year, i noted that an instant pay product was needed in ghana. ghipss took the matter up and has put in place the necessary structures for this product to be deployed. we are looking to going live early next year. i will, therefore, urge you to get your systems ready for the take - off. even if three or four banks finalize their developments, we will go live and that will give those banks a competitive edge over the rest. mr. chairman, two guidelines on electronic money have been finalized. these are guidelines for e - money issuers and agent guidelines. these guidelines are to promote electronic money as a retail payment medium with the potential to increase financial inclusion. they also specify necessary safeguards and controls to mitigate risks associated with e - money business and ensure consumer protection safeguards. the two guidelines will come into effect in december 2014. banking sector initiatives mr. chairman, a critical review of our banking sector indicates that while banks have weathered the recent macroeconomic challenges well, there are some red flags appearing in the horizon. the non - performing loans ratio of the banking industry has stagnated around 12 percent over the last one year in spite of loan write - offs and banks undertaking a number of loan re - structuring / re - scheduling. the results of stress tests conducted by our financial stability department, which was recently discussed with banks, also show that credit bis central bankers ’ speeches delinquency is a major threat to banking sector solvency. in the absence of an explicit recapitalization program steps have to be taken to conserve internally generated capital by minimizing the distribution of profits, improving risk management and efficiency of resource use. mr. chairman, in order to build the buffers that will cushion banks against the likely deterioration in bank ’ s solvency position, the central bank encourages all banks to observe the prudential capital adequacy buffer ratio of 13 percent in making their dividend pay - out decisions. banks whose cars are below 13 percent must ensure that in addition to making the appropriate statutory provisions and full provision for non - performing loans, they restrict their dividend payments to no more than 50 percent of distributable profits in the year. this is to allow them build the necessary buffers to contain any unanticipated shocks to the banks ’ capital. furthermore, banks that currently benefit from single obligor waivers, implying they do not have sufficient capital for the risks they underwrite, should

institutions as competing with their products that are offered by them to the same clients. a number of initiatives have been introduced in the market infrastructure to facilitate securities trading among primary dealers. these include : – the central securities depository which provides custodial services to investors in government securities. this brought to an end the issuing of certificates for government securities – the electronic bidding system for the auction of government securities on the primary market which replaced the manual system for the submission of bids – the ghana inter - bank settlement system ( gis ) which has facilitated the settlement of government securities. i wish to encourage you all to discuss the proposed guidelines dispassionately and contribute positively to fashion out an efficient primary dealer system that a dynamic economy requires. thank you for your coming and i wish you success in your discussions.