ghananlpcommunity/ghana-gov-speeches-sentences huggingface dataset:
Chairman, Your Excellency, President John Agyekum Kufuor, Former President of the Republic, Baroness Valerie Amos, Master, University College of Oxford and former Lord President of the House of Lords, UK, Former Governors and Deputy Governors, Members of the Board of Directors of Bank of Ghana, Dr.
Hippolyte Fofack, Chief Economist, Afreximbank, Cairo, Members of the Ghana Association of Banks, Heads of Departments and Staff of Bank of Ghana, Distinguished Invited Guests, Ladies and Gentlemen, Good evening.
It is a great pleasure to be here and thank you very much for the kind invitation to join in the launch of this book titled “Central Banking in Ghana and the Governors (Institutional Growth and Economic Development)”.
The Bank accepted to be part of this book launch because primarily it focuses on the central banking in Ghana, the key roles played by successive Governors towards the achievement of the Bank’s objects and long -term sustainability, and ultimately the economic development of Ghana.
Chairman, Ladies and Gentlemen, let me commend the author, Mr.
Ivor Agyeman-Duah, who has written extensively and contributed to several publications, and this time the focus is on the world of central banking in Ghana.
The Bank is indeed supportive of the book’s publication due to its contribution to the literature on central banking in Ghana, with emphasis on monetary policy, and regulatory and supervisory operations of the Bank.
We do acknowledge that books and articles written on the Bank of Ghana hardly touch on the individual governors who have led the institution and the philosophies that underpinned their economic and the monetary policy decisions.
This book, h owever, does that and w ould therefore go a long way to fill the gap in the body of knowledge on the economic thinking of the various governors that have transitioned through the Bank.
2 So, on behalf of Governor Addison, l et me therefore take this opportunity to express the Bank’s appreciation to the author for the vision and efforts put in to publish this book.
Undoubtedly, I believe this book will enhance public understanding on the work ings of the central bank, particularly, the much-debated concept of the institution al operational independence and accountability of central banks.
Chairman, distinguished Ladies and Gentlemen, although my task here prec ludes the review of this book, a task which will be performed by another speaker shortly, permit me to share a few thoughts on the evolution of monetary policy formulation and strategies mentioned in the book.
I found the author’s exposition on the tools of monetary policy insightful, especially the direct control and inflation targeting, expansionary and contractionary monetary policy stance and contemporary monetary strategies.
In all of these narratives, inflation targeting is deemed the most robust monetary policy formulation strategy that has impacted positively on the objectives of central banks, including the Bank of Ghana.
Even though this book could be deemed as a mirror that reflects the work of all governors of the Bank since its establishment, but like the mirror, the reflection on the work of any of the governors may invariably differ depending on th e reader’s economic philosophy or ideology.
I am certain that the discussion on monetary policy and many other contents of the book will provide a good basis for constructive and intellectual public discourse on the author’s views and assertions.
Similarly, I trust that the author , being a seasoned scholar and academic, will readily respond to any constructive critique and commentary that may arise from economists, academics and other reviewers of this book.
This notwithstanding, this book will serve as a useful resource for central bankers, academics and students of economics in and outside Ghana.
So, I highly recommend Central Banking in Ghana and the Governors (Institutional Growth and Economic Development) to everyone.
3 On this note, Mr.
Chairman, Distinguished Invited Guests, Ladies and Gentlemen, join me to congratulate the author, Mr.
Ivor Agyeman-Duah for the successful publication and launch of the book.
0 30TH AFREXIMBANK ANNUAL MEETINGS STAKEHOLDER SIDE EVENT UNLOCKING AFRICA’S TRADE, INVESTMENT AND COMMERCE OPPORTUNITIES LEVERAGING DIGITAL PLATFORMS AND ECOSYSTEMS OPENING REMARKS BY DR.
ERNEST ADDISON GOVERNOR, BANK OF GHANA JUNE 20, 2023 1 His Excellency, Wamkele Mene, Sec.
General of the AfCFTA, Mrs.
Kanayo Awani, Executive Vice -President, Intra -African Trade Bank, Afreximbank, Mr Eric Intong, The Regional Chief Operating Officer, Anglophone West Africa, Afreximbank, Mr.
