ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
Across Africa, we are witnessing an acceleration in digital innovation – fueled by infrastructure upgrades, evolving consumer expectations, and the growing influence of both FinTechs and non-bank actors.
Cross-border payments in particular, hold immense potential to drive inclusive growth and support livelihoods – yet they continue to face multiple frictions: high transaction costs, slow processing times, limited transparency, and inadequate interoperability.
These challenges arise from a patchwork of regulatory frameworks, legacy systems, differing time zones, and a lack of alignment on data standards, consumer protections, and compliance protocols.
For our continent, the stakes are high.
Remittances, often lifelines for families, remain costly and inefficient.
Small businesses struggle with the high friction of cross -border trade settlements.
And regulators face growing complexity in balancing openness with oversight.
At the Bank of Ghana, our response has been to champion regional cooperation and responsible innovation.
Ghana’s active participation in the Pan -African Payment and Settlement System (PAPSS) reflects our commitment to building scalable infrastructure for i ntra-African payments.
With 15 central banks, 12 switches, and over 50 commercial banks on board, PAPSS is an important step toward reducing dependency on non -African clearing pathways and strengthening our financial sovereignty.
In parallel, we are co-leading with the National Bank of Rwanda on two pioneering initiatives: • The FinTech License Passporting Framework, which supports regulatory coherence and facilitates cross-border market entry for trusted digital firms; and • The Africa NextGen Digital Payment Infrastructure (DPI) initiative, which aims to explore secure, interoperable, and inclusive payment architecture designed for African use cases.
Yet infrastructure alone is not enough.
Policy coherence and regulatory agility must go hand - in-hand.
We see strong potential in tools such as multi -regulator sandboxes, which bring regulators, innovators, and governments into a shared testing environment.
Similarly, Supervisory Technologies (SupTech) can enhance real -time compliance monitoring, cross - border data flows, and information sharing.
We must also be proactive in shaping international digital standards – in areas such as AML/CFT, digital identity, and data privacy – so that they are inclusive of our contexts rather than imposed from outside.
Digital trade agreements, when thoughtfully constructed, can also promote interoperability and trust.
But as we talk about systems and standards, let us not lose sight of the real human stories behind these reforms.
The single mother receiving remittances to keep her children in school.
The young entrepreneur seeking payment channels to export their goods.
The regulator striving to ensure innovation does not outpace resilience.
These are the lives we must center in our work.
In this regard, our gathering is not simply technical – it is profoundly strategic.
We are here to co-create a regional vision where digital finance serves people, supports markets, and safeguards trust.
So over the next two days, I encourage each of us to engage in open, forward-looking, and critical dialogue.
Share experiences – yes – but also be bold in proposing new ideas, questioning old assumptions, and identifying areas for concrete cooperation.
Let us leave this seminar not just informed, but inspired to strengthen cross-border payments, elevate compliance practices, and build a truly interoperable African digital economy.
Thank you once again for your presence and commitment.
Stakeholder Engagement Financial Industry Command Security Operations Centre (FICSOC) Welcome Address By Dr.
Zakari Mumuni First Deputy Governor, Bank of Ghana May 7, 2025 The Bank Square Second Deputy Governor, Director-Generals of the Regulatory Institutions, CISOs and CIOs of Banks and other Financial Institutions, Bank of Ghana Directors and Heads of Department, Distinguished Guests, Ladies and Gentlemen, 1.
Good morning to you all, and welcome to the Bank Square.
It is an honour to address this important forum as we confront the evolving threats facing our financial sector – cybersecurity breaches, money laundering, and terrorist financing.
Let me say that it is for this reason that the Financial Industry Command Security Operations Centre (FICSOC) was established as a pivotal institution to engage industry players and safeguard the financial infrastructure.
Ladies and Gentlemen, the digital revolution has transformed our financial system, opening pathways to innovation — but also to vulnerability.
In 2023, global financial cyberattacks surged by 38%, while annual money laundering flows exceeded $2 trillion.
Ghana has not been spared.
In 2024, cyber and technology-related fraud losses reached almost 10 million Ghana cedis, up from 8.9 million Ghana cedis the previous year, according to the Bank of Ghana’s 2024 Fraud Report.
