President Akufo-Addo says his administration, given that assuming place of work in 2017, has leveraged on technology to assist reform and make improvements to Ghana’s institutional and regulatory processes to the generation of a digital economic system.
According to Nana Akufo-Addo, the digital financial state that has been founded, as a outcome, “is supporting sustained economic progress, and bettering the wellbeing of our citizens.”
Talking at the 26th Society for Throughout the world Interbank Monetary Telecommunication (SWIFT) African Regional Conference, held at the Kempinski Resort, Accra, on Tuesday, June 18, the President highlighted the immense possible of technological improvements in direction of the transformation of economies across the entire world.
Outlining the initiatives rolled out by his Federal government toward the creation of the electronic financial state in Ghana, the President indicated that the national identification system, which calls for, among others, that, a citizen has a electronic home deal with, is remaining rolled out.
“These biometric national ID playing cards are remaining joined to other identification systems and databases, these as social stability, driver’s license, and passports, to guarantee we have a credible national database,” he added.
Secondly, President Akufo-Addo said that Government has now done the cycle of cell income payments by linking cellular cash wallets to lender accounts and the e-zwich card.
“This has established a level actively playing field for folks with or with no bank accounts to perform financial transactions, and is speedily selling monetary inclusivity in Ghana,” he stated.
The President ongoing, “The economical market is witnessing considerable advancement, and with mobile funds penetration in Ghana being the second optimum in Africa, evidenced in cellular money transactions worthy of GH¢213 billion in 2018, up from GH¢78.5 billion in 2016, we anticipate that, with ongoing reforms to our payment systems, Ghana will have a sturdy competitive edge in the region for money innovation and access to credit.”
Furthermore, he discovered that Authorities has committed alone to owning electronic units handle all federal government receipts and payments by 2020.
With caterers used underneath the Countrywide Faculty Feeding Programme, beneficiaries of the Livelihood Empowerment From Poverty (LEAP) programme, and recipients of nurses and teacher trainee allowances, among some others, the President pointed out that this method of payment is guaranteeing performance in the shipping of govt providers.
As these new tendencies unfold, and with the emergence of new payment streams in support of the digitisation agenda, the President indicated that techniques have also been taken to improve the regulatory natural environment.
It will be recalled that the Lender of Ghana a short while ago reviewed, amended and consolidated all existing payment program regulatory frameworks into the new “Payment Systems and Companies Act” 2019, an Act which the President assented to last week.
The new legislation is to ensure that banking institutions, non-banking economical institutions, and, primarily, rural and group banking companies, give services that will convey banking and monetary transactions even closer to the public.
President Akufo-Addo noted that his Government’s agenda of developing a electronic economic system has by natural means been extended to other sectors of the economic climate, with the introduction of the paperless port system, the e-justice process, and the digitising of land administration products and services.
Just as technological know-how offers options to grow our economies and provide progress to our peoples, the President stressed that there are criminal syndicates who will constantly be bent on exploiting it for their selfish interests, which, he explained, have to be relentlessly fought.
With SWIFT functioning with Ghana to cut down vulnerabilities to these external threats, President Akufo-Addo urged the Lender of Ghana to make positive that Ghana’s monetary sector continues to be in shape for international integration, by guaranteeing compliance with global criteria.
In addition to the establishment of the Nationwide Cyber Stability Centre (NCSC) to oversee and coordinate Ghana’s nation’s cyber security programmes, the President famous that “we have made the Pc Unexpected emergency Response Teams (CERTs) ecosystem, and instituted cyber security recognition programmes and other initiatives, which have established Ghana on the path to creating a strong nationwide cyber stability program.”