ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
It is the foundation from which everything else becomes possible to build.
That is the lesson of the last three years here.
It is also, I would argue, the precondition for the kind of financial market architecture that the rest of this Congress will be discussing.
From Platform to Architecture Distinguished delegates, what makes this moment different is not what any single country is doing.
It is what is happening across emerging economies simultaneously.
The conventional story of financial markets in emerging economies has been one of catch- up: adopting frameworks designed elsewhere, importing infrastructure built for other systems, accepting standards set in other rooms.
That story is ending.
It is ending because the tools that are now reshaping global finance are no longer being built only in New York, London, or Frankfurt.
Instant payments, digital sovereign currencies, virtual asset frameworks, AI-driven market intelligence, regional integration architectures: these are being built, and in some cases built first, in places like Accra, Nairobi, São Paulo, and Mumbai.
This is the shift this Congress is meeting to recognise.
And what we are seeing in Ghana reflects that broader shift along three architectural lines.
First, payments are no longer the back office of finance.
They are the front door.
For decades, payments were treated as the last mile of finance: the plumbing that moved money once decisions had been made elsewhere.
That logic is being inverted across the emerging world.
Payment rails are becoming the entry point into formal finance for billions of users, the data layer on which credit decisions are increasingly made, and the operational platform on which monetary policy itself is transmitted.
What we see in Ghana is one expression of this: an interoperable ecosystem built with the Ghana Interbank and Payment Settlement Systems (GhIPSS) and our partners, with instant transfers, mobile money integration at scale, QR-code interoperability, and a settlement infrastructure that has become a regional reference point.
The e-Cedi, Ghana's central bank digital currency, has completed its pilot phase, and we are now actively designing its use for cross-border settlement and wholesale payments.
The strategic question is no longer whether to build digital sovereign infrastructure.
The strategic quest ion, here and elsewhere, is what economic activity we choose to enable once we have it.
Second, in digital finance, regulation is not a constraint on scale.
It is the condition for scale.
The post-2008 instinct was to treat regulation as a brake on innovation.
The lesson of the last decade in digital finance is that the opposite is true.
Markets that lack credible regulatory architecture do not innovate faster.
They fragment, they fail, and they erode the trust on which the next wave of innovation depends.
Ghana's Virtual Asset Service Providers Act was passed in 2025.
We are now operationalising it through the detailed regulatory framework that gives the Act its market-facing form.
The same principle runs through our fintech sandbox, through our supervisory technology investments, through the cybersecurity frameworks we are strengthening, and through our work, with the Securities and Exchange Commission and the Ghana Stock Exchange, to align oversight where capital markets, banking, and digital finance increasingly converge.
Innovation without regulatory architecture is fragile.
Innovation embedded within credible regulatory architecture compounds.
That is the proposition emerging economies are testing now.
Third, markets that are not connected will not compete.
Capital does not respect borders, but regulation often does.
The countries that recognise this are building integration into the design of their financial systems rather than retrofitting it after the fact.
We are working with our partners across the region on licence passporting initiatives for fintechs, on harmonised payment rails, and on the broader vision of a connected African financial market.
A fintech licensed in one African jurisdiction should be able to serve a customer in another without rebuildi ng its compliance stack from scratch.
A payment initiated in Accra should clear in Abidjan or Lagos as easily as it clears in Kumasi.
This is not regional aspiration.
It is the design logic of competitive emerging markets in the decade ahead.
The Shift in Posture Ladies and gentlemen, the theme this Congress has set, Ghana at the centre of a new financial markets era, is a generous framing.
I want to be precise about what I think it means.
It does not mean Ghana claims to have solved problems that the global financial system has not solved.
It does not mean we believe our experience is universal.
And it does not mean we are blind to the risks ahead: to commodity volatility, to geopolitical d isruption, to the fragility of confidence in any market system.
What it means is this.
A growing number of emerging economies, Ghana among them, are no longer countries to which financial market policy happens.