Today, we are at a pivotal moment in the evolution of financial services.
As technology advances and our economies become more interconnected, deeper integration within the financial industry is no longer a luxury – it is an imperative.
Connecting platform s and systems across institutions is key to delivering seamless services to our clients.
More importantly, it is a tool to reach millions of unbanked individuals across Ghana who deserve the opportunity to participate in and benefit from the formal financial system.
Yet, as we embrace the promise of digital inclusion, we must also confront the risks it brings — particularly in the realm of cybersecurity.
Every new doorway to financial empowerment can also become an entry point for malicious actors.
Cyber risks are unlike any other.
They are stealthy, adaptive, and borderless.
A single weakness in one institution can cascade into systemic threats — amplified by the very interconnectedness we rely upon for efficiency and scale.
A breach in one part of our financial ecos ystem could compromise operations, security, and the privacy of stakeholders across multiple institutions — regulators, partners, vendors, and customers alike.
Ladies and Gentlemen, this is why collaboration is not optional.
No single institution, no matter how large or well-resourced, can face these threats alone.
We must share intelligence, align standards, and develop resilient systems to protect the integrity of our industry and the trust of those we serve.
The Bank of Ghana has long recognized this imperative.
Over the years, the Bank has made significant investments in cybersecurity — not simply for compliance, but to build a foundation of trust and resilience for collective progress.
A cornerstone of this effort was the 2018 issuance of the Cyber and Information Security Directive (CISD) — a bold step to establish clear expectations, strengthen accountability, and harmonize cybersecurity standards across the financial sector.
The directive helped institutions move from reactive postures to proactive strategies, enabling them to anticipate a nd respond to emerging threats.
This led to the establishment of the Financial Industry Command Security Operations Centre (FICSOC), which has greatly enhanced our collective situational awareness.
Participating institutions can now monitor threats in real time, share incident reports promptly, and coordinate responses with greater speed and impact.
It is a living example of how collaboration breeds res ilience.
Indeed, when we work together, we are stronger, smarter, and faster.
Ladies and Gentlemen, our work at FICSOC has not gone unnoticed.
The Cyber Security Authority has formally designated the Bank of Ghana as the Sectoral Computer Emergency Response Team (CERT) lead for the financial industry.
This designation is not just a title — it is a responsibility.
As a sector rich in Critical Information Infrastructure (CII), the financial industry demands deeper collaboration to understand evolving threat patterns —ranging from insider breaches and digital fraud to advanced persistent threat s. Indeed, the CERT designation opens the door to cross -sectoral intelligence sharing, collective defense, and a unified national response.
When we collaborate, we do not fight alone – we defend our sector with shared purpose and shared tools.
While FICSOC offers a powerful collective shield, individual institutions must continue investing in their own cyber capabilities.
A shared defense does not replace internal diligence; it strengthens it.
But let me be clear — as a regulator, we are not resting on our success story.
We are here today because we know cybersecurity is never static.
It evolves — and so must we.
Together, we must reflect, re -strategize, and build on our shared progress.
Accordingly, the Bank of Ghana has initiated a process to revise the Cyber and Information Security Directive.
The updated directive will address emerging risks ti ed to artificial intelligence, data privacy, cloud computing, and digital governance.
It is being de signed with proportionality in mind — ensuring that regulatory requirements reflect the varied realities of different institutions while continuing to protect innovation.
In addition, the Bank has commenced steps to expand the scope of FICSOC to include all regulated financial institutions — bringing in our sister regulators, namely NIC, NPRA, and SEC.
By broadening the circle of participation, we aim to extend the benefits of early warning systems, situational awareness reporting, and threat intelligence to all players — large and small.
Cybersecurity must be democratized — every institution must be supported with the tools and visibility to protect their operations and their customers.
In closing, Distinguished guests, ladies and gentlemen, let me reiterate that the resilience of our financial system depends not just on innovation or regulation — but on our willingness to collaborate.
We must build stronger bridges between institutions, regulators, and technology providers.