Gabriel Edgal, Chairman and CEO of Oakwood Green Africa, Executives from the AfCFTA, Afreximbank and Oakwood Green Africa, Heads of various government parastatals, Business Leaders, Bank CEOs and Captains of Industry from Corporate Ghana, Chief Executives and Directors of Ghana Export Promotion Authorit y and the Ghana Free Zones Authority, Directors of state and private institutions present, Distinguished Guests, Ladies and Gentlemen: 1.
Once again, a very warm "Akwaaba" to the vibrant city of Accra, and let me extend my heartfelt congratulations to AFREXIMBANK on their remarkable 30 -year commitment to Africa.
No doubt, AFREXIMBANK’s dedication and efforts have impacted positively on the continent's economic progress and l am thankful that Ghana is hosting this landmark 30 th Annual Meeting, a testament to our country's position as a hub of trade and commerce.
Ladies and Gentlemen, united by a shared vision for the prosperity of Africa, this event seeks to explore the immense potential s of digita l technology to boost economic prospects of our continent.
In my welcome address on Sunday, June 18, 2023, I catalogued a number of critical technological infrastructures that have been implemented in furtherance of AFREXIMBANK’s developmental objectives.
Based on these investments, I am filled with profound optimism, enthusiasm, and great expectations that our collective journey to harness the transformative power of digitization for the betterment of our beloved Africa will materialise.
With the rich heritage and diverse talent, Africa is poised to embrace the digital revolution and leverage its vast potentials to propel our economies to unprecedented heights.
Not too long ago, the Ghana Trade Roadshow was held in Accra, an event organized by AFREXIMBANK in collaboration with Oakwood Green Africa.
It was such an inspiring moment, which brought together key stakeholders who took bold and passionate steps towards advancing intra-Africa trade, which in due time will yield the envisioned results and bring immense benefits to our country.
Distinguished guests, we are indeed in the technological age, an era characterised by digitization and digital transformation, and therefore it is crucial t o leverage digital platforms and ecosystems to drive efficient trade and economic growth.
The theme of this event, " Unlocking Africa's Trade, Investment, and Commerce Opportunities Leveraging Digital Platforms and Ecosystems," resonates deeply with current developments in the digital age.
Therefore, collectively, we must critically examine pathways and innovate diverse approaches to unlock and deploy the full potentials of Africa's trade, investment, and commerce opportunities for the betterment of our people.
Unlocking Africa’s Trade and Investments Opportunities 5.
To do this, Ladies and Gentlemen, we must harness and leverage on the immense potential of digital platforms and ecosystems.
The transformative power of technology has revolutionized industries worldwide, and Africa must seize this opportunity to boost economic growth and foster regional integration.
This can be done through three main channels:  First, enhancing digital infrastructure is paramount.
Access to reliable and affordable internet connectivity is the foundation upon which digital platforms thr ive.
Governments and private sector stakeholders must collaborate to invest in broadband infrastructure, expand network coverage, and bridge the digital divide within and across countries.
By providing seamless connectivity, we can enable businesses, entrepreneurs, and consumers to participate fully in the digital economy and seize new trade and investment opportunities.
3  Second, fostering digital entrepreneurship and innovation is crucial .
Africa is a hotbed of entrepreneurial talent with technological savvy youthful population , and we must nurture and support such digital innovators.
By establishing incubation centres, providing mentorship programmes, and offering access to funding, we can empower start-ups and SMEs to develop innova tive solutions that address the unique challenges and needs of our continent.
Encouraging entrepreneurship and innovation will drive job creation, boost economic diversification, and attract investment in key sectors.
 Lastly, promoting digital skills deve lopment is imperative .
Digital literacy and proficiency are prerequisites for individuals and businesses to harness the full potential of digital platforms.
Educational institutions, in partnership with private sector entities, should design and implement programmes that equip our youth and workforce with the necessary digital skills and knowledge.
By investing in training and upskilling digital programmes, we can create a highly empowered workforce t o drive innovation, productivity, and competitiveness.
Ladies and Gentlemen, in all of these, let us not forget that the foundation has already been laid through regional integration initiatives such as the AfCFTA and AFREXIMBANK and we must leverage on them to unlock the trade, investment and commerce opportunities on the continent.
The AfCFTA, for instance, presents a historic opportunity for increased intra -African trade.
