Bank of Ghana pushes for connected African financial markets to unlock growth | (21-05-26)

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[00:00:00]who have also helped to in increase the enrollment.

[00:00:07]>> The impact has been great in terms of >> enhancing duty bearer responsiveness in terms of responding to in the infrastructure needs in terms of teacher availability. We are seeing that there's progress Hello everyone, welcome to business life. Coming up in this bullet, intensions brewing at the country sports as business groups call out some international shipping lines over charging of illegal shipping fees. GPS authority is mandated. They are the regulators of the shipping industry. So why is it that they have come out with a figure and you people don't want to adhere to it?

[00:01:43]We'll be live with some of them. Also in this bulletin, banking consultant warns restoration of the license of GN bank could trigger similar demands from other financial institutions affected by the financial sector cleanup saying reinstatement of revoked licenses must be managed carefully. uh the others that you know uh section 1 2 3 affected them may also want to follow suit and then get see if they can have the alliances um restored plus bank of Ghana pushes for connected African financial markets to unlock growth but that logic is being inverted that logic is being inverted across the major Well, payment rails are becoming the entry point into formal finance for billions of users.

[00:02:40]We have details of this and more for you to stay.

[00:02:44]>> Business Live on Joy News has brought to you by Echo Bank, the Panaffrican Bank and Teisell connecting energies.

[00:03:58]Thanks so much for your time. I am Paios Kujoaka looking at our stories. Banking consultant Nau Champon says the restoration of the license of GN bank could trigger similar demands from other financial institutions affected during Ghana's financial sector cleanup exercise. According to him, the development could have farreaching implications for the country's banking sector. Speaking earlier on the marketplace, Nutu Champon noted that any move to reinstate revoked licenses must be carefully managed to preserve confidence and stability within the financial sector.

[00:04:30]As you know, it wasn't only um GN savings and loans that was affected.

[00:04:36]There was quite a number of them uh both at the universal bank level, at savings and loans level, finance houses level and even coming down to um micro finance. The only sector that was not affected was ran. they were written and therefore if this ruling ruling stands no two court cases are the same anyway uh the others that you know section 1 2 3 affected them also want to follow suit and then get see if they can have the alliances um restored so I think it's got a very extensive implication for the financial services sector >> governor of the bank of Ghana, Dr. Johnyama has called for stronger integration of African financial and capital markets, warning that economies that failed to connect their financial system risk falling behind in the next phase of global growth. Speaking at the opening of the ACMA World Congress 2026 in Ara, said capital is increasingly global while regulatory and payment systems remain fragmented.

[00:05:48]Speaking at the opening of the ACI World Congress 2026, Dr. Sama said the future financial market will be defined not just by domestic reforms but by how effectively countries create seamless crossber financial systems.

[00:06:03]>> Colleagues, the decades for decades payments were treated as the last mile of finance. the plumbing, the plumbing that moved money once decisions had been made elsewhere.

[00:06:19]But that logic is being inverted.

[00:06:23]That logic is being inverted across the emerging world.

[00:06:28]Payment rails are becoming the entry point into formal finance for billions of users.

[00:06:36]President of ACI Ghana, Lawrence Buamp says the conference provides an important platform for market participant to exchange ideas and develop solutions that strengthen financial systems and support growth.

[00:06:50]Around the world, economies are adapting to shifting realities. Technology is transforming markets at unprecedented speed. Conversations around liquidity, resilience, digital transformation, sustainability, regulation, and regional integration are becoming increasingly important. At the same time, Africa's financial market story continues to evolve rapidly, driven by innovation, reform, resilience, and ambition. The ACI FMA world congress continues in Ara with discussions expected to focus on financial innovation, market integration and the future of global capital market.

[00:07:35]Still within the financial and financing sector, Consolidated Bank Ghana has launched its agency banking services as part of efforts to deepen financial inclusion and expand access to banking services across the country. Speaking at the launch, managing director of the bank Naomi Wali Quiti said the initiative will enable customers to seamlessly transfer funds and access essential banking services.

[00:08:00]>> The agency banking initiative by consolidated bank Ghana is aimed at supporting Ghana's financial inclusion agenda by improving access, convenience, and efficiency in banking services.

[00:08:14]Through the service, customers can make deposits, withdrawals, bill payments, and interbank transfers through authorized agents nationwide. Speaking in an interview, managing director of the bank, Dr. Naomi Wali, noted that the initiative will help expand the bank's customer reach while providing individuals and businesses with easier access to financial services, particularly in underserved communities.

[00:08:41]We believe that we need to serve the unserved communities and agency banking is one of the ways we can do that. We have said that as we speak today we have open on boarded about 168 agents and we hope to do by 1,000 by the end of the year and in a threeyear space we want to do about 8,000. The main issue is simple to have banking closer to you. Don't let banking a distance or location be a hindrance for you to do banking. We want to include everyone and that's the reason why we are adding agency banking to the many products that CBG has.

[00:09:17]>> Deputy managing director of Consolidated Bank Ghana Shilazun Taba says the introduction of the agency banking platform demonstrates the bank's commitment to innovation, accessibility and financial inclusion.

