The Governor of the Bank of Ghana, Dr Ernest Addison, has reiterated the Bank’s commitment to supporting digitalization and providing an enabling regulatory environment for financial institutions to unlock Africa’s trade, investment and commerce opportunities.
He said unlocking Africa’s trade, investment and commerce opportunities through digital platforms and ecosystems require a multi-faceted approach.
The Governor said this at the 30th Afreximbank Annual Meeting held on Tuesday, in Accra.
“By enhancing digital infrastructure, fostering entrepreneurship, creating an enabling regulatory environment, promoting digital skills development and leveraging regional integration initiatives, we can position Africa at the forefront of the digital revolution,” he started.
He indicated that Central Banks in Africa have been at the forefront of supporting digitalization and providing the necessary regulatory environment for Financial Technologies (FinTech’s) and financial institutions to thrive in unlocking Africa’s trade, investment, and commerce opportunities.
“Our commitment to embracing digital platforms and ecosystems is evident through our concrete contributions and initiatives,” he said.
He disclosed that Ghana was currently working with the Monetary Authority of Singapore on a Business san Borders project aimed at boosting the international trade prospects of SMEs of the respective countries through the implementation of digital trade platforms for market discovery.
The success of these digital platforms and ecosystems, however, depends on the active participation and collaboration of all financial institutions and private businesses.
He said BoG was currently serving as a verifier for financial institutions, including microfinance institutions in Ghana and proactively engaging these entities for them to be onboard onto the platform.
“By serving as a verifier, we ensure that the KYC/CDD information of these institutions are accurate and reliable. This enhances transparency, reduces risks and promotes trust among stakeholders. The MANSA Platform not only streamlines due diligence processes but also facilitates smoother and more efficient interactions between African entities,” he added.
He urged financial institutions and private businesses to actively participate in these initiatives and harness the transformative power of digitalization to shape a prosperous future for Africa.
“Let us seize this moment to collaborate, innovate and embrace the transformative power of technology for the benefit of our continent and its people,” he added.
Priscilla Osei-Wusu Nimako, ISD