Digital platforms and efficient payment ecosystems can facilitate seamless cr oss-border transactions, reduce trade barriers, and promote the exchange of goods and services within the continent.
Pushing the Agenda – Role of Central Banks 7.
Indeed, African central banks have been at the forefront of supporting digitalization and providing the necessary regulatory environment for FinTech ’s and financial institutions to thrive in unlocking Africa's trade, investment, and commerce 4 opportunities.
Our commitment to embracing digital platforms and ecosystems is evident through our concrete contributions and initiatives.
In Ghana for instance, o ne significant initiative we have undertaken is our active participation in the MANSA Platform.
The central bank is currently serving as a verifier for financial institutions, including microfinance i nstitutions, in Ghana, and proactively engaging these entities for them to be onboarded onto the platform.
By serving as a verifier, we ensure that the KYC/CDD information of these institutions are accurate and reliable.
This enhances transparency, reduces risks, and promotes trust among stakeholders.
The MANSA Platform not only streamlines due diligence processes but also facilitates smoother and more efficient interactions between African entities.
It opens up new opportunities for businesses, enabling them to access a broader network of trusted counterparties across the continent.
Additionally, we have integrated the Pan-African Payment and Settlement System (PAPSS) platform and appointed the Ghana Interbank Payment and Settlement Systems Limited (GHIPSS) as the integration entity for locally regulated institutions.
This allows for seamless cross -border payment and settlement transactions within Africa.
By leveraging the PAPSS platform, we are eliminating the barriers and inefficiencies associated with tr aditional payment systems.
This promotes regional trade, investment, and commerce by facilitating faster, more secure, and cost -effective transactions.
The integration of our local financial institutions into the PAPSS platform ensures that they can fully benefit from the opportunities presented by this innovative solution.
Ghana is also currently working with the Monetary Authority of Singapore on a Business san Borders project aimed at boosting the international trade prospects of SMEs of the respective countries through the implementation of digital trade platforms for market discovery.
The component trust corridor brings on board financial service providers to build mutual access to enhance information to facilitate non-collateralised lending based on b orrower intent to pay.
This solution 5 has been admitted to the Bank of Ghana ’s regulatory sandbox for testing.
I am of the firm conviction that the success of this bold solution could be replicated in other countries under the AfCFTA project.
The success of these digital platforms and ecosystems, however, depends on the active participation and collaboration of all financial institutions and private businesses.
We strongly encourage all stakeholders to embrace these initiatives and make them work for their respective businesses.
By joining these platforms and leveraging digital technologies, financial institutions can expand their reach, enhance efficiency, and unlock new market opportunities.
Private businesses, on the other hand, can tap into the vast potential of intra-African trade, access a wider customer base, and foster mutually beneficial partnerships.
Together, we can create a thriving digital ecosystem that drives economic growth, boosts investment, and propels Africa forward.
Ladies and Gentlemen, the Bank of Ghana is committed to supporting digitalization and providing an enabling regulatory environment for Fintechs and financial institutions to unlock Africa's trade, investment, and commerce opportunities leveraging digital platforms and ecosyste ms.
Our involvement in the MANSA Platform and integration with the PAPSS platform are concrete contributions that aim to streamline processes, enhance transparency, and facilitate seamless transactions.
We invite all financial institutions and private busi nesses to actively participate in these initiatives and harness the transformative power of digitalization.
Together, we can shape a prosperous future for Africa.
Unlocking Africa's trade, investment, and commerce opportunities through digital platforms and ecosystems requires a multi-faceted approach.
By enhancing digital infrastructure, fostering entrepreneurship, creating an enabling regulatory environment, promoting digital skills development, and leveraging regional integration initiatives, we can position Africa at the forefront of the digital revolution.
Let us seize this moment to collaborate, innovate, and embrace the transformative power of technology for the benefit of our continent and its people.
6 14.
In conclusion, Distinguished Guests, Ladies and Gentlemen, let us commit to the intra-Africa trade vision as we harness the boundless potential of Africa for future generations.
Collectively, we can unlock Africa's trade, investment, and commerce opportunities.
30TH AFREXIMBANK ANNUAL MEETINGS THEME: DELIVERING THE VISION: BUILDING PROSPERITY FOR AFRICANS WELCOME REMARKS DR.
