price growth or subprime mortgage penetration. while many areas in downstate new york and northern new jersey did experience a more significant boom and bust, the changes there were not on the same scale as in hard - hit states, such as nevada, arizona or florida. also, while the financial crisis was a key driving force behind the recession, employment in new york city was not affected nearly as much as some had predicted. instead, it turned out that the finance sector held up better than expected. the pace of recovery in our region, though somewhat stronger than at the national level, has nonetheless been disappointing. growth has been weak and the unemployment rate has remained stubbornly high. this slow pace of recovery continued into the second quarter of 2011. as attendees at previous regional press briefings may recall, the new york fed produces economic activity indexes ( ceis ) to help monitor the performance of the regional economy. based on these measures, activity continued to expand in both new york state and new york city through june, with growth decelerating only modestly in the second quarter. by contrast, the recovery in new jersey ’ s economy has been more sluggish, though the index for new jersey did pick up in 2011, which is an encouraging development. we monitor puerto rico using an index produced by the government development bank for puerto rico. this index shows that the recession there, which started back in 2005 – well before the mainland ’ s – continues to be a challenge. the sharp decline in activity that persisted well into 2010 appears to have subsided. however, for some time now the island ’ s economy has experienced a series of fits and starts. as such, the recent improvements will need to be sustained for a period of time before we ’ ll know that they are breaking out of the pattern of mixed signals. the performance of regional housing markets continues to influence the pace of recovery for local economies. many of the places hit hardest by the housing bust have had a particularly weak recovery. although housing markets remain fragile, an encouraging development here is that home prices appear to be firming across much of our region. bis central bankers ’ speeches turning to jobs, data for the second quarter of 2011 indicate that businesses in the region, on balance, expanded employment at a more rapid pace than the nation. still, the number of jobs being created each month is not enough to sustain a robust recovery. given the slow recovery of employment across much of the region, unemployment rates have edged up in most places

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