By Naa Dzagbley Ago
African countries have been tasked with leveraging digital platforms and ecosystems to drive efficient trade and economic growth. This is necessary as the current technological age is characterised by digitization and digital transformation.
Speaking during a panel discussion on the theme, “Unlocking Africa’s Trade, Investment, and Commerce Opportunities, Leveraging Digital Platforms and Ecosystems”, at the 30th Annual General Meetings of Afrexim Bank in Accra, Governor of the Bank of Ghana, Dr. Ernest Addison, said Africans must critically examine pathways and innovate diverse approaches to unlock and deploy the full potentials of Africa’s trade, investment, and commerce opportunities for the betterment of its people.
This, he noted, can be achieved through harnessing the immense potential of digital platforms and ecosystems. He said the transformative power of technology has revolutionised industries worldwide, and Africa must seize this opportunity to boost economic growth and foster regional integration.
“First, enhancing digital infrastructure is paramount. Access to reliable and affordable internet connectivity is the foundation upon which digital platforms thrive. Governments and private sector stakeholders must collaborate to invest in broadband infrastructure, expand network coverage, and bridge the digital divide within and across countries.
By providing seamless connectivity, we can enable businesses, entrepreneurs, and consumers to participate fully in the digital economy and seize new trade and investment opportunities,” he added.
Dr. Addison said with Africa being endowed with a lot of entrepreneurial talent with technologically savvy youthful population, there is the need to nurture and support such digital innovators. He stated that,” by establishing incubation centres, providing mentorship programmes, and offering access to funding, we can empower start-ups and SMEs to develop innovative solutions that address the unique challenges and needs of our continent. Encouraging entrepreneurship and innovation will drive job creation, boost economic diversification, and attract investment in key sectors.”
According to Governor Addison, the role of Central Banks in these efforts towards digitization cannot be overemphasised. Ghana, he indicated, has shown its commitment through its active participation in the MANSA Platform, for instance. He said, “the central bank is currently serving as a verifier for financial institutions, including microfinance institutions in Ghana, and proactively engaging these entities for them to be onboarded onto the platform.
By serving as a verifier, we ensure that the KYC/CDD information of these institutions are accurate and reliable. This enhances transparency, reduces risks, and promotes trust among stakeholders.”
The Central Bank, he intimated, has 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, he said, allows for seamless cross-border payment and settlement transactions within Africa.