ERNEST ADDISON, GOVERNOR, BANK OF GHANA JUNE 18, 2023 ACCRA INTERNATIONAL CONFERENCE CENTRE, GHANA Mr.
Chairman Prof.
Benedict Okey Oramah, President of AFREXIMBANK H.E.
Mohammed Ahmed Maait, Minister of Finance of Egypt and Chairman of AFREXIMBANK General Meeting H.E.
Ambassador Albert Muchanga, Commissioner for Economic Development, Trade, Industry and Mining, Africa Union Commissioner (AUC) H.E.
Philip Davis, Prime Minister of the Bahamas H.E.
Hailemariam Desalegn, Former President of Ethiopia H.E.
Yves Fernand Manfoumbi, Minister of Trade and Industry of Gabon and Chair of African Ministers of Trade and Industry H.E.
Honorable Kerrie Symmonds, Minister of Foreign Affairs and Foreign Trade of Barbados H.E.
Honorable Kobina Tahir Hammond, Minister of Trade and Industry of Ghana H.E.
Wamkele Mene, Secretary General, African Continental Free Area (AfCFTA), Secretariat Kevin Greenidge, Governor, Central Bank of Barbados Ms.
Aishah Ahmad, Deputy Governor, Central Bank of Nigeria, and Chair, PAPSS Payment H.E.
Mahamadou Issoufou, Former President of Niger and AfCFTA Champion Systems Oversight Committee H.E.
Mohammed Namadi Sambo, Former Vice President of Nigeria Dr.
Pamela Coke-Hamilton, Executive Director, International Trade Centre (ITC) Dr.
Vera Songwe, Board Chair, Liquidity and Sustainability Facility and Former Head of International and Continental Organisations Distinguished Guests, Ladies and Gentlemen 1.
Good morning everyone.
On behalf of the President of the Republic of Ghana, Nana Addo Dankwa Akufo -Addo, and on my own behalf, I say a big welcome or ‘AKWAABA’ to Accra, Ghana f or this year’s AFREXIMBANK Annual Meetings.
The 30th Annual meetings also coincides with the celebration of AFREXIMBANK’s 30th anniversary.
So, let me thank AFREXIMBANK for choosing Ghana as the host of your 30 th anniversary landmark events.
Indeed, Accra, Ghana also hosts the Secretariat of the African Continental Free Trade Area (AFCTA), which makes it the most appropriate place to commemorate three decades of successes in promoting intra-African trade by Africa’s foremost Trade Finance Institution - the AFREXIMBANK.
Chairman, the overarching theme for this year’s meetings is “Delivering the Vision: Building Prosperity for Africans”.
The chosen theme appropriately offers an opportunity to all stakeholders gathered here, not only to celebrate the success of AFREXIMBANK over the last thirty years, but also to reflect on how we can meaningfully contribute to Africa’s recovery process after the pandemic, speed up intra African trade and improve Africa’s trade performance in the global ma rket place through the creation of a single market for goods and services, promote industrial development through diversification and regional value chain development and also to enhance capital flows into Africa.
Since its establishment three decades ago, AFREXIMBANK has transitioned into a first-class supranational financial institution, championing African trade and driving growth across multiple sectors in Africa.
Evidence of the bank’s interventions are numerous and includes infrastructural investments to support intra-African trade, investments in agriculture and industry , trade facilitation, trade guarantee and advisory services, and country specific program mes to support those in dire economic situations, among others.
AFREXIMBANK has also introduced platforms designed to improve and facilitate trade in Africa, including the MANSA repository platform, the Pan African Payments and Settlements Systems (PAPSS) , and the Intra-African Trade Fair (IATF).
Your Excellencies, Honourable Ministers, during the last three decades, AFREXIMBANK has achieved several milestones in line with the vision of Agenda 2063 – The Africa we want.
That vision encapsulates not only Africa’s aspirations for the Future, but also identifies flagship programs which can boost Africa’s economic growth.
The h ighlights of t he accomplishments directly relate to up - scaling intra-African trade through AFREXIMBANK’s collaborations, programs and projects and include: • The establishment of AFREXIMBANK’s T rade Impact Mitigation Facility platform, where AFREXIMBANK intervened strongly during the COVID -19 pandemic, and disbursed over US$8 billion to central banks and commercial banks to avert looming trade debt payment defaults.