We must share, learn, and act – together.
Let us commit to a safer, more inclusive financial ecosystem — one where no institution’s resilience stands alone, and no one is left behind.
In unity, we will secure our future.
IMF / WORLD BANK 2025 SPRING MEETINGS: 2025 AFRICAN CONSULTATIVE GROUP MEETING A SPEECH DELIVERED BY GOVERNOR DR.
JOHNSON ASIAMA ON “DEBT VULNERABILITIES IN DEVELOPING COUNTRIES—A KEY CHALLENGE FOR ACHIEVING THE SUSTAINABLE DEVELOPMENT GOALS (SDGS)” APRIL 22, Thank you, Chair.
I appreciate the opportunity to speak today on behalf of my fellow Governors on the critical theme of “Debt vulnerabilities in Developing Countries—a Key Challenge for Achieving the Sustainable Development Goals (SDGs)” .
Let me express my profound gratitude to Managing Director Kristalina Georgieva for her outstanding leadership, dedication to the membership, and steadfast support for Africa.
Madam Managing Director, many developing countries, especially in Africa, face high and rising debt levels, with a shift in creditor composition, high rollover risks, and substantial financing needs, particularly following the recent successive shocks.
These include the COVID pandemic, geopolitical tensions, financing squeezes, and climate-related disasters.
Consequently, many African countries are contending with crippling debt service obligations, with about half of Sub-Saharan African countries at high risk of, or already in debt distress at the end of 2024.
This severely constrains fiscal space for essential social and development spending, and hinders progress towards achieving the SDGs.
Most concerning is that per capita public expenditure on interest payments in Africa has surpassed spending on health and education, exacerbated by declining overseas development assistance.
Madam Managing Director, African Governors are committed to proactive debt management, enhancing revenue mobilization, and rationalizing expenditures to restore fiscal and debt sustainability, while implementing policies to promote durable economic growth.
However, these efforts require stepped-up international cooperation and support from development partners, including the IMF.
To this end, I will highlight a few key issues and the role of the IMF today: • First, given the current shock-prone world, strengthening IMF support and policy agility is crucial for enhancing resilience in developing countries, particularly in Africa.
Maintaining the concessionality of the Poverty Reduction and Growth Trust and replenishing the Catastrophe Containment and Relief Trust are crucial for easing any liquidity crunch and alleviating debt pressures.
We urge the Fund to engage actively with members to secure the financing assurances needed for the distribution of GRA income under the multi-year framework, ensuring its timely and effective implementation.
Prioritizing inclusive growth, integrating SDG priorities into debt solutions, and tailoring technical support for macro-fiscal-structural reforms will help mitigate fiscal risks, restore debt sustainability, and advance economic diversification.
• Second, strengthening the debt sustainability framework to proactively prevent unsustainable debt accumulation without unduly limiting access to the much-needed development assistance is essential.
The IMF should ensure that the debt sustainability framework remains fit-for-purpose and effectively captures the unique vulnerabilities of developing countries, including climate-related debt risks and new debt instruments.
Refining the IMF’s debt sustainability toolkit is critical in this regard.
We urge the IMF to enhance its risk assessment tools and early warning systems to timely identify potential debt sustainability issues.
We expect the ongoing review of LIC DSA to take stock of shortcomings and address them.
• Third, the IMF should continue to lead debt restructuring and debt relief efforts.
While we appreciate the Global Sovereign Debt Roundtable (GSDR) and G20 Common Framework’s work, the ongoing high debt vulnerabilities in developing countries, especially in Africa, call for a more comprehensive debt relief strategy.
Streamlining processes, enhancing debt transparency and reporting, and incentivizing private creditor participation in the Common Framework are crucial for fostering confidence and encouraging early engagement from members.
Additionally, Multilateral Development Banks’ significant exposure to debt-vulnerable countries necessitate deeper discussions on fairer debt treatment across different creditors and additional financing support.
We call on the IMF to use its convening powers to drive this dialogue at the GSDR.
• Finally, enhancing policy coordination among international financial institutions (IFIs) is essential.
