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

paul a acquah : the emerging ghanaian banking environment address by dr paul a acquah, governor of the bank of ghana, at the official opening of guaranty trust bank ghana ltd. and commissioning of its head office building, accra, 26 june 2006. * * * mr. chairman, his excellency the president of the republic of ghana, honorable ministers of state, directors of guaranty trust bank, distinguished executives of the banking industry, invited guests, ladies and gentlemen, thank you very much for the invitation to be a part of this event. i feel greatly honoured for the opportunity to make a few remarks on the occasion of both the official opening of the guaranty trust bank ghana ltd. and the commissioning of its head office building in these plush surroundings. let me begin by congratulating you on making a successful entry into the ghanaian banking market. this splendid custom - built head office which is your own investment rather than a leased one is the first visible evidence of your long term commitment to operations in the banking industry. i trust that with this commitment, the targets and objectives embedded in your business plan will be achieved. having said that, mr. chairman, let me hasten to add that it would take more than brick and mortar to succeed in the emerging ghanaian banking environment. gt bank is commencing business at a time that the ghanaian economy has gone through a significant transformation. the deepening of macroeconomic stability and the rising gdp growth over the past few years means that banks must position themselves in an increasingly competitive market in which innovation, efficiency and costcontainment have become important for success. this also defines the critical role that banks must play to catalyze the growth process. in the last few years our banking sector has grown stronger as banks have been re - capitalizing, retooling and re - strategizing to fit into the evolving environment. we have sought to engender healthy competition among banks by admitting new banks such as yours into the system, while encouraging existing banks to beef up their capital and adopt universal banking. the result is an evolving competitive banking sector that has witnessed continuing growth in banking sector assets, liabilities and incomes. while in the last few years we have observed rising cost to income ratios, profitability ratios remain high in comparison with sub - saharan averages. therefore there still remains substantial scope for banks to make a good return for shareholders and even more room for reductions in charges and interest rates given prevailing interest rate spreads