We are countries in which financial market policy is being designed: for our own conditions, in dialogue with others facing similar conditions, and increasingly as the source of frameworks that other jurisdictions are watching, adapting, and in some cases adopting.
That is a different posture from the one that defined the last era.
It carries different obligations.
It requires us to engage more, not less, with forums such as this one: to test our thinking against the experience of others, to learn from where we are wrong, and to contribute where we have something useful to offer.
That is the obligation Ghana accepts.
Closing Distinguished delegates, financial markets are not being redesigned in theory.
They are being redesigned in real time.
Across jurisdictions.
Across technologies.
And increasingly, from inside the economies that, until recently, were assumed to be on the receiving end of that design.
Ghana has chosen to be part of that redesign.
Not as a participant.
As a contributor.
The question for everyone in this room is the same question.
Are we building financial systems that will keep up with the change ahead?
Or are we building systems that will shape it?
That is the conversation this Congress is convened to have.
And it is the conversation Ghana is ready to be at the centre of.
I welcome you to Accra.
I wish you fruitful deliberations.
BANK OF GHANA/FRONTCLEAR MARKET TRAINING ON REPO GUIDELINES, GMRA AND ISDA DOCUMENTATION WORKSHOP 2026 WELCOME ADDRESS BY DR.
ZAKARI MUMUNI FIRST DEPUTY GOVERNOR, BANK OF GHANA TUESDAY, 19 MAY 2026 8TH FLOOR URBAN BLOCK | BANK OF GHANA Leadership of Frontclear, Executives of ACI Ghana, Leadership of the Ghana Fixed Income Market and the Central Securities Depository, Executives of the Ghana Securities Industry Association, Representatives of Commercial Banks, Distinguished Ladies and Gentlemen, Good morning.
A financial market is only as strong as the legal and operational infrastructure beneath it.
Volumes tell you how active a market is — documentation, risk frameworks, and legal certainty tell you how safe it is.
Today, we gather to close the gap between market activity and market resilience.
It is my pleasure to welcome you all to this one-day market training workshop on the Repo Guidelines, the Global Master Repurchase Agreement (GMRA), and International Swaps and Derivatives Association (ISDA) documentation.
Let me express the Bank’s sincere appreciation to Frontclear for partnering with us on this important initiative.
Frontclear’s commitment to building stable, inclusive, and well -functioning money markets is entirely aligned with our mandate to deepen Ghana's financial markets, promote systemic resilience, and support efficient financial intermediation.
This workshop is particularly timely.
Ghana’s financial markets are evolving rapidly, characterised by a significantly expanded fixed-income market that is attracting a new generation of professionals and increasingly sophisticated instruments .
Growth at this pace must be matched by a corresponding investment in market infrastructure, legal literacy, and risk culture.
A well-functioning repo market for instance, is a critical pillar of modern financial system.
It supports short-term funding and liquidity management, promotes the efficient use of securities as collateral, and strengthens monetary policy transmission.
These benefits, however, are fully realised only when participants understand the governing rules, their legal obligations, and the operational risks involved.
GMRA provides an internationally recognised legal backbone for repo transactions.
It defines counterparty rights and obligations with precision, and establishes transparent mechanisms for default management, margining, and close-out netting — reducing legal uncertainty and supporting market confidence.
ISDA documentation serves an equally foundational role for derivatives markets.
It creates the contractual framework for hedging and risk management, and addresses payment obligations, collateral arrangements, events of default, and close-out netting — all of which are essential to orderly market development.
We have deliberately structured this programme to bring together Treasury, Risk, and Legal functions within your institutions.
A sound financial transaction demands strong coordination across the front office, risk management, legal, operations, and senior management .
These functions form a critical tripod — no leg of which can be weak without compromising the whole.
Distinguished Guests, Ladies and Gentlemen, I encourage each of you to engage fully today.
Raise the difficult questions — on collateral management, legal enforceability, close-out netting, operational readiness, and counterparty risk.
The value of this programme will be measured not by the presenta tions delivered, but by the quality of debate and the practical insights carried back to your institutions.
