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Government launches 3 new policies to speed up digital payments

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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.

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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.

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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.”  

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BY TIMES REPORTER

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ProofreadChildren exposed to arts, culture early develops strong intellectual, communication skills – Acting E/R CNC Director

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Children from Trinity Royal dancing the dipo dance

Toddlers from various kindergarten schools in the Eastern Region on Tuesday thrilled patrons with impressive cultural performances at this year’s Kindergarten festival organised by the Centre for National Culture (CNC) in Koforidua.

The children from the participating schools recited poetry, staged drama performances and performed a variety of traditional dances, including Kete, Kpatse, Borborbor and Apatampa, under the theme: ‘Little Stars: Celebrating Our Culture for Future Impact.’

Participating schools included Love Community Kindergarten, Koforidua Grammar School, Solomon School, Charles Wesley Academy, Unique Kiddie Care, Alpha Hills School, Assemblies of God Kindergarten, Brentford Academy, Liberty Academy, Berlin Academy, Bolders Journey School and New Dawn School.

The Acting Eastern Regional Director of the CNC, Dr Salamatu Alhassan, said research had shown that children exposed to arts and culture from an early age developed strong intellectual and communication skills.

“These toddlers participating in this festival have the potential to be ahead of their peers because training in arts and culture broadens their minds and enhances their intelligence.

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Dr Alhassan said, considering the numerous benefits of arts and cultural education, it was important to nurture children from an early age to become future ambassadors of Ghana’s rich cultural heritage and contributors to the country’s creative economy.

She said the CNC was mandated to promote Ghana’s arts and culture and assured that such festivals would continue to be organised regularly to provide more children with opportunities to develop their talents.

Dr Alhassan encouraged parents and teachers to support children to participate in cultural festivals and related activities to help build their confidence, creativity and appreciation of Ghanaian culture.

The Eastern Regional Director of the Department of Children, Mr Emmanuel Nana Osei, said exposing young children to Ghanaian culture through such festivals was essential because it helped them develop a strong sense of identity.

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He said as future leaders, children needed to understand their cultural roots to develop a sense of belonging and appreciate the need to contribute meaningfully to national development.

Mr Osei also urged parents to encourage their children to participate in poetry, drama and traditional dance activities to nurture their talents and preserve Ghana’s cultural heritage.

From Ama Tekyiwaa Ampadu Agyeman, Koforidua

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Adolescence is like an egg, handle it carefully …Adolescents urged

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Madam Rosemary Addeh interacting with a section of the school children

Adolescents have been urged to treat their teenage years with caution, with adolescence being compared to ‘an egg’ that can crack instantly from a single mistake. 

This came up during an engagement with adolescent boys and girls at Ave-Dakpa in the Akatsi North District under the project, ‘The Clinic Is Yours,’ an open day clinic, to invite adolescents and the youth to visit health facilities for free access to youth-friendly services.  

It was organised by the United Nations Population Fund (UNFPA), the UN’s sexual and reproductive health agency in collaboration with the Planned Parenthood Association of Ghana (PPAG), which is also a leading volunteer-supported non-governmental organisation, focused on providing comprehensive Sexual and Reproductive Health and Rights (SRHR) information and services to young people in Ghana. 

Madam Rosemary Addeh, the Midwife and In-charge of the Ave-Dakpa Health Centre, who facilitated the engagement, said adolescence was a period of rapid physical and brain development between childhood and adulthood, typically spanning the ages between 10 and 19, involving the search for social independence. 

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“Adolescence really is as fragile as an egg, and a single mistake can alter a young person’s future instantly.”  

She explained that curiosity, peer pressure, and the desire to fit in made teenagers vulnerable and that the “egg once broken” by a crisis such as an unplanned pregnancy, the effects on a young person’s education, health and future were difficult to reverse. 

The session highlighted the physical, mental, and social toll of teenage pregnancy, with other health risks cited including anaemia, malnutrition, early labour, and low birth-weight babies, because of immature physical development.  

She said mentally, young mothers faced stress, depression and stigma, while socially many dropped out of school and faced long-term financial hardship. 

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To “handle the egg safely,” adolescents were advised to practice open communication with parents, seek comprehensive reproductive health education, set clear life goals, and build self- esteem to resist risky situations.

“When you access phone, use it for something profitable not pornographic materials. Also, access youth-friendly services. Get close to health workers on any information on SRHR, do not ask around to be deceived or misinformed as that can land you in trouble,” Madam Addeh advised. 

Mr Delali Alex Dwomoh, the Physician Assistant and In-charge of Ave-Dakpa Health Centre, also addressed the group, assuring adolescents that health workers would not judge them. 

“Take whatever you were told seriously. We will not be judgmental but will help you as young people to reach your full potential,” he assured them.   

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Mr Emmanuel Christopher Makam, the PPAG focal person for UNFPA Adolescent Girls Empowerment Project and Gender-based Violence Scale Up project for Volta Region, said the engagement formed part of ongoing efforts to equip adolescents with knowledge and support systems to navigate adolescence safely.–GNA

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