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Finance & InvestmentWed, 27 Apr, 22

Africa Must Leverage on Technology To Close Financial Gap in The Continent

Africa Must Leverage on Technology To Close Financial Gap in The Continent

Mrs. Elsie Addo Awadzi, the Second Deputy Governor of the Bank of Ghana, has encouraged her African counterparts to leverage financial technology (Fintech) to improve remittance flows and also tapped into other diaspora resources to help close the financing gap in the continent. 

She said in order to adopt Fintech Fully, it will need a concerted effort of all stakeholders both national and regional authorities, to change Africa's economic story for good. 

The Deputy Governor made these remarks during this year's Money Summit 2022, with the theme Africa's Economic Growth – Facilitating Investment, Payment and Settlement Systems in the continent.

She explained that for Africa to improve intra-regional trade and investment on the continent there has to be a more robust payment system in order to help shape a more robust economic reality for the region.

Mrs. Elsie Addo commended Pan-African Payment and Settlement System (PAPSS) as the first centralized payments system infrastructure for processing, clearing, and settling intra-Africa payments in the continent.

She believes this will significantly lower transaction costs and accelerate business transactions for intra-Africa trade and investments.

“As a member of the Governing Council of PAPSS, the Bank of Ghana has offered maximum support to the testing and pilot phases of the PAPSS and will continue to do so. 

“Domestically, the Bank of Ghana also continues to promote a modern, innovative, resilient and inclusive payments system in Ghana to help promote commerce, digitilisation, and access to financial services to support Ghanaian micro small and medium sized enterprises to plug into the AfCFTA market and beyond,” she said.

She however revealed the Bank of Ghana's plans of establishing a digital currency to become a Central Bank Digital Currency (CBDC) as an alternative to physical currency.

“The Bank of Ghana has also commenced a Central Bank Digital Currency (CBDC) pilot which, if successful, should lead to the launch of the eCedi as a central-bank backed digital alternative to physical currency, providing convenience and efficiency in payments, and promoting an inclusive and formalized economy, with significant benefits for Ghana’s economy and the regional economy,” Mrs. Elsie Addo hinted.  

She also called for increased digitalisation of economic activity, and empowering marginalized segments such as the youth, women, and persons who are differently abled, to unleash their full contributions to our economic growth.

She concluded by assuring Ghanaians that the Bank of Ghana will continue to provide strong policy support to promote domestic and regional economic growth recovery efforts and the drive towards building a more resilient and self-sufficient Africa. 

 

Source: Abdul-Razak Mohammed(Real Estate Times Africa)

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