In closing, let me be direct: the integrity of Ghana's financial markets cannot rest on informal conventions or ambiguous documentation.
It must rest on legally enforceable agreements, operationally sound processes, and professionals who understand precisely what they have signed.
The Bank of Ghana remains fully committed to building that foundation — in partnership with all of you.
We will continue to work closely with market stakeholders to strengthen infrastructure, deepen liquidity, and align our standards with international bes t practice, adapted thoughtfully to Ghana's context.
Once again, my sincere thanks to Frontclear, ACI Ghana, and all collaborating institutions for making this programme possible.
I hereby declare this market training programme officially open.
I wish you productive and rewarding deliberations.
130th Monetary Policy Committee Meeting Opening Remarks by Dr.
Johnson Pandit Asiama Governor, Bank of Ghana Bank Square | Monday, 18 May 2026 Good morning and welcome to the 130th Monetary Policy Committee (MPC) Meeting.
I also extend a warm welcome to our external members and to the staff team whose analytical work underpins our deliberations today.
We are meeting at a moment of heightened policy complexity.
The initial conditions of the Ghanaian economy have improved meaningfully since our last meeting in March 2026, a testament to the sustained reform efforts of recent years.
At the same time, a deteriorating external environment, characterised by the ongoing conflict in the Middle East and its effects on global energy and commodity prices, is introducing new headwinds that must be weighed carefully.
Over the next three days, the Committee will consider a range of issues reflecting both domestic economic progress, external risks and their impact on the economy and on how to sustain the gains made so far.
At the time of our 129th MPC Meeting, the outbreak of hostilities in the Middle East in February 2026 was at a nascent stage .
The key issue the Committee dealt with at the time , and which influenced the policy decision, was whether the conflict would be short-lived or protracted.
We presented scenarios accordingly – ranging from a swift resolution, with Brent crude prices returning to approximately US$75 per barrel, to a protracted conflict sustaining prices around US$100 per barrel through year-end.
Inflation outcomes under those scenarios were varied.
Since then a clearer picture of the Middle East Crises and its potential effects are emerging .
The conflict has not abated, and its economic consequences are now visible in the global data.
The closure of the Strait of Hormuz has triggered a sustained surge in global energy prices.
The IMF has revised its 2026 global growth projection downward to 3 .1 per cent from an initial estimate of 3.3 per cent, citing the adverse demand and supply effects of the conflict.
Early indicators point to a re- acceleration of headline inflation in several advanced and emerging market economies, prompting several central banks that had commenced easing cycles to pau se or reverse course.
For a commodity-exporting, energy-importing economy such as Ghana, the transmission channels of this external shock are multiple and material – through fuel prices, transportation costs, import bills, and ultimately consumer price dynamics.
The domestic economy is evolving and continues to undergo economic and structural changes.
Let me outline some of these developments: ▪ Inflation has ticked up, marking the first increase since December 2024; ▪ The April 2026 IMF World Economic Outlook reports an expansion in Ghana’s economy; ▪ The Q1 2026 current account surplus exceeded the Q1 2025 outturn by approximately US$652 million; ▪ The Government has successfully issued a 7-year bond instrument, and steps are being taken to lengthen the maturity profile of existing GoG instruments.
The successful resumption of domestic T-bond issuance earlier in 2026 signals a return of investor confidence; ▪ The Government has announced its intention to raise US$1 billion through local-currency bonds to fund cocoa purchases for the 2026/27 crop season, in a significant shift to reduce reliance on dollar funding and foreign lenders; ▪ To mitigate the direct impact of rising crude oil prices on domestic inflation, the Government has announced a temporary reduction in regulatory margins on petroleum products; and ▪ We have also had an IMF mission visit Accra during 29 April to 15 May 2026, to conclude the sixth and final ECF review, conduct an Article IV Consultation and discuss negotiations on a 36-month non-financing Policy Co-ordination Instrument (PCI).
