The nation’s financial sector top-brass will today, Tuesday, April 26, converge at the Marriot Hotel, Accra, to discuss Africa’s economic development in the context of cross-border payment systems and enhancing investor confidence at the second edition of The Money Summit organised by the B&FT.
Held in partnership with the Bank of Ghana with support from Hubtel, Letshego, AZA Finance, FBN Bank, Fidelity Bank, Ghana Stock Exchange (GSE) and the Securities and Exchange Commission (SEC), this year’s iteration has as its theme ‘Africa’s Economic Growth – Facilitating Investment, Payments and Settlement Systems’.
It seeks to build upon the maiden edition’s resounding success by once again bringing together the best financial minds to deliberate on issues relevant to trade facilitation on the continent and the development of its financial systems – particularly in view of the recently-launched Pan-African Payment and Settlement System (PAPSS).
The Money Summit 2022 will have two plenary sessions and also feature a keynote address from the Bank of Ghana (BoG) represented by its Second Deputy Governor, Elsie Addo Awadzi; as well as presentations by the Chief Executive Officer of the PAPSS, Mike Ogbalu; Ghana Investment Promotion Centre’s (GIPC) Yofi Grant; and the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS).
Heralded as a game-changer for intra-African trade, PAPSS is expected to be the most important component under the African Continental Free Trade Area (AfCFTA) since it promises to save businesses across the continent some US$5billion annually in transaction costs as trade among African countries is projected to hit 22 percent by 2040, raking in US$70billion in additional value.
It is against this backdrop that the first plenary session will have as its focus ‘Africa’s Payment and Settlement System; Opportunities, Challenges and the Way Forward’.
Speaking ahead of his participation as a panellist on the first plenary, Country Manager at AZA Finance, Nana Yaw Owusu- Banahene, described recent developments as “the continent being on the cusp of something great”.
He added that the framework will further improve with the passage of time, and pledged the collaboration of his outfit in advancing payment systems on the continent.
Similarly, Managing Partner at Koranteng & Koranteng Legal Advisors, Afua Adubea Koranteng, called for increased sensitisation about the workings and benefits of PAPSS, greater collaboration among relevant parties, as well as the provision of incentives.
Other panellists for this session include Head of Payment Systems at BoG, Dr. Settor Amediku; Group Head, New Ventures (Technology Innovation) at Letshego Group, Ato Okyir; and Chief Financial Officer at Fidelity Bank, Attah Yeboah Gyan. Moderating the session will be General Manager at Asaase Radio, Prince Moses.
Panellists at the second session will discuss the topic ‘Enhancing Investors’ Confidence: Critical Vehicle to Driving Economic Growth’.
On the GSE’s decision to sponsor the event in addition to its participation in the plenary, Managing Director Ekow Afedzie explained that The Money Summit has proven to be the ideal platform for discussing matters relevant to the industry.
He noted that the nation’s economic growth hinges on the growth of its capital market, which will only grow if investors are confident in the investment tools as well as the existing framework which safeguard their investments.
Other discussants at this plenary are Deputy Director-General at the SEC, Deborah Agyemfra; Managing Director at FBN Bank, Victor Asante; and Senior Lecturer at the University of Ghana Business School (UGBS), Professor Mahmoud Abdulai Mahmoud. A Business Consultant, Josephine A. Offei, will moderate this session.