We urge the IMF, other IFIs, and regional bodies to better coordinate and align their financial and technical support to developing countries, considering diverse needs and capacities.
Promoting regional cooperation to address common challenges and capitalize on collective strengths are paramount.
Given the debt vulnerabilities exacerbated by climate change, we call for enhanced collaborative efforts.
This includes proposing ambitious yet achievable and monitorable concessional financing options, establishing joint financing mechanisms, and developing common policy frameworks.
Promoting innovative financing solutions, such as blended finance and debt-for-climate/ SDG swaps, is crucial for addressing both debt vulnerabilities and climate risks.
Thank you, Chair and Madam Managing Director.
JOHNSON PANDIT ASIAMA AFRICAN LEADERS & PARTNERS FORUM EMBASSY OF GHANA, WASHINGTON, D.C.
APRIL 22, 2025 THEME: AFRICA & THE U.S.
: SHAPING A TRADE-DRIVEN FUTURE Distinguished colleagues, esteemed partners, ladies and gentlemen.
It’s an honour to address this forum at a pivotal moment for global trade.
My thanks to the EBII Group and the Embassy of Ghana for convening us and for the invitation to speak.
We are here not just to reflect, but to help shape a renewed Africa–U.S.
partnership—one that is inclusive, forward-looking, and grounded in shared ambition.
As global alliances shift and economic nationalism rises, this relationship must move beyond access and aid—toward strategy, equity, and co-creation.
Let me begin by framing where Africa–U.S.
trade relations currently stand, and why this moment calls for a fundamental rethink of how we engage.
Africa–U.S.
trade relations have deep historical roots.
The African Growth and Opportunity Act (AGOA), enacted in 2000, was a watershed trade moment – granting duty-free access to the U.S.
market for eligible African countries and opening space for deeper trade cooperation.
Yet over the past two decades, this relationship has remained narrow - centered on exports of raw materials, extractives and some activity in the energy sector.
In 2024, for example, total U.S.
goods trade with Africa reached $71.6 billion, with a $7.4 billion surplus in favor of the continent.
But this trade remains highly concentrated: Nigeria’s $2.2 billion exports were heavy in oil at 65% and underscores the need for diversification; South Africa, despite diversification, recorded a deficit of $8.8 billion; Lesotho’s garment exports face a 50% tariff impact; and Côte d’Ivoire’s cocoa remains vulnerable to shifting terms.
Given such trade performance, clearly, the time has come to rebalance the US-Africa trade relationship—moving from transactional trade to transformational collaboration rooted in innovation, diversification, and shared value.
Let me put our discussions into perspective by briefly sharing Ghana’s experience—a story of progress, but also one that highlights the work still ahead.
Ghana offers a powerful case study within this broader narrative.
Under AGOA, Ghana has emerged as a top beneficiary, exporting not only oil but also cocoa, textiles, and handicrafts to the U.S.
Between 2019 and 2024, Ghana–U.S.
trade averaged $2.5 billion annually, representing about 15% of Ghana’s total exports.
In 2024, bilateral trade reached $2.48 billion, with Ghana exporting $1.60 billion—primarily crude oil, cocoa, and timber—and importing $874 million, resulting in a trade surplus of over $730 million.
But beyond the numbers, the stories behind this trade tell us why deepening this partnership matters.
Take Kosmos Energy, headquartered in Dallas, Texas—one of the pioneers of Ghana’s oil sector.
Kosmos discovered the Jubilee oil field in commercial quantities, transforming Ghana into an oil-producing country and helping build critical local capacity in the energy sector.
Or consider Newmont Mining Corporation, based in Denver, Colorado—the single largest U.S.
investor in Ghana.
Its operations in Ahafo and Akyem have not only delivered world-class gold production, but also created thousands of jobs, strengthened local supplier networks, and generated significant revenues for local communities.
And then there’s Niche Cocoa, a Ghanaian-owned processor that has expanded to the U.S.— opening a cocoa processing facility in Wisconsin.
This is a powerful example of the future we must build: where African firms don’t just export raw commodities, but move up the value chain, enter new markets, and create jobs on both sides of the Atlantic.