The mission's statement noted that the ECF programme has delivered substantial stabilisation gains – sharply lower inflation, higher external buffers, improved cedi confidence, and marked debt sustainability gains – while cautioning that the global environment remains uncertain and that the Middle East conflict is expected to transmit through higher energy, food, and fertiliser prices.
That being said, the overall picture since end -March is one of a domestically resilient economy navigating an increasingly difficult external environment – with the energy price shock from the Middle East conflict now the central risk shaping the near-term outlook.
The Monetary Policy Committee has several substantive issues to address at this meeting.
These issues range from realigning the entire interest rate structure in the economy as inflation remains low to addressing policies to ensure inflation expectations do not become dislodged, as the combination of domestic energy supply disruptions and external commodity price pressures could create a dual-channel inflation expectations problem.
Looking forward, the economy will need a strong banking sector, and steps w ill be needed to ensure that the financial stability concerns are protected and the banking system is made to deliver on credit expansion.
Let me touch on the risks as we go into this meeting.
There are a number of risks in the outlook of concern.
Some of these risks are already materialising and there are those that remain contingent.
The protracted Middle East conflict and sustained energy price elevation , the convergence of domestic energy supply disruptions and external cost -push pressures risks, which if not addressed could dislodge inflation expectations before they are firmly anchored.
Current account and reserve vulnerability issues, fiscal risks from external revenue compression and the domestic power crises, although showing signs of abatement, has elevated business costs and consumer inflation expectations.
These risks will be central to the discussions this week.
Before I conclude, let me touch on the IMF’s post -ECF engagement with Ghana.
The IMF staff team concluded a joint Article IV Consultation and the sixth and final review of the Extended Credit Facility (ECF) in Accra on 15 May 2026.
The IMF’s concluding statement also touched on a staff -level agreement for a 36 -month non-financing Policy Coordination Instrument (PCI).
The PCI represents a considered and credible next step in Ghana's institutional engagement with the international financial architecture.
It preserves the signaling benefits of Fund engagement while asserting Ghana's reform ownership and reducing our financial dependence on IMF resources.
The 36-month PCI is a signalling instrument that reflects policy ownership and will be organised around six pillars: • Sustaining growth-friendly fiscal adjustment; • Safeguarding debt sustainability; • Strengthening fiscal transparency and governance, particularly for state -owned enterprises and quasi-fiscal activities; • Enhancing the monetary and exchange-rate policy framework; • Reinforcing financial sector stability; and • Supporting economic diversification and inclusive growth.
Of particular relevance to the Bank of Ghana, the PCI will incorporate commitments relating to the Bank of Ghana’s monetary policy framework , improve on the transmission mechanism, enhance the liquidity forecasting framework , and maintain conditionality around the inflation targeting regime, with continued emphasis on forward -looking polic ies and the anchoring of inflation expectations.
The corridor reform under discussion at this meeting is directly consistent with the PCI's monetary framework pillar.
The PCI will also focus on strengthening the BoG’s balance sheet over the medium term by limiting quasi -fiscal activities, improving transparency and oversight of the Domestic Gold Purchase Programme(DGPP).
Addressing the operational constraints related to the DGPP and the broader foreign exchange intermediation architecture will be part of the reform agenda in this future engagement.
The Foreign Exchange framework and reserve management objective will continue to be assessed.
With these few remarks, I declare the 130th Monetary Policy Committee Meeting open.
MAIDEN LAUNCH OF THE 2025 FINANCIAL STABILITY REPORT ADDRESS BY DR JOHNSON PANDIT ASIAMA GOVERNOR, BANK OF GHANA AND CHAIR OF THE FINANCIAL STABILITY COUNCIL READ ON HIS BEHALF BY MRS MATILDA ASANTE-ASIEDU SECOND DEPUTY GOVERNOR, BANK OF GHANA AND MEMBER OF THE FINANCIAL STABILITY COUNCIL The Bank Square, 15 May 2026 Fellow Financial Stability Council Members, Members of the Technical Committee and Working Group, Members of the Press, Distinguished Ladies and Gentlemen, Good afternoon.
