aims at building a digital economy. in ghana, smes digitization is part of a broader national strategy to digitize the economy. the strategy addresses issues pertaining to infrastructure, cyber and data security, digital and financial inclusion, and digital innovations. this holistic approach identifies and harnesses complementarities, particularly in digital payments and e - commerce for efficiency and cost effectiveness in the development of merchant e - commerce platforms. 13. a robust and resilient digital infrastructure is expected to lay the foundation for smes to use digital technology to extend product and service delivery across different jurisdictions. in january 2012, the african union adopted an action plan for boosting intra - african trade ( biat ). the action plan, which is aimed at deepening africa ’ s market integration using trade as a tool, will need massive investment in digital infrastructure for the achievement of rapid sustainable socio - economic development. 14. ladies and gentlemen, despite the challenges associated with digitization of trade, the onus lies more with african economies to build local capacity, support smes growth, and encourage the adoption of digital technologies in trade relations with counterparts on the asian bloc. additionally, african countries would have to embrace digital trade and formulate policies and strategies that will enable them to benefit from future trade engagements. with the convergence of digital networks steadily deepening, prospects for an international digital economy regime remains brighter now than before. 15. in conclusion, ladies and gentlemen, let me emphasize the path towards deepening trade through digitization demands investments in capacity building and skills development of smes. this will propel the rapid adoption of digital technologies and ease trade relations with counterparties. i believe that this forum will offer new thoughts and perspectives on shaping policy directions towards addressing some of the challenges associated with digital trade on the africa - asia bloc, and overall global trade. thank you and enjoy the rest of the programme.

singapore fintech festival 2020 keynote address by dr. ernest addison governor, bank of ghana december 7, 2020 the managing director, monetary authority of singapore, the singapore fintech association, captains of industries and financial technology companies, distinguished guests, distinguished ladies and gentlemen, 1. it is a great pleasure to deliver the keynote address for the session on ‘ digitization of the afro - asian small and medium enterprises ( smes ) trade corridor – a multimillion economic zone ’ at this year ’ s singapore fintech festival. i would like to thank the organizers for choosing ghana as a satellite host, which among others, endorses the country ’ s growing technological capabilities and strong fintech industry. 2. ladies and gentlemen, trade relations between africa and asia has witnessed tremendous growth over the past decade. this phenomenon, led by smes, has leapfrogged with technological advancement and the emergence of digital trade channels. currently, trading activities between the two continents are shifting to ecommerce platforms due to enhanced access to the internet and adoption of digital products fostered by fintechs. 3. indeed, the ongoing digital transformation is disrupting existing modes of trade and business models including, the deployment of resources, and organization of production, marketing and trading of goods and services. this disruptive process, which is felt at every stage of trade relations, has become a necessary enabler for smes in international trade. 4. ladies and gentlemen, smes in ghana, similar to others across the african continent, contribute significantly towards economic growth through provision of goods and services, creating job opportunities, and helping with poverty reduction. notably, the sme sector is dominated by women and the youth, with vast opportunities to harness economic potential. according to the world bank estimates, about a third of all smes in africa are owned by women. 5. these contributions notwithstanding, smes across africa face severe constraints that stifle their active participation in international trade. over time, however, the growing adoption of digital technology by government, businesses, and households are gradually opening opportunities for smes to explore affordable digital alternatives to actively participate in the global value chains on trade, production, and investments. 6. across africa, mobile money adoption is the game changer in promoting financial inclusiveness and enhancing economic growth. for instance, the increasing use of technology has engineered innovative, efficient and competitive financial products and services in ghana ’ s payment service space. these outcomes are underpinned by sound regulatory frameworks and