policy effectiveness and improved banking sector stability. 8. our banking system is becoming stronger with capital adequacy ratio reported at 19. 1 per cent at the end of august, significantly above prudential requirement of 10 percent. non - performing loans of the industry continue to ba es o f gh a na nk t. 1 9 5 7 decline and we expect a major reduction as banks begin to implement write off policies, in line with approvals received from bank of ghana to address the legacy loans that have been fully provisioned for. we have also observed a return to efficiency in the industry as operating expenses across banks are beginning to reduce, which should ultimately result in declining interest rates. with the increased capitalization of banks, declining levels of non - performing loans, and better credit risk assessment in the banking system, we should expect the pricing of credit to reflect these trends. interest rates and spreads that have been slow to adjust should move in line with inflation. 9. these are the conditions which would lead to improved access to credit for small and medium enterprises to financial services. they constitute the largest population where the benefits of access to credit touch directly on the fabric of the society and income security, and the ultimate good of raising living standards. 10. as the bank of ghana continues to strengthen the regulatory and supervisory frameworks to restore confidence and promote stability and integrity of the banking sector, it is important that we do not overlook cyber security measures to combat financial crime. as part of the national cyber security awareness month ( ncsa ) in october, which was launched two ba es o f gh a na nk t. 1 9 5 7 days ago, the bank of ghana will inaugurate its security operations centre ( soc ) on the 22nd october and also launch the cyber and information security directive for the industry. subsequent to the issuance of the directive, banks would be required to follow an implementation schedule to ensure that effective cyber security controls are in place to counter any form of cybercrime. 11. through the bank ’ s monitoring systems we have observed the daily attempts by cyber criminals to bypass security controls and exploit vulnerabilities within the cyber and information security defenses of financial systems. to counter these, we are strengthening and increasing the scope of anti - money laundering risk - based supervision and collaborate with the financial intelligent centre ( fic ), economic and organized crime office ( eoco ) and other law enforcement agencies to reduce the incidence of cyber - attacks on the financial sector

26th swift african regional conference welcome address dr. ernest addison governor, bank of ghana kempinski hotel, gold coast city in accra, june 18, 2019 your excellency, president nana addo dankwa akufoaddo, honourable ministers, directors and management of swift, ceos of financial institutions, distinguished guests, ladies and gentlemen, 1. it is an honour for me to officially welcome you all to accra and the 26th society for worldwide interbank financial telecommunication ( swift ) africa regional conference. before i proceed any further, let me first say that we are privileged to have h. e. president nana addo dankwa akufoaddo to grace the occasion. your excellency, we very much appreciate taking time off your busy schedule to join us today. 2. let me also thank the management of swift for choosing ghana to host this year ’ s session which has brought together more than 500 professionals from over 45 countries across africa and beyond, including policy makers, industry leaders and fintechs to meet and shape market practices in africa ’ s financial services sector. 3. your excellency, digital innovation is creating unprecedented opportunities for africa to grow its economy, create jobs and transform people ’ s lives. new technologies and business models are opening alternative pathways to economic growth in emerging markets, offering opportunities to reshape our lives and improve economic growth. in this regard, i believe the chosen theme ; ‘ enabling the digital economy ’ is most appropriate and timely. 4. ladies and gentlemen, the government of ghana ’ s commitment to formalize the ghanaian economy through digitisation is laudable. digitisation is a key component of the “ ghana beyond aid agenda ” which is firmly anchored in leveraging technology to promote economic efficiency and inclusiveness for accelerated development and poverty reduction. indeed, the president has shown keen interest and remains committed to building an inclusive modern society. this drive has seen the roll - out of several digital initiatives such as, the digital property addressing system, the national biometric id cards which will be linked to government agencies to help ease identification processes and promote integrity and efficiency in business transactions. 5. also, to enhance the ease of doing business in ghana, the government has introduced several other digital initiatives such as the paperless port operations to ensure smooth operations at the ports, and the e - justice project or the paperless courts, which seeks to automate existing manual filing systems in the court ’ s registry and improve efficiency of the justice