No Result
View All Result
Monday, June 5, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Citi Business Festival enters week one; focuses on Digital Economy

    Re-establishing national airline critical to reducing forex loss – Former Civil Aviation Boss

    Ghana’s unsustainable debt largely attributed to Energy Sector – World Bank Rep

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    We’ll be swift with Ghana’s economic recovery – Ofori-Atta

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

    Ghana’s energy sector needs audit to ascertain debt levels – COPEC

    Sole implementation of cylinder recirculation model threatens our investment – LPG Operators

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

    COVID -19 levy must be abolished – Importers & Exporters insist

    Halt implementation of utility tariffs increment- FABAG tells govt

    Govt maintains COVID-19 levy despite calls for removal

  • TECHNOLOGY

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Citi Business Festival enters week one; focuses on Digital Economy

    Re-establishing national airline critical to reducing forex loss – Former Civil Aviation Boss

    Ghana’s unsustainable debt largely attributed to Energy Sector – World Bank Rep

    Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

    We’ll be swift with Ghana’s economic recovery – Ofori-Atta

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

    Ghana’s energy sector needs audit to ascertain debt levels – COPEC

    Sole implementation of cylinder recirculation model threatens our investment – LPG Operators

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

    Mobile money disrupted banking in Ghana – Zeepay CEO

    Ghana’s oil reserve recording steady growth – GNPC CEO

    Fuel pricing: COPEC predicts marginal drop in first window of June 2023

    ACEP pushes for research in Africa’s energy sector

    African leaders urged to employ energy policies that will transform Africa

    COVID -19 levy must be abolished – Importers & Exporters insist

    Halt implementation of utility tariffs increment- FABAG tells govt

    Govt maintains COVID-19 levy despite calls for removal

  • TECHNOLOGY

    Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

    Cyber Security Authority mandate critical to country’s development – Joseph Cudjoe

    MTN shareholders given choice to convert dividend or take cash

    Ghana gets $300 million from US to build first-of-its-kind data center

    Telcoms industry players urged to partner government to promote clean energy transition

    Dominion University To Partner With USA Organisations To Set Up Centre Of Excellence For Artificial Intelligence

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Mining propels Ghana to beat growth estimates in fourth quarter

    BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources

    Foreign exchange: Several African countries have a shortage of US dollars – why this happens and how to fix it

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

bycitibusinessnews
July 3, 2022
in Banking And Finance, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Governor of the Bank of Ghana, Dr. Ernest Addison is urging banks and non-bank financial institutions on the continent to increase investments in digitisation platforms as well as cyber-security systems to facilitate safe and secure trade transactions through the Africa Continental Free Trade Area, AfCFTA agreement.

According to him, this will ensure the development of a robust financial sector to enable countries to participate in funding trade transactions presented through the AfCFTA platform.

Delivering the welcome address during the Africa Africa Trade roadshow in Accra, Dr. Ernest Addison also called for more investments in infrastructure and financial technology to support regional trade transactions.

ADVERTISEMENT

“African integration and development is anchored on financial sector development and access to finance and investment. In addition to the fragmented markets, inadequate payment systems infrastructure has been identified as a major constraint to intra-African trade. Payments within Africa are mostly done through correspondent banks before reaching the recipient African neighbour. This comes with high transaction fees, compliance costs, applied foreign exchange conversion rates, and liquidity costs.

Thankfully, with the introduction of the MANSA and the PAPSS platforms, financial transactions within Africa are likely to receive a boost. Afreximbank’s MANSA platform is intended to provide secure and trustworthy means for proper verification of counterparties and due diligence, one of the main challenges facing intra-African trade today. The PAPSS platform will give businesses in Ghana access to the entire African continent and enable them to engage in financial transactions in local currencies,” he said,

While highlighting the opportunities that the AfCFTA presents, Dr. Ernest Addison urged commercial banks to strengthen all risk management systems and scale-up capacity in trade finance to support the private sector.

“Ghana’s banking sector is currently well capitalised, with adequate liquidity to support transactions generated through increased trade. The Bank has also put in place robust regulatory and supervisory frameworks to support in-country and cross-border trade transactions. There are also policies and safeguards to reduce Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) activities and create a robust and a sound financial system to support regional trade. Ghana’s financial sector can therefore be instrumental in meeting the funding needs of businesses in the country to trade under the AfCFTA umbrella,” he said.

The AfCFTA is one of the flagship projects of the African Union’s “Agenda 2063: The Africa We Want”, which aims to promote trade among 55 African countries, with a market size of about 1.2 billion people and projected US$450 billion income boost for the continent by 2035.

The main objective of AfCFTA is to create a single market for goods and services and promote the free movement of business persons and investments in Africa. The Agreement seeks to expand intra-African trade through better harmonization and coordination of trade liberalization and facilitation regimes.

Related Posts

Citi Business Festival

Citi Business Festival: 8 pillars of digital economy by TechGulf’s CEO

byNii Larte Lartey

There is a strong push for businesses to leverage digital technologies to conduct business. Beyond using the internet for buying...

Read more

Citi Business Festival enters week one; focuses on Digital Economy

Re-establishing national airline critical to reducing forex loss – Former Civil Aviation Boss

Ghana’s unsustainable debt largely attributed to Energy Sector – World Bank Rep

Ken Ofori-Atta, Ministry of Finance for Ghana, gives an interview during day 3 of the AfDB Annual Meetings on 13 June 2019 in Malabo, Equatorial Guinea. (Photo by Malick Silue)

We’ll be swift with Ghana’s economic recovery – Ofori-Atta

Ghana and Côte d’Ivoire partner to tackle cocoa smuggling

Pay us by borrowing from treasury bill market- Pensioner bondholders reiterate calls to govt

Next Post

KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.