Seminar On The Ghanaian Financial System And The Remittance

Infobank Investment and Research Company, a UK based management consultancy company in conjunction with E-Money Remittance Company and Money- Systems West Africa is organising a seminar under the broad theme of the Ghanaian financial system and the remittance industry.

Officials from the West African Monetary Institute (WAMI), First Atlantic Merchant Bank, E-Money Remittance Limited, Bank of Ghana, Money- Systems West Africa and National Investment Bank will be making presentations at the one-day event to be held at the M-Plaza Hotel in Accra.

Dr Kofi Konadu Apraku, Ghana’s Minister for Regional Co-operation and NEPAD will deliver the keynote address. Topics to be discussed at the event will include: Formal and informal value transfer systems: law enforcement and regulatory challenges; the Ghanaian experience- Dr Mahamudu Bawumia (Special Assistant to the Governor of Bank of Ghana)

Global Money Transfers: Exploring the remittance Gold Mine and the role of retail/commercial banks in Ghana - Clifford Mettle (Head: International Banking, National Investment Bank Limited, Ghana) : Embracing technology in revolutionsing the global remittance industry: The M- Systems Model- Money -Systems West Africa

Understanding the Upstream remittance model; The UK experience- E-Money Remittance Limited, UK The proposed West African Monetary Zone (WAMZ) Common Currency and regional and international transfers ( by West Africa Monetary Institute).

The aim of the seminar is to bring together business leaders, bankers, analysts, dealers, remittance companies and other financial market experts to share ideas on the Ghanaian financial system and the inward remittance business, which is one of the fastest growing businesses in Africa. “This is a very good opportunity for all stakeholders in the remittance industry to come out with ideas that will help shape the industry. The global remittance industry is centuries old, yet, the general impression is that until now, policy makers, development agencies, economists and researchers have shown little interest in the role of remittances in economic development, arguing that remittances were used for consumption, and not for productive investment”, Bernard Otabil, Organising Committee President of the event said. He added: “The World Bank estimates that more than US$111 billion was remitted worldwide in 2001, and of this amount 65 per cent went to developing countries. This means that the importance of the industry can therefore not be over-emphasized and as the international community is looking at ways to combat terrorist financing and financial crimes, the clear distinction between money for loved ones back home should not be confused with money for terrorist activities. This is the main reason why a seminar of this kind is useful to kick-start debate and also help policymakers in their decision making”.

Experts claim that remittances from Ghanaians abroad have risen to a level that is comparable with the country’s development assistance and foreign direct investment that it receives annually, and this seminar will explore ways of making the industry more attractive. To find out more about the seminar or to register to participate, contact: Ghana Supreme Concept Company Limited Telephone: +233 21 776 493, Fax: +233 21 768 917 UK Infobank Investment and Research Limited Telephone: +44 208 520 1994, Fax: +44 208 520 9401 Notes to editors Infobank Investment and Research Company is a management consultancy based in the UK. Incorporated in 1999, Infobank provides consultancies in the areas of Finance, Accountancy, Business Development, Training and Conference organising. If you need more information, please contact the Commercial Director, Freddy B-Appiagyei on +44 208 520 1994