“Digitalization has its own complications and concerns, including, among others, risks related to cyber security, third and fourth parties/outsourcing, data privacy breaches, technical failure, and consumer protection. It goes without saying that in order for financial institutions to fully reap the rewards of digitalization, solid governance and risk management systems are essential.
In order to implement more advanced systems and structures in accordance with the Bank of Ghana’s 2018 Cyber and Information Security Directive, RCBs will thus need to increase their capital base as necessary. The Directive calls for the adoption of minimal technological, governance, and data protection protocols as well as capabilities for transaction tracking, fraud detection, and mitigation, according to Mrs. Awadzi. the proposals for a program to change the economy that the Ministry of Finance and the BoG have submitted to the IMF, adding that everyone involved must avoid speculative behavior because it tends to make things worse.
Recent changes on the world stage have increased economic and commercial uncertainty for both enterprises and people. None of these trends spare our home economy. To stabilize and modernize our economy, the Bank of Ghana is collaborating closely with the Ministry of Finance and other important partners to negotiate a sound economic reform programme supported by the IMF.
“The Bank of Ghana is optimistic about the direction of the country’s economy. She spoke during the 21st annual RCB CEOs Conference held in the Volta Region. “The current high inflation and cedi depreciation are temporary, and we must avoid speculative behavior that only works against achieving stability sooner,” she stated.
RCBs need to prepare for digitalization.
Speaking on the topic of “Positioning Rural Banking at the Center of Financial Services Delivery in Ghana – The Role of Stakeholders,” Mrs. Awadzi urged the Rural and Community Banking (RCB) sector to embrace digitalization because that is where the financial sector is headed and failure to do so will have disastrous effects for players in the market.
“It is also critical to view the strengths of the RCB sector in the context of the swift global and local developments that are occurring in the financial services sector. To begin with, technology is quickly upending established business models for providing finance globally and reinventing financial services as we once understood them.
“Digital financial services are the way of the future, and they are opening up possibilities for reaching current clients and the unbanked in reasonably priced ways. Additionally, this implies that universal banks may now compete with the RCB sector on their own field by reaching communities and people with their services far more easily and affordably than they previously could.
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