice we see today reflects collaborative work between the main designer and the Management of the Bank.
The original design had to go through many iterations and the final product symbolizes Ghana's growing influence as an economic powerhouse on the world stage.
It reflects the direction of thinking of the policy makers and their outlook for policy making into the future.
It will surprise you all to learn that already we have had three requests from central banks in the African region who want to be given a tour of the facility.
The country is already gaining from the tourism angle, and also from the peer-to-peer learning and influence.
Architecturally, The BANK SQAURE is a bold statement of Bank of Ghana’s enduring presence and authority in the financial landscape.
Clad in durable stone, the building symbolizes permanence and resilience, much like ancient monuments that have withstood the test of time.
This material not only conveys the Bank's stature but also requires minimal maintenance and supporting the building’s sustainability goals.
This architectural form reflects the Bank’s role as a regulatory authority and affirms its importance within the nation’s economic framework.
My key point here is that building s speak, and they speak for us.
So let us design them to speak what we stand for, what we believe in, and our aspirations and ambitions.
And, let us allow our buildings to bring in the positive economic externalities.
Architecture and Stage of Development 23.
Chairman, a country’s landscape and infrastructure can at on ce predict the stage of its development.
As we consolidate as a middle-income country, the nation’s architecture should serve as a reflection of its level of development including technological advancement, cultural values and social dynamics.
The buildings and other structures should embody the cultural identity of the people, particularly their values and traditions.
In the world all over, there are bold iconic structures that on their own tell the story of these countries and ensures that these stories shape their determination and aspirations to improve and enhance their quality of life.
Ghana should be no di fferent.
We need to be bold and courageous to begin to use our built environment to shape the economic development of our dear country.
It is about time we developed ours to symbolize our cultural pride.
Conclusion: 25.
As I conclude, I want us all to reflect on how we can begin to think through ways in which we can leverage on advancement in technology to design buildings and other structures that reflect our socio- cultural identity and economic development.
The points raised here underscores the necessity for Architects to design and execute projects to the economic benefit of the nation.
I am trusting that this year’s Annual General Meeting of the Ghana Institute of Architects, and with a well-thought through theme on economic significance of our built environment, will create the platform for extensive engagements.
And I strongly believe that if there is a group of professionals who can use the power of their minds and the product of their imaginations to shape the economic development of our dear country Ghana, then it is this group of learned professionals gathered here today as the Ghana Institute of Architects.
A group I once dreamt to be part of but couldn’t make the cut.
28TH ANNUAL NATIONAL BANKING AND ETHICS CONFERENCE SPEECH BY DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA NOVEMBER 21, 2024 CIB AUDITORIUM, ACCRA Mr.
Chairman The President of CIB, Ghana, Mr.
Benjamin Amenumey CEO, of CIB, Ghana, Mr Robert Dzato Members of the Governing Council of CIB, Ghana Distinguished Guests Members of the Media Ladies and Gentlemen.
It is a great pleasure to address you today at the 28th Annual National Banking and Ethics Conference of Chartered Institute of Bankers, Ghana.
Before I proceed further, permit me to congratulate the CIB President, CEO, and Management team for continued efforts to equip members of the Institute with the requis ite skills and knowledge to help drive resilience in the sector.
I am pleased to know that CIB Ghana has introduced, over the last few years, new certification programmes such as the Ethics Certification, which was developed in collaboration with the Bank of Ghana, ESG Certification in collaboration with IFC and EPA, Ch artered Banker for Executive Leadership (CBEL), as well as the newly redesigned ACIB curriculum.
In this regard, let me applaud the President, CEO, and the Governing Council of the CIB for the commendable feats and the dedication in advancing professional excellence and ethical standards in the banking sector.
The theme for this year’s National Banking and Ethics Conference, Resilience in the Financial System: Navigating Horizon Risks is timely and central to safeguarding the stability of the financial system amid rising external risks.
Due to increased interconnectedness, the domestic economy is faced with heightened external risks, hence the need for increased preparedness to anticipate, adapt, and respond to emerging challenges in the financial sector.
Horizon risks such as technological disruptions, climate -related vulnerabilities, and economic shifts are realities that require strategic foresight and proactive regulation.
Regulatory Measures taken to address horizon risks 4.
In this regard, Distinguished Guests, the Bank has committed to decisive measures to strengthen the financial sector through regulatory reforms to enhance risk management practices, capital requirements, corporate governance, and other measures.
These will help reinforce transparency and market discipline.
Recently, the Bank has also introduced directives in the areas of sustainable banking principles, Climate -Related Financial Risk, Outsourcing and Cyber and Information Security Directive to drive responsible banking practices.
These notwithstanding, the Bank recognizes the potential for new and complex risks that cannot be mitigated solely using traditional approaches.
The strategy toward addressing such horizon risks is multi-dimensional and revolves around measures to address risks emanating from technology, climate an d sustainability issues, global shocks, and business model viability and sustainability.
Digital Transformation and Cybersecurity 6.