On behalf of the Governor and Chairman of the Financial Stability Advisory Council, let me welcome you all to the launch of the Financial Stability Review (FSR), the Council’s flagship report.
This is an annual publication of the Financial Stability Advisory Council.
It evaluates developments in Ghana’s financial system, with a focus on policies implemented to mitigate emerging risks to Ghana’s financial stability.
Theme of the 2025 FSR The 2025 edition of the FSR is on the theme: From Stress to Stability, Staying on Course .
The theme reflects how the financial sector has navigated through the twin stresses of macroeconomic shocks and debt restructuring risks over the past few years, to the current state of stability, and the resolve of financial sector regulators to stay on the course of stability over the medium term.
Some risks are emerging in the outlook, and financial institutions are reassessing their business models to adapt to evolving conditions to avoid disruption to the stable trajectory we have enjoyed.
So, how different is the 2025 edition from previous editions?
As I am sure you are aware, t he publication of the FSR commenced in 2020.
However, this edition differs from previous editions in two respects.
First, the 2025 Report captures highlights of initiatives that the FSC has undertaken to promote financial stability and further develop the financial sector, and you can find more details in Chapter 2 of the report.
The second notable difference is that the chapter on the assessment of resilience of the financial sector has been updated to include the results of a Systemic Risk Survey , discussed in Chapter 7.
Ladies and gentlemen, on the back of the improved macroeconomic gains in 2025 , Ghana’s financial sector experienced growth and resilience in 2025.
Total financial sector assets expanded by 23.2% to GH₵647.25 billion, equivalent to 45.1 % of GDP.
In addition, and more importantly, the financial sector was more resilient, bolstered by strong profitability and solvency positions across all four financial industries.
Various initiatives have also been undertaken to further strengthen the financial sector going forward.
These initiatives include the implementatio n of the framework for conglomerate supervision, which is aimed at strengthening oversight of financial groups with cross -sectoral activities, thereby minimising regulatory arbitrage.
Following the passage of the Virtual Assets Service Providers Act 2025 (Act 1154), the Council has tasked the Technical Committee to develop a risk matrix for monitoring risks in the V ASP space.
This is to ensure that innovation is balanced with financial stability considerations.
Conclusion As I bring my remarks to a close, let me emphasise that we will continue to collaborate under the auspices of the FSC to deepen policy coordination, sustain the development of the financial sector and preserve financial stability.
I wish to extend sincere thanks to FSC members, the Technical Committee, Working Groups, and the Secretariat for their invaluable contributions to this Review and our broader shared mission of promoting financial system resilience.
I also wish to thank the Communications Department of the Bank of Ghana for their support in facilitating this maiden launch.
3i Africa Summit 2026 The Rebirth of Africa’s Digital and Financial Ecosystems Closing Keynote Address by Dr.
Johnson Pandit Asiama Governor, Bank of Ghana Accra | 8 May 2026 Your Excellencies, Senior Government Officials, Distinguished Panellists and Speakers, Colleagues from the Media, Distinguished Guests, Ladies and Gentlemen, Good Afternoon.
It is a privilege and a personal moment to stand before you to bring the curtain down on the 2026 edition of the 3i Africa Summit.
Two days ago, we opened these proceedings at the Destiny Arena under a single, unifying proposition: that Africa is no longer observing the global financial revolution from the sidelines; we are, in fact, shaping it.
Although today also marks the climax of this year’s 3i Africa Summit, it is certainly not an end.
Rather, it signals the continuation of innovation, advancement of our digital financial ecosystem, deepening of continental trade integration, responsible use of emerging technologies for improved outcomes, development of effective policies, and the strengthening of the impactful networks and opportunities that have been forged over the past few days.
It has been a singular honour for the Bank of Ghana to once again host this important summit in partnership with Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) and Global Finance & Technology Network (GFTN).
I extend my profound appreciation to all participants, regulators, policymakers, fintech investors, institutional investors, start-ups, government officials, global partners, and students.