Digital initiatives introduced in Ghana to enhance businesses and SME’s

Governor of the Bank of Ghana (BoG), Dr Ernest Addison,that a number of digital initiatives had been introduced in Ghana to advance the interest of businesses and SMEs.

He added that Ghana is currently working with the Monetary Authority of Singapore on a Business san Borders project aimed at boosting the international trade prospects of small and Medium Scale Enterprises (SMEs) of the respective countries through the implementation of digital trade platforms for market discover.

peaking at the 30 AFREXIMBANK General Meeting in Accra on Sunday, June 19, Dr Addison said that “we have integrated the Pan-African Payment and Settlement System (PAPSS) platform and appointed the Ghana Interbank Payment and Settlement Systems Limited (GHIPSS) as the integration entity for locally regulated institutions. This allows for seamless cross-border payment and settlement transactions within Africa. By leveraging the PAPSS platform, we are eliminating the barriers and inefficiencies associated with traditional payment systems. This promotes regional trade, investment, and commerce by facilitating faster, more secure, and cost-effective transactions. The integration of our local financial institutions into the PAPSS platform ensures that they can fully benefit from the opportunities presented by this innovative solution.

He added “The success of these digital platforms and ecosystems, however, depends on the active participation and collaboration of all financial institutions and private businesses. We strongly encourage all stakeholders to embrace these initiatives and make them work for their respective businesses. By joining these platforms and leveraging digital technologies, financial institutions can expand their reach, enhance efficiency, and unlock new market opportunities.

“Our involvement in the MANSA Platform and integration with the PAPSS platform are concrete contributions that aim to streamline processes, enhance transparency, and facilitate seamless transactions.

“Let us seize this moment to collaborate, innovate, and embrace the transformative power of technology for the benefit of our continent and its people,” he said.