The 2008 global financial crisis ushered in an unprecedented boom in the emergence of Financial Technology (FinTech) services, which has had a cascading effect on the financial and payments ecosystem globally.
Innovations have disrupted the traditional ways of financing and payments, driven primarily by concepts such as Artificial Intelligence, Blockchain technology, and Big Data to mention a few.
As digital banking gains prominence, its associated risks have also become imminent.
Data privacy and security risk, cyber threats and the consequent potential liabilities and reputational risks pose significant danger to financial stability.
This has requ ired intensification of efforts to establish robust cybersecurity frameworks across the sector.
In view of this, the Bank recently launched the Financial Industry Command Security Operations Centre (FISOC) to improve cybersecurity resilience in the banking sector.
In addition, banks are being encouraged to invest in advanced technologies and capacity -building to keep pace with the rapid digital transformation, while maintaining comprehensive cybersecurity frameworks to prevent breaches and ensure data privacy.
Climate Risk and Sustainable Finance 8.
Climate change and sustainability issues has not only gained global prominence but also constitute financial stability risk that demands immediate and long - term action.
Physical risk from climate change reflecting in extreme weather events such as flooding, or droughts have direct bearing on the stability of the financial system.
For example, the destruction of infrastructure and farmlands can impair the ability of obligors to service their loans, leading to loans becoming non-performing.
Banks and other large financial entities in turn, may face liquidity problems, which can trigger a systemic crisis.
Faced with these potential risks, the Bank has prioritised climate and sustainability related issues, devoting time and resources to promote sustainable banking principles among regulated financial institutions, including supporting green and sustainable in vestments.
The Bank is also engaging closely with global bodies to adopt best practices in Environmental, Social, and Governance frameworks, so that the financial sector aligns with international standards and contributes to environmental resilience.
Stress Testing and Macroprudential Surveillance 10.
In addition to climate risk, external economic shocks also pose risks to financial stability.
Given rising economic uncertainties in recent times , the Bank has enhanced its stress-testing framework to evaluate the resilience of banks under adverse conditions.
By assessing potential vulnerabilities early, corrective measures can be implemented to mitigate the impact of economic shocks.
The Bank’s macroprudential surveillance framework is continuously refined to detect risks and prepare to counter disruptions before they materialize.
Adaptive Business model 11.
Weaknesses leading to the collapse of banks are not overnight.
Unviable and unsustainable business models and strategies are often the root causes of banks' vulnerabilities and failures.
While sudden external shocks such as Covid- 19 or the global financial crisis could be greatly impactful and cause the immediate demise of some banks, the root causes are generally more structural.
If not identified in time and allowed to fester, these vulnerabilities will make a bank's activities increasingly unsustainable, to the point where it becomes non-viable.
Going forward, the Bank is incorporating Business Model Analysis (BMA) as a key component of its supervisory frameworks to enable supervisors identify banks' vulnerabilities at an early stage and helps to ensure their safety and soundness.
We have recently issued an exposure draft of our methodology for assessing the viability of banks business model to the industry, which we will soon finalise for adoption.
Business model analysis has the potential to enhance bank supervision and make it more effective, proactive and forward -looking, and would be our next examination thematic review next year.
Importance of Ethical Standards and Professionalism 13.
Beyond regulatory measures, I firmly believe that a resilient financial system is built on a foundation of ethical conduct.
Integrity and professionalism are indispensable pillars of trust, and they underpin the confidence that the public places in our ban king sector.
In this regard, it is gratifying to highlight the Chartered Institute of Bankers’ Ethics Certification Programme which was developed in collaboration with Bank of Ghana and launched last year.
As I stated last year in my speech, all staff working the banking industry must complete this Ethics Certification Programme and must be recertified annually.
This is now an essential part of the fit and proper assessment of the Bank of Ghana.
I want to take this opportunity to encourage all banks to actively enrol their staff in this programme.
Equipping our practitioners with ethical training will empower them to make the right ethical decisions, even in complex situations, and to serve as trustworthy custodians of public funds.
At the Bank of Ghana, we believe that ethical certification should not be optional but a standard across the industry.
I envision a future where every banking professional, from senior management to entry -level staff, carries the certification as a badge o f honour—a reflection of commitment to uphold the values that protect and enhance our financial system.
A Call to Collective Responsibility 16.
While the Bank of Ghana remains committed to developing policies that safeguard the financial system, resilience cannot be achieved by regulation alone.
It is a responsibility we all share —regulators, financial institutions, and professional bodies alike.
Together, we must ensure that our workforce is prepared to face challenges with integrity, adapt to technological and environmental changes, and remain vigilant in the face of unforeseen risks.
In conclusion, Distinguished Guests, the path to resilience requires collaboration, innovation, and, most importantly, an unwavering commitment to ethical principles.
Let us work together to fortify our banking sector, to anticipate and navigate the risks on the horizon, and build a financial system that serves as a pillar of strength for Ghana’s economy.
