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Government launches 3 new policies to speed up digital payments
The government has launched three new policy initiatives designed to deepen financial inclusion and accelerate digital payments in line with its vision of building a payment system that accelerates economic development.
The policies are National Financial Inclusion and Development Strategy, Digital FinancialServices Policy and Cash-Lite Roadmap.
Mr Ken-Ofori Atta, Minister of Finance launching the policies said “Digital payments help drive transparency, accountability, efficiency, as well as greater women’s participation in the economy. Moving away from cash helps our country advance towards achieving many of the Sustainable Development Goals.”
The National Financial Inclusion and Development Strategy, developed in collaboration with the World Bank, aims at increasing financial inclusion from currently 58 per cent to 85 per cent by 2023, helping create economic opportunities and reducing poverty.
The Digital Financial Services Policy, developed in partnership with CGAP, builds on existing technological gains to create a resilient, inclusive and innovative digital ecosystem that contributes to social development, a robust economy and a thriving private sector.
The Cash-Lite Roadmap, designed in collaboration with the United Nations-based Better Than Cash Alliance, puts forward concrete steps to build an inclusive digital payments ecosystem. This includes better access to financial services, enabling regulation and oversight, and promoting consumer protection.
According to the Finance Minister, “public and private sector actors need to work hand in hand, digitising in a responsible manner to turn these new policy initiatives into tangible benefits for all Ghanaians. These assertions are even more relevant in the era of the COVID-19 pandemic.”
In 2017, the Ghana Interbank Payment and Settlement Systems (GHIPPS) under the auspices of the Central Bank of Ghana, launched the Mobile Money Interoperability scheme to facilitate the simple and convenient movement of funds across mobile money platforms.
In November 2019, the Governor of the Bank of Ghana, Dr Ernest Addison, announced an initiative to pilot a Central Bank digital currency (CBDC) in a sandbox environment. This would foster competition, reduce the operational costs associated with cash and move the country closer to achieving its cash-lite objectives.
The Central Bank has also set up a Fintech and Innovation Office to drive the Bank’s Cash-lite, e-payments and digitisation agenda. Efforts at ensuring the development of the FinTech industry culminated in the establishment of the Ghana Chamber of Technology by industry players as its umbrella body. Among other things, the Chamber provides a forum for FinTechs and Payment Service Providers to share experiences and also serve as a single point of interaction with the Central Bank and key stakeholders.
Latest figures from GhIPSS show that the use of electronic payment channels that go through GhIPSS platform, went up by 81 per cent in the first quarter of this year compared to the same period last year.
According to Dr Ruth Goodwin-Groen, Managing Director of the United Nations-based Better Than Cash Alliance, “Ghana is already recognised as a global digital payments success story! We look forward to continuing working with our member, the Government, as well as with the private sector and international organisations, to accelerate the new ambitious cash-lite roadmap, in a way that is responsible and responsive to the needs of all Ghanaians.”
BY TIMES REPORTER
Dr Theresa Baffour, an advocate for ending violence and Chief Executive Officer (CEO) of SAHM SAHW Foundation, has said that society plays a critical and pivotal role in breaking the cycle of domestic violence.
According to her, domestic violence is a major contributor of making women, who are mostly the victims, mentally derailed and unable to engage in economic activities.
She said this when the foundation called on the Ga Mantse, Nii Tackie Teiko Tsuru II, to solicit support for the initiative by the “Strong and Healthy Minds, Strong and Healthy Women” (SAHM SAHW) to combat domestic violence within the Ga State.
The visit was occasioned by the fact that domestic violence cases have become quite prevalent in the Ga communities and is retarding growth.
According to her, the canker was an impediment to national development because the victims were usually tortured and would have to go through series of therapies to return to the right state of mind.
Dr Baffour mentioned that Gender-Based Violence (GBV) places a mental toll on women, and was, therefore, important to break the cycle through comprehensive mental health support, crisis intervention and empowerment programmes in communities with high rates of GBV.
This intervention, she underscored, would help in empowering the denigrated victim of domestic violence to soundly heal, build and thrive.
Dr Baffour added that the initiative would provide holistic, trauma-informed mental health care and advocacy for young women affected by domestic violence.
According to her, the above statement would create safe spaces for healing and equipping them with entrepreneurial skills for renewed hope and empowered life.
The Ga Mantse pledged his support for the laudable initiative to combat domestic violence and also acknowledged the need to address it in the Ga State.
Further endorsement came from Justice Julia Naa-Yarley Adjei Amoah, Chief of Staff at the Office of the Ga Mantse, as she commended the team of SAHM SAHW Foundation for taking a bold step to end the canker in the Greater Accra.
She added that it was a step in the right direction to save vulnerable women from torture, stress and emotional abuse.
By Alfred Nii Arday Ankrah
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Traders have returned to the streets of Accra, occupying pavements and stretches of some roads after the last major decongestion exercise.
The exercise, which was aimed at restoring order in areas like Kingsway, CMB, Rawlings Park, Tudu etc, have now been defeated.
From Kingsway to Rawlings Park, traders display several wares including, footwear, herbal medicines, plastic products, fresh fish, second-hand clothing, and vegetables, among others.
Local Evangelists are also not left out as they scramble for spaces on the streets.
Pedestrians, therefore, find it difficult to move around when shopping, due to the human and vehicular congestion created by the traders.
In an interview with The Spectator, Auntie Abigail, a trader, said her return to the streets was to sell more, and she saw nothing wrong with it.
Hajia, who deals in wholesale items, indicated that they were unable to make sales as their colleagues move to the pavement and since customers don’t want to come inside, they prefer to buy from them.
Meanwhile, the Chief Executive Officer of Accra Metropolitan Assembly, Michael Kpakpo Allotey, has given traders a grace period to go back to their shops.
By Linda Abrefi Wadie
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