that the plight of the poor and vulnerable could worsen, unless timely policy interventions are adopted to help prevent a complete reversal of the gains that have been achieved in poverty reduction and financial inclusion in the developing world. 9. there is global consensus that the pre - covid 19 economic order was skewed against women. the world bank ’ s 2017 global findex survey reported that of the 1. 7 billion of unbanked adults globally, 56 percent are women, and in developing economies like ghana, women remain 9 percentage points more likely to be unbanked than men. in sub - saharan africa, only 37 percent of women have a bank account, compared with 48 percent of men, a gap that has only widened over the past several years. without access to critical funding, women - owned businesses suffer, and struggle to create the scale that is needed to connect to global value chains and become economically significant. the un fao estimates that the contributions of african women to economic activities on the continent are considerable, albeit mostly informal. women in africa are responsible for 70 % of crop production, 50 % of animal husbandry and 60 % of market activity. women undertake nearly 100 % of food processing activities, in addition to child care and other responsibilities in households. women ’ s formal ownership of smes currently stands at around a third of all registered smes in africa, and women - owned smes are more likely to have lower sales and annual turnover, less employees, and smaller size than those enterprises owned by men. a march 2020 african development bank study also confirms that female entrepreneurs dominate key growth sectors such as agriculture, textile and garments and yet lack access to critical funding. these statistics tell a story that is troubling particularly in the context of the new economic realities that the pandemic has unleashed on the developing world. 10. to reduce the burden of the pandemic on ghana ’ s economy and in particular on small businesses and low income households, the government and bank of ghana instituted certain measures. the government ’ s support package included a small loan facility to msmes to the tune of ghc 600 million ( appx us $ 100 million ), a ghc 100 billion ( appx 18 billion ) cares programme to expedite economic recovery, and the absorption of water and electricity bills for a few months. 11. the bank of ghana ’ s policy and regulatory measures since march 2020 have included : a 150 basis points reduction in our monetary policy rate ; a reduction of

i understand is very much up to date on this. the central bank is supportive of banks ’ efforts in modernizing their ict infrastructure but we would like to see a harmonization of these developments. this would ensure inter - operability and thereby maximize the benefits for bank customers. thus, while banks can and ought to use ict platforms to develop competitive advantages, it is important that these platforms carry the capability of harmonization with the systems of other banks. in this regard the central bank has just issued guidelines for the operation of atms and point of sale systems, for the attention of the industry. salient aspects of the guidelines are the need to use atm equipment, software and card technology that are in accord with international standards ; and installation of platforms interoperable with international atm and eftpos networks operated by companies of international repute. mr. chairman, the theme for this event is ‘ the role of banks in the integration of the sub - region ’ and let me make a short remark on that theme. surely, the benefits of economic integration are well documented and governments in the sub - region, especially the wamz countries, have committed to achieving this goal. the banking and financial sector can spur this process by establishing the appropriate linkages with the institutions, markets and enterprises that operate in the sub - region. intra - regional trade can be facilitated by banks by devising the appropriate payment instruments and mechanisms. for example, banks could provide a menu of products and services that promote and support trade between ghanaian companies and their nigerian and other regional counterparts and in this way promote the ecowas objective of economic integration and trade liberalization programme. mr. chairman, while we are looking forward to increased cross - border trade we should also be mindful of the problems that can arise from fraudulent and other malpractices, sometimes with collusion from persons inside the banking system. it is for this reason that we are seeking to implement an antimoney laundering regime and enforce a ‘ know your customer ’ policy in all banks. the implementation of the aml provisions, together with the know your customer policies will help rid our banking system of abuse and illegal transactions - a universal threat which demands vigilance on the part of all stakeholders. we count on your cooperation in running a transparent, safe and secure banking system consistent with the pedigree of gtbank. i am sure the financial industry and the economy will be the better for it. on this note mr. chairman, i welcome gu