Prof. Kwaku Appiah-Adu (middle), Senior Policy Advisor at the Vice-President's Secretariat, being interviewed by Bernard Avle, Broadcast Journalist at Citi TV, during a book launch on digital economy. Looking on is Franklin Asare, co-author of the book
Prof. Kwaku Appiah-Adu (middle), Senior Policy Advisor at the Vice-President's Secretariat, being interviewed by Bernard Avle, Broadcast Journalist at Citi TV, during a book launch on digital economy. Looking on is Franklin Asare, co-author of the book

Digital technology in financial space improves in Ghana — BoG Governor

A book titled “The Enabling Architecture for a Digital Economy" that seeks to break down the digital economy concept by building structures in a practical and digestible way, has been launched in Accra.

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The book systematically lays down the fundamental framework for policymakers and other stakeholders to enable them to grasp the potential blocks for a developing economy.

Co-authored by Professor Kwaku Appiah-Adu and Franklin Asare, it was launched by the Governor of the Bank of Ghana, Dr Ernest Addison, last Thursday.

The foreword of the 244-page book was written by the former Prime Minister of the Great Britain, Tony Blair, and published by Ace Publishers, a leading publishing company in Accra.

The event was attended by financial experts, bankers, marketing executives and politicians, including a former Minister of State for Tertiary Education, Elizabeth Ohene; a prominent Ghanaian lawyer, Sam Okudzeto, and a former diplomat and veteran journalist, Kabral Blay Amihere.

Digital technology up

Addressing the launch, Dr Addison said Ghana had improved over the past 20 years in the use of digital technology to deliver financial services and products that ensured financial inclusiveness.

He explained that the Global Financial Index report revealed that the country's financial inclusion rate had improved from 41 per cent in 2014, to nearly 70 per cent in 2021.

That, he said, was as a result of the efforts of the central bank to improve digital technology in its operations since 2003.

He indicated that the introduction of E-Zwich, mobile money transactions and Financial Technology (FINTECH), all backed by relevant regulations had combined to make financial transactions more inclusive in the country.

 “I agree that digital technology can be a potent tool for financial inclusiveness.

The book has relevance with the operations of the Bank of Ghana in using digital technology to transform society,” Dr Addison further explained.

Touching on the book, he said the co-authors skilfully combined their experiences in the current financial environment in which businesses operated, highlighted digital strategic development and gave an insider view of developing and developed economies.

Cyber security

Dr Addison further stated that the increase in the use of digital technology in the financial space had also increased the cyber security risks, but over time, the financial institutions were also building robust systems to deal with the challenge.

As part of the governance and monitoring interventions, the BoG had set up the Financial Industry Command Security Operations Centre at the central bank, and it would soon be commissioned by the Vice-President, Dr Mahamudu Bawumia.

The centre, Dr Addison noted, would enable the bank address cyber security issues in the entire banking sector.

Co-authors

Prof. Appiah-Adu is a professor of Strategy and Senior Policy Advisor at the Vice-President's Secretariat, while Mr Asare is the Chief Executive Officer of TechGulf Ghana Limited, an information technology firm headquartered in San Francisco in the United States.

The co-authors explained that the book sought to break down a seemingly complex digital economy concept by building structures in a practical and digestible way.

They said the book, step by step, laid down the fundamental framework for policymakers and other stakeholders to quickly grasp the potential blocks for a developing economy.

They described the book as “a treasure for academics, policymakers, students and business executives”.

Prof. Appiah-Adu explained that they both shared a common passion to see the youth on the streets with talents but without capital to turn their ideas into tangible things for commercial purposes being nurtured in the right environment to succeed in all their endeavours.

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Launching

The Executive Director of Salt and Light Ministries, Rev. Dr Joyce Aryee, launched the book and sold 100 copies for a start.

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