BoG working with Singapore for SMEs to leverage digital technology

The Bank of Ghana has said his outfit has collaborated with the Monetary Authority of Singapore to adopt Business sans Borders aimed at helping SMEs leverage digital technology.

This was said by the First Deputy Governor of the Bank of Ghana (BoG) Dr. Maxwell Opoku-Afari while addressing the press at the launch of the 5th Ghana CEO Summit.

According to the deputy governor, measures are being worked out to accelerate the digital transformation and overseas expansion of local businesses.

“I must state that the Bank is aware of the importance of businesses, particularly SMEs, in the Ghanaian economy and is working with the Monetary Authority of Singapore (MAS) on a Business Sans Borders project to enable SMEs in Ghana leverage digital technology to improve on their businesses as well as give them access to explore global market opportunities, “he stated.

He further indicated that the inability of businesses to incorporate and embrace digitalization in their business models threatens their survival.

“The more than 17 million active mobile money accounts, provide ample evidence of the increasing adoption of digital payments and provide a fertile ground for businesses to explore digital channels to interact with customers. I must emphasise that the financial sector digitization programme is part of the bigger project of the Government in a bid to formalise the economy through digital technology.

"The inability of businesses to incorporate and embrace digitalization in their business models will undoubtedly create a void with dire consequences for the survivability of businesses during a post-pandemic pandemic,” the deputy governor said.

The 5th edition of the Ghana CEO Summit was launched on Tuesday, April 20, at the Kempinski Gold Coast Hotel in Accra.

The conference for decision-makers, CEOs, heads of institutions, business leaders, and entrepreneurs as well as investors and ambassadors, seeks to unlock Ghana’s economic potential by offering concrete, innovative and actionable solutions.

It also seeks to champion private-sector-led growth, lead discussions around innovative public policies and best growth-oriented business practices to help the country build resilient companies and outstanding CEOs.

Organisers of the Ghana CEO Summit have themed this year’s summit on “Digital Transformation: Powering Business and Government RESET for a Post-Pandemic Economic Resilience. A Public-Private Sector Dialogue.”