ba ko es f gh a na n t. 1 9 5 7 launch of the cyber security directive for financial institutions a safer digital financial industry speech by dr. maxwell opoku - afari, first deputy governor, bank of ghana bank of ghana head office, accra october 22, 2018 honorable minister of communications, mrs. ursula owusu - ekuful, second deputy governor, bank of ghana, members of the board, bank of ghana, heads of banks, members of the ghana association of bankers, members of the ghana association of savings and loans, members of the ghana association of microfinance institutions, members of the chartered institute of bankers, staff of bank of ghana, distinguished members of the press, ladies and gentlemen, all protocols observed. 1. good afternoon ladies and gentlemen. it is a pleasure to welcome all of you to the bank of ghana and i deem it a great honour for having such august audience joining us for this special occasion. as we are all aware, today marks another significant milestone in the history of ghana ’ s financial sector as we launch the cyber security directives for financial institutions. 2. after careful consideration on issues regarding cyber security and its implications on financial intermediation, the bank chose the theme “ a safer digital financial industry ” to launch the cyber security directives for two main reasons. first, we envisage that this theme will shape the strategic direction in terms of cyber security of the banking industry and to the larger extent, the entire financial sector. and secondly, it signals the collective efforts of stakeholders to address the canker of cyber threat and all other actions that exploit vulnerabilities of the financial systems and processes. 3. currently, technology is intertwined with our everyday lives. it is re - defining business interconnectedness processes, between promoting countries and greater peoples, enhancing skill development and innovation, and more broadly, breaking down perceived barriers in every sector. in the banking sector, for instance, technology has taken a center stage in the financial intermediation process. recently, key developments within the intermediation process include the growing importance of fintechs in delivering financial services as well as the introduction of electronic payment platforms to enhance interoperability. in effect, the continuous role played by technology has had considerable impact on the operations of financial institutions and ultimately driven policies aimed at promoting financial inclusiveness for growth and poverty reduction. 4. in all of these developments, financial services remains critical and the bank of ghana has

paul a acquah : evaluating the banking system in ghana keynote address by dr paul a acquah, governor of the bank of ghana, at the fifth banking awards ceremony, accra, 6 may 2006. * * * mr. chairman, honourable ministers of state, executives of corporate initiative ghana, captains of industry, distinguished guests, ladies and gentlemen, 1. thank you very much for the invitation to be the guest of honour and keynote speaker for this edition of the ghana banking awards event. my understanding is that this is the fifth in the series of banking awards and judging by the array of personalities assembled, it would be right to say that this event has come of age and would remain an expected event on the annual corporate calendar. 2. mr. chairman, today ’ s event is truly important and very much welcome. first of all it is purely a private sector initiative, largely driven by consumers of the products and services of the banking industry, and designed not only to recognize excellent banking service delivery but also to foster competition among banking service providers. secondly, i know that this event has over the years urged banks on to invest in their capacity to deliver superior services either to keep their leadership position ( s ) or to attain such leadership in the various areas. thirdly, the event can be seen as a forum where market participants, the consumers of banking services, cast their votes openly with regard to their perceptions and assessments of the quality of the services they receive from individual component banks that constitute the financial system. this type of consumer assessment is of special interest also to the central bank, as the regulator responsible for maintaining the stability and soundness of the industry, and confidence in the financial system as a whole. 3. the public has a legitimate and fundamental interest in an efficient, sound, liquid and wellfunctioning banking system, that is well - regulated within a stable macroeconomic environment. a banking system that is effective in mobilizing resources and channeling them into productive investments and in support of growth. 4. mr. chairman, as with most developing countries that have pursued economic and structural reforms, ghana has been undergoing a process of financial sector restructuring and transformation as an integral part of a comprehensive strategy for some time. it is fair to say that we have moved from the history of severe distress and dysfunction in the banking system, illiquidity and insolvency, interest rate controls and credit rationing to a market - based regime. as part of the process, policies