We’ve installed area good enough guidelines to lessen money laundering, others
Source:avea1tv
The Governor of the Bank of Ghana, Dr. Ernest Addison, says, there are good enough guidelines and protections in area to reinforce Anti-Money Laundering and Combating the Financing of Terrorism (AML-CFT) sports.
This will create a sturdy and a valid monetary device to help local exchange.
According to him, Ghana’s monetary quarter can consequently be instrumental in assembly the investment desires of companies in the country to change underneath the AfCFTA umbrella.
Speaking with the banking and finance community, the Governor said commercial banks are required to bolster all danger management structures and scale-up ability in trade finance to assist the personal region.
Additionally, banks and non-financial institution monetary establishments are recommended to boom investments in digitisation structures as well as cyber-safety systems to facilitate safe and relaxed alternate transactions through AfCFTA. These institutional tendencies should supplement the PAPSS and MANSA platforms through which Afreximbank will work with nearby agencies and monetary establishments to help facilitate intra-Africa exchange.
Dr. Addison urged all monetary establishments to collaborate and take gain of the possibilities offered thru AfCFTA to reinforce the u . S . A .’s alternate efforts.
Ghana has big function to play in monetary integration in West Africa
The Governor also said Ghana has a widespread function to play in the integration of the financial gadget of ECOWAS.
This method consists of capital market integration, nearby foreign money convertibility/quoting and trading national currencies, harmonisation of the criminal and regulatory frameworks of the banking sector, harmonisation of legislation; and cross-border bills system integration.
According to him, the implementation of those reforms might make sure the development of a strong economic region in Ghana to participate in investment exchange transactions offered thru the African Continental Free Trade Agreement (AfCFTA) platform.
“Ghana’s economic region can play a pivotal function in leveraging AfCFTA to enhance the u . S . A .’s socio-monetary improvement. This may be executed via investments in infrastructure and financial era to guide regional change transactions. These favourable situations and Ghana’s position because the gateway to West Africa, among other elements, earned Ghana the rights to host the AfCFTA Secretariat”, he cited.
He stated that Ghana’s banking sector is currently well capitalised, with adequate liquidity to support transactions generated through increased exchange.
The Central Bank has also put in vicinity strong regulatory and supervisory frameworks to guide in-usa and go-border exchange transactions.
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