, as the sole regulator of the mobile money sector, the central bank will ensure that right things are done by the various players in the sector. we will continue to regulate and monitor activities within the space and ensure that all participants play by the rules. the bank of ghana has a key responsibility to safeguard the integrity of the financial system to underscore the trust that is central to financial deepening and development. it is therefore critical to ensure the confidentiality of transactions, privacy of data collected by operators in this space ( including personal and financial data ), the security of transactions, and smooth operations of all stakeholders and regulators providing complementary services in this space. 12. the interoperability that exist between e - zwich, bank accounts and mobile money wallets, offer participants an endless opportunity to develop various value added services to the public. let me therefore challenge fintechs to work closely with banks, non - bank financial institutions and especially rural and community banks to come out with several other products and services that will further bring banking and financial transactions closer to the public. i see endless opportunities with this financial inclusion triangle and i hope the players also realise the enormity of opportunities it presents. 13. to conclude, i wish to thank all stakeholders who in one way or the other have helped in the full implementation of the interoperability project and to say that the future of ghana ’ s financial inclusiveness and cash - lite society is well within reach. 14. thank you for the attention.

i think we can all agree that this company has a significant exposure to interest rate risk. if the company does not manage its risk with derivatives, it would not be affected by the derivatives accounting proposal and would not report any volatility from fair value changes in its financial statements. if, however, the company has a strategy to use derivatives to reduce its interest rate risk and move it closer to a match - funded position, the company may report greater volatility in income and stockholders ’ equity - - a result not consistent with its reduced risk exposure. for example, if the company specified under the framework set forth in the fasb proposal that the derivatives are “ cash flow ” hedges of variable rate liabilities, the company would have volatility in equity or earnings based on the specifically linked effectiveness tests set forth by the proposal. thus, the firm in using derivatives reduces its economic volatility, yet increases its accounting volatility. more important, by taking a transaction level approach to hedging, the proposal would not describe well the efforts of more sophisticated market participants to hedge their risks on a comprehensive, portfolio basis. thus, these firms would effectively be required to keep different sets of books, and their financial reporting may not be consistent with the derivatives ’ intended use. this leads me to conclude that the proposal could discourage or constrain prudent risk management practices that rely on derivatives. furthermore, it may not improve transparency of financial information. the proposal also introduces into the financial statements an untested method for reporting loans, deposits, and other assets and liabilities being hedged. these assets and liabilities would be valued at a “ hybrid ” historical cost and fair value amount on the balance sheet when they are hedged with derivatives that are designated as fair value hedges. for example, generally, the historical cost values of these assets and liabilities would be adjusted for changes in fair value related to the risk being hedged. however, certain other changes in fair value would not be recognized ( such as those that arise from other risks, that are the results of an ineffective hedge, or that do not offset a gain or loss on the hedging instrument ). these hybrid amounts could differ significantly from - - and potentially exceed - - fair values. they may also be difficult to verify by auditors and examiners, thus reducing the reliability of amounts reported in the financial statements. the proposed approach is complex, which may increase related developmental systems costs. in this regard