Ghana’s engagement with the U.S.
shows what is possible.
But it also reminds us how much more we must do—to reduce raw commodity dependence, increase value addition, and scale bilateral investment into transformational outcomes.
T o move from promise to performance, we must define a new foundation for Africa–U.S.
engagement.
This means shifting our focus—from narrow deals to shared direction.
From isolated transactions to long-term frameworks.
And from extractive exports to value-added integration.
I propose four critical pillars to guide this transformation: • Pursuing Macroeconomic Credibility and Strategic Autonomy, to lock in investor confidence and strengthen Africa’s global positioning; • Fostering Financial System Resilience and Risk Mitigation, to enable productive capital flows and manage vulnerabilities; • Strengthening Trade Integration and Financing, to turn opportunity into real, inclusive cross-border commerce; and • Driving Inclusive Digital Transformation, to ensure innovation builds equity, not exclusion.
Allow me to explore each of these pillars in turn.
First, we must begin with macroeconomic credibility and strategic autonomy—without which no partnership can be sustainable and without which business cannot flourish.
Policies are being put together to reduce and stabilize inflation, reserves are being built, and sound fiscal policy consolidation measures are being pursued.
Across the continent, central banks have taken bold steps to strengthen transparency, independence, and credibility.
But stability alone is not a panacea for sustainable partnership – it is the starting point.
As the AGOA pact nears expiration in 2025, in its renewal, we must reshape AGOA to align with Africa’s industrial goals, ensure rules-based access, and embed incentives for value-added exports.
Strategic autonomy means we define our place in global trade—not as a resource depot, but as a production partner.
Second, we need resilient financial systems that not only withstand shocks but also channel capital into productive, high-impact sectors.
A sound macro environment needs a resilient financial system beneath it to support growth.
For example, Ghana’s Financial Stability Fund, developed with international partners, has supported post-pandemic solvency and governance reform.
Across Africa, we need to go further - embedding technology in supervision using Suptech and Regtech, improving accountability, and enabling our financial institutions to support private-sector-led growth.
Our task is to build systems that transform ideas and interest into tangible investment and turn risks into opportunity.
Third, we must deepen trade integration and address the financing constraints that continue to hold back Africa’s export potential.
As global supply chains are redefined, Africa must move from being a source of raw materials to a destination for investment across high-impact sectors.
In Ghana, that opportunity is real—and immediate.
• Agro-processing and commercial farming: With over 13.5 million hectares of agricultural land and landbanks now secured, Ghana is scaling value addition in cocoa, cassava, rice, cashew, and poultry.
Opportunities exist in large-scale processing facilities, climate- resilient farming, and contract farming models to feed growing agro-industries.
• Energy and oil & gas infrastructure: Ghana is opening new investment space through gas equity pacts and renewed upstream interest.
companies can engage in midstream processing, LNG infrastructure, and downstream off-grid energy solutions, especially within the framework of the Big Push Agenda.
• Logistics and industrial infrastructure: Ghana is targeting $10 billion in PPP-driven investment across ports, roads, rail, and energy access.
investors can engage in projects that unlock trade corridors and support AfCFTA logistics.
For instance, companies like Johnson Controls and Zipline have already partnered in health and infrastructure systems, demonstrating scalable, tech-driven collaboration • Manufacturing and 24-hour productivity zones: Ghana’s 24-Hour Economy Policy are creating demand for investment in automotive assembly, machine tooling, packaging, and strategic anchor industries.
Night-shift manufacturing, logistics, and financial services hubs offer faster ROI and job creation.
But none of this will scale without financing.
That’s why we continue to call for the establishment of U.S.–Africa Trade Finance Hubs —co-created with institutions like EXIM Bank, Afreximbank, and the private sector—to: • De-risk transactions for SMEs and new exporters, • Offer blended capital instruments, • And crowd in investment into these specific high-potential areas.
Africa is not short on opportunity.
But we must now match ambition with the mechanisms to unlock it And fourth, we must invest in inclusive digital transformation—this is important to ensure that the young segment of our population does not only remain connected, but is truly empowered.
Africa’s future must be digital—but inclusive.