Create opportunities for Ghanaians to participate in the financial ecosystem – Minister tells stakeholders

The Minister of State at the Ministry of Finance, Abena Osei-Asare, has emphasized the need for integrity, transparency, and inclusivity as foundational pillars in shaping the future of Ghana’s financial sector.

Speaking at the inaugural ACI Financial Markets Association Ghana Conference held at the Accra International Conference Centre on August 22, 2024, she called on financial stakeholders to create opportunities that allow all Ghanaians to actively participate in the country’s evolving financial ecosystem.

In her address, Osei Asare highlighted the role of leaders in the financial sector in dismantling barriers that prevent widespread participation.

"Our pursuit of progress must be guided by integrity, transparency, and accountability. Inclusion is the third pillar of our future. We must harness the power of the financial market to serve the unserved and the marginalized," she stated.

“We must break down barriers and create opportunities for all Ghanaians to participate in our financial ecosystem.

“I believe that as we navigate this future, we must confront the challenges of one, regulatory frameworks that balance innovation with risk management; two, cybersecurity threats that imperil our digital financial structure; three, climate change and environmental degradation that demand sustainable financial solutions; and lastly, inequality and exclusion that undermine our collective prosperity.”

The minister also lauded the Bank of Ghana’s innovative strategies aimed at revamping the sector, noting that Ghana’s financial market is on the cusp of a new era.

She urged stakeholders to tackle emerging challenges, including the need for a balanced regulatory framework, cybersecurity threats, climate change, and inequality.

The conference, themed "Navigating the Future: Innovation, Ethical Excellence, and Inclusion in Ghana’s Financial Markets," brought together industry leaders, regulators, and policymakers to discuss current trends and challenges.

It also featured various panel discussions on fintech, financial inclusion, ethics in financial markets, and the impact of technological advancements on the financial sector.

Dr. Zakari Mumuni, Head of Financial Markets at the Bank of Ghana, speaking on behalf of the Governor, Dr. Ernest Addison, emphasized the need for financial service providers to collaborate and invest in local fintech startups.

He stressed the importance of protecting consumer rights and ensuring transparency in financial products and services.

“Financial service providers should strengthen collaborative efforts to support and invest in local fintech startups.

“ACI members must prioritize the protection of consumer rights and ensure that products and services are fair, transparent, and designed to meet the needs of their clients,” he said.

John Awuah, CEO of the Ghana Association of Banks, reiterated the necessity of maintaining trust in the financial market, emphasizing that ethical business conduct is crucial in fostering confidence among consumers.

“We must embrace innovation while holding fast to our role as custodians of trust and confidence in the financial market. At the heart of every financial transaction is trust, and we get that from ethical business conduct. Now more than ever, we need to project some common sense into our operations and business conduct,” he said.

Other key speakers included Rev. Daniel Ogbarmey Tetteh, Director-General of the Securities and Exchange Commission, who advocated for the transformative power of technology in enhancing efficiency and expanding access to financial services, and Kenneth Amponsah, Chief Risk Officer at UBA Ghana, who underscored the importance of sound investment decisions.

Rui Correia, Executive Director and Chair of the Board of Education at ACI Financial Markets Association, and Brian Haizel, Director at Obsidian Achernar, also contributed to the discussions, focusing on the growth of tech-based companies in Africa and the need for sustainable regulatory frameworks to mitigate risks associated with emerging technologies like AI and blockchain.

The ACI Ghana Financial Markets Conference, which is part of ACI Ghana's ongoing efforts to promote education, ethical conduct, and inclusive growth in the financial sector, attracted industry players, regulators, and policymakers from across Africa and Europe.

AM/KA

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