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Ghana committed to building a vibrant digital economy President Akufo-Addo

President Nana Addo Dankwa Akufo-Addo has reiterated Ghana’s commitment to building a vibrant digital economy through technology to secure the financial sector.

 

According to him, regional integration was a significant driver of economic transformation, noting that Ghana is among other African regions that had embarked on a regional harmonisation and integration projects to enhance their financial services from high value to low value payments, with interoperability between banking and mobile payments.

 

President Akufo-Addo said this when he addressed the opening session of the African Regional Conference of the Society for Worldwide Interbank Financial Telecommunication in Accra on Tuesdays.

 

The conference, which is a three days event, is being held under the theme “Enabling the digital economy” and it is the 2nd time Ghana is hosting since 2005.

 

SWIFT’s African Regional Conference is Africa’s leading financial services event which brings together experts in the financial services from more than 55 countries within the African continent. The conference also provides a platform for industry players to discuss ideas, develop solutions to challenges and define the future of Africa’s financial sector. 

 

President Akufo-Addo urged stakeholders in the financial industry to work towards the achievement of a better economy as the country moves towards a cashless system.

 

The President said Ghana was well positioned to invest in cyber-security in order address the increasing cyber- risks in the financial sector, adding that digitisation and technological innovations were, therefore, necessary to provide new opportunities to manage risk in financial institutions.

 

The Regional Director of SWIFT, Mr. Sido Bestani, said Ghana has become the fastest growing economy in sub-Saharan Africa with predicted Gross Domestic Product (GDP) growth of more than 8%, due to the strategic policies that have been put in place by the government.

 

Mr. Bestani stated that economies across the continent were also developing, adding that Data released by SWIFT showed that SWIFT Financial messaging traffic in the West African Monetary Zone had increased by 29.0%, far exceeding SWIFT global traffic growth of 6.7% within the same period.

 

“Ghana and Nigeria saw growth of 32.1% and 24.5% respectively and our data correlates closely with economic activity,” he said. He, however, said although intra-African trade was still below 15%, there were some promising signs that things could turn around based on SWIFT data.

 

The recent signing of the Continental Free Trade Area (CTFA), the largest trade agreement since the launch of the World Trade Organization in 1995, is a major step towards building a ‘borderless Africa’.

 

He added: “The African Development Bank believes that many African countries are now more resilient and better placed to cope with volatile market conditions than ever before.”

 

Source: ISD (Aliyah Bayali & Solace Amankwa)

 

 

 

Created: 19 June 2019
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