all their financial relationships with regulated entities and for that – innovation and regulation should go hand - in - hand. regulators and supervisors should also gear - up for the future challenges. afterall, as the saying goes for ( regulators ) ….. “ while they can overlook the weather of the day, they cannot ignore climate of the era ”. thank you. 1 open banking is defined as the sharing and leveraging of customer - permissioned data by banks with third party developers and firms to build applications and services, including for example those that provide real - time payments, greater financial transparency options for account holders, marketing and cross - selling opportunities. individual jurisdictions may define open banking differently ( bcbs ; november 2019 ). 2 november 2019 ; report on open banking and application programming interfaces ; basel committee on banking supervision ; bank for international settlements 5 / 5 bis central bankers'speeches

immovable assets and the rest consisted of both movable and immovable types. almost 160 institutions ( both local and foreign ) have so far accessed the registry for registration. there have also been 14, 608 searches conducted by various lending institutions, law firms and the general public. since its inception, the registry has attracted significant interest from sister central banks on the continent. delegations from several african countries have visited the registry to study the processes involved in its establishment and the redesign project. mr. chairman, despite this impressive performance, there are a few challenges which the bank has to deal with to ensure that the full benefits of secure transactions regime benefit the economy. the most important of these which requires immediate policy focus is the problem of duplication of registration and disjointed records associated with the absence of harmonization between the collateral registry and other registries such as the company ’ s registry, the lands commission and the driver and vehicle licensing authority ( dvla ). mr. chairman, ladies and gentlemen, it is appropriate for me at this juncture to acknowledge the immense contributions of seco and the ifc in the redesign of the collateral registry and hope that the collaborative efforts will continue even after the project has ended. i will express our appreciation to the lending institutions, ghana bar association, the judiciary and other state agencies and stakeholders for their support in this effort to upgrade ghana collateral registry to an international secured transactions registry. bis central bankers ’ speeches on its part the bank of ghana will continue to pursue policies aimed at achieving its objective of price stability as well as ensuring orderliness in the foreign exchange market. our inflation target for 2013 which is in line with the broader macroeconomic targets ( including the budget deficit of 9. 0 per cent, real gdp growth of 8. 0 per cent including oil or 6. 5 per cent excluding oil and a broadly stable exchange rate ) remains at 9. 0 per cent. recent trends in inflation inflation rose from 8. 8 per cent at the end of 2012 to 10. 4 per cent in march 2013. this is consistent with the bank ’ s projections as the increases in february and to a lesser extent in march reflected the effects of the recent upward adjustment in petroleum prices in february as well as seasonality of food prices. we expect the upward trend to work itself out by the end of the first half of the year and then decline towards the end year target. exchange rate developments recent trends in the exchange rate also reflect seasonality in the demand and