Thank you to the Chartered Institute of Bankers for hosting this essential dialogue, and to all of you for your dedication to the advancement of Ghana’s financial sector.
The Bank of Ghana stands with you in this shared mission, and I look forward to seein g the impactful outcomes of this Conference.
On this note, I declare the 28th National Banking and Ethics Conference duly opened.
INAUGURATION OF THE BANK OF GHANA NEW HEAD OFFICE: THE BANK SQUARE ADDRESS BY DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA NOVEMBER 20, 2024 1 | P a g e Your Excellency, Nana Addo Dankwa Akufo-Addo, President of The Republic of Ghana Your Excellency, Dr.
Mahamudu Bawumia, the Vice President of The Republic of Ghana The Chairman of the Council of State, Nana Otuo Siriboe II, also representing Otumfuo Osei Tutu II, Asantehene Members of the Council of State Ga Mantse, King Tachie Teiko Tsuru II Honourable Chief of Staff, Madam Akosua FremaOsei-Opare Honourable Ministers of State and members of Cabinet Senior Presidential Advisor, Mr.
Yaw Osafo Marfo Leadership of the House of Parliament Presiding Bishop of the Methodist Church, Rev.
Johnson Asamoah Gyedu Members of the Clergy Nii mei, Naa Mei, Nananom Distinguished Governors of Central Banks from fellow African Countries The Secretary-General of the African Continental Free Trade Area Diplomatic Corps First and Second Deputy Governors of the Bank of Ghana Former Governors and Deputy Governors of the Bank of Ghana Members of the Past and Present Board of the Bank of Ghana Members of the Bank of Ghana Pensions Association The Project Management Team of the BANK SQUARE Members of the Media Distinguished Guests, Ladies and Gentlemen 1.
It is with great pleasure that I welcome you all to this momentous occasion as we inaugurate this edifice as the new headquarters for the Bank of Ghana.
I would like to welcome especially a few Governors and deputy Governors of sister Central Banks, who have come all the way to support us at this ceremony.
We extend to you the warm Ghanaian welcome of AKWAABA.
This new Head Office complex, called THE BANK SQUARE, is more than a physical structure.
It is a national monument highlighting the symbolic 2 | P a g e representation of our strong commitment to the transformation of the Ghanaian economy.
It also highlights the central and pivotal role of the Bank of Ghana and how it is intertwined with the development and history of Ghana.
Brief History of the Bank of Ghana 2.
Your Excellency Mr.
President, the Bank of Ghana traces its roots to the Bank of the Gold Coast.
Back in 1947, some leading local politicians had called for the establishment of a national bank with central bank functions to act as banker to government and to cater for the indigenous sector of the economy.
In 1953, the Bank of the Gold Coast was established to provide banking services to indigenous farmers, traders and other individuals who could not access such services from expatriate banks.
As soon as local politicians and economists saw political independence in sight in the mid 1950's, the agitation for a central bank was revived.
It was believed that a central bank would give true meaning to political independence.
The colonial Government at the time a dmitted the proposal and set up a national Select Committee in 1955 to review the proposal; thus, preparing the grounds for the establishment of a central bank.
Fortunately, the Bank of the Gold Coast had already set the stage for central banking, following the experience from providing banking services to the indigenous economy.
All that was needed in addition was specially trained personnel in central banking and suitable accommodation for the central bank to take off.
A section of the Bank staff was therefore trained to start a new department, Issue (Currency) Department, responsible for the 3 | P a g e issuance of a local currency.
By the end of 1956, all was set for the establishment of a central bank in Ghana.
On the 4th of March 1957, just two days before the declaration of political independence, the Bank of Ghana was formally established by the Bank of Ghana Ordinance (No.
34) of 1957.
The primary mandates of the Bank were to issue and redeem local currency, manage foreign reserves, influence credit allocation with a view to maintaining monetary stability and the external value of the Ghana Pound.
The Bank was also to act as the banker and financial adviser to the Government.
On 1st August 1957, the then new and modern five -storey building on the High Street (No.1 Thorpe Road), opened its doors for business .
Thus, for more than 67 years, that building has served as the command centre for the central bank to formulate monetary policy, supervise the banking and other non -bank financial institutions, and oversee its operations across the country.
Background to the Project 6.
Arguably, one of the most key economic achievements of the country , especially under the fourth republic, is the rapid growth and development of the financial sector.
Broadly, this was driven by the national drive to make Accra the financial gateway to the sub-region.
This vision led to bold investments to transform this enclave of Accra into a financial hub.
Your Excellency, I recall I raised the issue of a new headquarters of the Bank of Ghana with you in 2018, a vision which you shared and encouraged us to explore.
I must say that 4 | P a g e this idea, had been in the plans of the Bank from the early 2000s.
Since then, successive Management teams and Boards made different attempts to initiate processes to build a new head office.
However, each attempt was overcome by one challenge after another.
This attempt under your administration was not without difficulties, as this location was the subject of litigation.