Part of this funding also went into the procurement of test kits, PPEs and other COVID -19 containment materials in Member States.
• The Bank also disbursed over US$5 billion to Member States and businesses towards the procurement of food, fertilizer and grains as the Russian- Ukraine crisis unfolded.
Working with UNECA, the AU , and the AfCFTA Secretariat, AFREXIMBANK created a pooled procurement platform termed as the Africa Trade Exchange (ATEX) to help African countries procure grains, edible oils and fertilizers at reduced costs.
• Prior to the implementation of AfCFTA in 2021, AFREXIMBANK disbursed over US$20 billion in support of intra-African trade and investments and projected to double this to US$40 billion by end-December 2026.
• AFREXIMBANK is also financing African-owned financial institutions to acquire foreign banks operating in Member States with a view to building an inter-connected African financial system to help promote intra - African trade.
• Also, through the AFREXIMBANK Trade Finance Facility (AFTRAF), about 500 of the continent's 600 regulated commercial banks have been provided with Trade Credit Confirmation lines to support intra -African trade and the total amount earmarked for this project is about US$8 billion.
This funding is aimed at ensuring that every country on our Continent has at least one bank that has a dedicated credit line to support intra-African trade.
• AFREXIMBANK is also collaborating with the AU Commission and the AfCFTA Secretariat to implement the biennial Intra -African Trade Fairs , which may become the premier marketplace for the promotion of intra - African trade and investments.
This , coupled with the establishment of the AfCFTA Adjustment Fund for which AFREXIMBANK is providing the funding of US$10 billion, could help African countries effectively adjust to AfCFTA tariff removals and prepare them to participate in the new trading regime.
Ladies and Gentlemen, we in Ghana have also benefited from a cordial and productive relationship with AFREXIMBANK over the years.
To mention a few, AFREXIMBANK’s first official deal was a participatio n in a syndicated loan to the Ghana Cocoa Board.
The AFREXIMBANK also provided support to Ghana’s Volta River Authority in 2014 to enhance energy generation and helped resolve the energy crises the country experienced during that time.
AFREXIMBANK has also had a good working relationship with us at the Bank of Ghana and facilitated foreign exchange swap arrangements with banks in Ghana to boost foreign exchange liquidity support for Ghana’s international trade.
Just recently, in the midst of Ghana’s economi c crisis, AFREXIMBANK agreed to extend a US$750 million loan facility to the country to finance capital growth -related expenditures in the 2022 Budget.
Over the years, various collaborations between Ghana and AFREXIMBANK have resulted in the disbursement of over US$2 billion to support various development and trade-related initiatives in Ghana.
Your Excellencies, what clearly stands out in AFREXIMBANK’s journey over the past thirty years is its collaborative nature in pursuing initiatives, projects and programmes with other African institutions to achieve the African integration Agenda.
The planned events for th is year’s AFREXIMBANK meetings will involve critical discussions across various sector s of our economies , so I encourage all to participate actively and help broaden the policy discourse with your contributions towards the prosperity of the African continent and its people.
I would also urge you, especially those visiting Accra for the first time, to find time t o explore the City, participate in the planned excursions, and enjoy your stay in Ghana.
We wish you all a pleasant stay in our country, Thank you.
OFFICIAL COMMISSIONING OF THE FINANCIAL INDUSTRY COMMAND SECURITY OPERATIONS CENTRE (FICSOC) WELCOME ADDRESS BY DR ERNEST ADDISON GOVERNOR, BANK OF GHANA AT THE BANK OF GHANA GENERAL SERVICES COMPLEX, ACCRA 24TH MAY 2023 1 Your Excellency, the Vice President of the Republic of Ghana, Ministers here present, First Deputy Governor, Director-Generals of the regulatory Institutions, CEOs of Banks and other Financial Institutions, Board of Directors of the Bank of Ghana, Distinguished Guests, Ladies and Gentlemen, 1.
Good morning and a warm welcome to the General Services Complex of the Bank of Ghana, which is the p rimary site of the Financial Industry Command Security Operations Centre (FICSOC) Project.
Three years ago, the Bank started working with the commercial banks as key external stakeholders to create a secure cybersecurity environment in the financial sector and today, we have gathered here to commission the completed FICSOC project.