Bussiness
BoG seeks partnership to grow fintech space
The Governor of the Bank of Ghana, Dr Ernest Addison, has called for increased partnership between BoG and stakeholders in the financial technology space to help accelerate growth.
He said the partnership should precede the creation of a robust fintech industry that would be able to take advantage of the new economy emerging from digital technology.
“Currently, there are more than 19 million active mobile money accounts driving the digital financial services industry. Prior to the outbreak of the coronavirus (COVID-19) pandemic, this number was 14.4 million.
“Similarly, mobile money interoperability continued to show strong growth of about 365 per cent in transaction volumes and 651 per cent in transaction values between 2019 and 2020.
“Collectively, therefore, we, as stakeholders, must leverage on these positive headwinds to develop and implement digital strategies to spur growth in the digital financial services sector,” Dr Addison said at the 2021 Annual Bankers Week Dinner of the Chartered Institute of Bankers last Saturday in Accra.
The dinner was held in honour of the Governor and was attended by his two deputies, Dr Maxwell Opoku-Afari and Mrs Elsie Addo Awadzi, and other players in the banking industry.
Dr Addison said globally, a new economy was emerging, built on digital technology. “From agriculture, through industry, to commerce, to name just a few, no sector has been spared the transformational power of technology.”
He explained that advanced communication technologies had linked businesses and consumers across national boundaries, breaking down the physical barriers to human interactions.
He said this new wave of change had been described in some circles as the fourth industrial revolution, characterised by the diffusion of knowledge and transfer of technology.
“In Ghana, the trends are not different. The high mobile phone penetration rate, that is the ratio of mobile subscribers to total population, has improved nationwide connectivity and resolved the challenges of distance and unfriendly terrain,” he said.
He said the availability of internet, and the flexibility and customer convenience has facilitated a vibrant online local community, which has supported electronic transactions and prompted a major shift towards e-commerce.
Dr Addison noted that currently businesses in various sectors of the economy — including restaurants, supermarkets, pharmacies, airlines and hotels — were doing a lot of online transactions.
Also, the predominantly youthful population with strong affinity towards and dexterity with digital devices is providing an added push towards Ghana’s digitisation agenda.
“The COVID-19 pandemic was challenging but it also presented some opportunities.
“As you will recall, following the restrictive measures imposed to contain the spread of the virus, BoG, in collaboration with industry stakeholders embarked on measures that encouraged the use of electronic payments,” he said.
Challenged industry
The President of the institute, Rev Patricia Sappor, observed that the banking industry continued to operate in an economy challenged by the impact of the COVID-19 pandemic.
“By the grace and mercies of God, we have been able to move on and made even bigger strides by being strong, solvent and profitable, as revealed by the KPMG Banking Sector Development Report for July 2021.
“This gives us good reasons to thank God for having brought us this far,” she added.
Source: graphic.com.gh
Bussiness
Finance Minister tranfers funds to DACF, NHIS and GETFUND
The Minister for Finance Hon. Cassiel Ato Forson has disclosed that a sum of nine hundred and Eighty-Seven Million, Nine Hundred and Sixty-Five thousand and Seventy-Three Ghana Cedis (GHS987,965,073.00) from the Consolidated Fund into the District Assembly Common Fund Account, being the first quarter amount due to the DACF.
Furthermore, the Finance Minister informed the House that a total amount of Two Billion, Thirty- Three Million, Four Hundred and Sixty-Nine Thousand, Six Hundred and Seven Ghana Cedis (GHS2,033,469,607) has been disbursed to the National Health Insurance Fund.
While the Ghana Education Trust Fund has also received a total of Two Billion, Seven and Ten Million, Two Hundred and Twenty-Seven Ghana Cedis (GHS2,710,227,947.00) for the months January, February, March and April,2025.
The Finance Minister disclosed this in his statement to Parliament on the payments to statutory funds on the floor of the House.
In addition, he cautioned that the Administrator of the District Assembly Common Fund is required to ensure that 80% of this amount is transferred directly to the Assemblies without fail and expenditure returns submitted to the Ministry of Finance before subsequent releases will be made.
He added that Members are encouraged to monitor the utilization of these amounts sent to their respective Assemblies in line with the approved guidelines by Cabinet.
In his closing remark, Ato Forson said he’s going to take the concerns of the House seriously.
For his part, the Majority Leader, Mahama Ayariga made known the President’s prioritization of women in the country stating that President Mahama is “Pro-women”.
This is due to the fact that women are going to be the core beneficiaries from the expenditures going to be made by the MMDA’s, he added.
The Minority Leader Alexander Afenyo-Markin questioned the Finance Minister why road contractors have not been paid for more than five months. He said the Minister must not be applauded for since the allocation of these funds were long overdue.
Bussiness
Charterhouse announces the Business Elevate Series with launch of ‘The Gastro Feastival’
Charterhouse, Ghana’s leading event management and audiovisual production company, is marking its 25th anniversary of delivering top-tier events with the introduction of an exciting new initiative: The Business Elevate Series.
This innovative series is designed to shine a spotlight on key economic sectors through a series of dynamic B2B and B2C events, including industry conferences, seminars, and exhibitions.
Kicking off the series is The Gastro Feastival, a groundbreaking annual food industry festival that will showcase Ghana’s rich and diverse food ecosystem and agribusinesses from production to consumption.
The launch event will take place on Friday, March 7, 2025, from 4:00 PM to 6:00 PM at the Grand Arena (Accra International Conference Centre).
This landmark event will bring together food industry stakeholders, enthusiasts, experts, and organizations to highlight the food industry’s critical role in Ghana’s socio-economic development and culture.
It will also promote food security, digital innovation, women’s empowerment, youth employment in agribusiness, and sustainable practices.
The Business Elevate Series is a game-changing initiative designed to foster growth and transformation across multiple sectors. With Charterhouse’s deep expertise in organizing impactful meetings, the series aims to unlock investment opportunities, drive innovation, and catalyze social and economic change.
The Gastro Feastival will address six major pillars that drive industry transformation: Investment Opportunities; Job Creation; Innovation, Technology, and Digitization; Youth Involvement (entrepreneurship and career opportunities); Women’s Involvement; Environmental and Social Governance (ESG); Export Opportunities
The event will also establish a Resource Bank, spotlighting key growth opportunities and ensuring the effective allocation of resources to transform Ghana’s food industry.
The Gastro Feastival is a Charterhouse initiative, with Kosmos Innovation Centre as the technical partner.