[00:09:31]As a bank, our commitment to innovation and financial inclusion means that we recognize that many customers require banking services daily and not only banking services daily but efficient and reliable and accessibility. It is for that reason that we introduce the agency banking at CBG. Therefore, this particular launch and this product is aimed at ensuring that more people across the country can access um wellthought, well-curated products and services within their communities through all our approved agents. This initiative aligns strongly with our mission to becoming the preferred Ghanaian bank of choice, delivering simple, secure, differentiated banking experiences to all our customers. The bank has already on boarded 168 agents across all regions of Ghana and is targeting 8,000 agents nationwide over the next 3 years.

[00:10:29]>> The Ghana National Chamber of Commerce and Industry has signed a morando of understanding with the Bank of Africa Ghana to help member businesses access financing at lower cost and with simplified requirements. The agreement is aimed at addressing one of the top constraints cited bymemes which are high lending rates and cumbersome loan processes that limit expansion and job creation. President of the chamber Stefan Mason Abbas said the partnership is designed to translate macroeconomic stability into tangible benefits for businesses. One of the things that I have always been advocating for was um reduction or cost reduction the cost of credit and we've been pushing the bank of Ghana pushing the bank of Ghana and we've seen the result recently then after if the credit is becomes affordable then it becomes what the next thing is accessibility uh for root reason not too long ago we had to meet the associ Ghana association of bankers on this issue So given the opportunity to mix uh bank of Africa to be able to bring access to access of credit to our members at a cheap cost it was important that we took the opportunity. So we've had a lot of background discussions and we have agreed that look they make credit accessible to our members with um with endorsement of the chamber of commerce and then um an approval from the president myself members of the chamber and the members of the business community would be able to deal directly with uh bank of Africa.

[00:12:05]Talking about the business community, I want to take you to the ports because business associations in that part of the country have thrown their weight behind the Ghana shippers authority amid growing tensions with some international shipping lines over regulatory measures within the country's shipping and logistics sector. The group described the move as unfortunate and harmful to national economic interests, insisting that shipping companies operating in Ghana must comply with the country's laws and regulatory framework. Here's president of GA Clement Dwatin speaking to Joy Business a while ago. our people go to pay the 760. They said no, they will not accept it. So they have instituted a legal action h of injuncting the 720 cities until the final determination of of of the case is made and the the first hearing of the case is coming on tomorrow. And that is the more reason why we have held this press conference that Ghana is a sovereign country and whoever any investor who comes to operate Ghana here must operate under the laws of the country and shippers authority is mandated they are the regulators of the shipping industry. So why is it that they have come out with a figure and you people don't want to adhere to it. So we are saying we are in full support of sheepest authority and we are calling on the president and the transport minister to make sure that she's authority exercise its mandates so that these people cannot take us for a ride. So that is the import of the whole matter.

[00:13:47]>> John Auni is the president of the food and beverages association of Ghana joins us vroom for more on this. John, thank you very much for making time. Now, what specific fees are your members being charged that you consider illegal? Are we talking about demorage detention container cleaning? What is it?

[00:14:08]I mean for me John good evening to your viewers.

[00:14:17]I would say that we are talking about container administrative charges and these are charges clearly that have been in place for years though very illegally.

[00:14:32]The background to the story is that this shipping lines when they take a container of goods and they are bringing in from the whichever country you are shipping the goods from they charge you for the container and your goods transportation and everything and then when you pay they are supposed to deliver your container to you. But over the years they have turned around to institute some illegality that has that has existed and this illegal has to be the fact that they now say that they have local workers working at the port handling the containers. So before they release your container to you, they will have to do some administrative work to check out to to to release the h the the container to you. they have to go and also do and monitor the container so that the container is not stolen, the container is not damaged, it's handled and all that. So this they call they call it container administrative charges and they have put figure on it and the figure they have been charging $165 apart from what they have already charged the Ghanaian businessman, the Ghanaian consumer for bringing the container. They now say that just to release the container and also monitor that your container is is well handled though which is their legitimate work.

[00:15:56]They now start separating.

[00:15:59]It is like having employ having having you enter into a restaurant the restaurant the waiters are employed by the restaurant then they tell you the restaurant people tell you that well the waiters are once they they serve you you will they have to charge you a fee to pay the waitress you didn't put the waitresses there is a restaurant that put the waitresses there so be that is made this container charge is what they have been doing 165 it is not something that is implement mented in Togo, in Nigeria, in God. It is something that is so isolatory in Ghana that they have been fleeing this the people of this country for over the years. And so the student authority came over with the fact that and they said well we have to see how we can ensure that this thing is is faded out or is out instead of the shipping line. The shipping line the super authority had the right to stop this thing at once but they said that well we will do it gradually but we are not going to impose a law just at once.

[00:17:02]We will have to do consultations.

[00:17:04]Consultations were done with the business community with stakeholders, the food and beverage station, THE GA ALL THE BUSINESS community including the shipping lines. They were all owners of the shipping line were all part of these consultations done over the years and they were even sent out a team were even sent out to go and learn what is happening in Togo, what is happening in Nigeria and other neighboring countries.

[00:17:31]when they went in there they realized that these charges are not being done over there. So this Ghana is just an isolator case. So I prepared John I want to understand how long has this been going on and has the frequency increased recently >> how long has the >> I mean the charging um has been going on.

[00:17:55]It has been on for years for so many years and now they want to the shipping authority want to bring sanity to it and saying that you have been charging an illegal fee. I am the regulator and I can stop that. I can stop that. But instead of me stopping that just at once. I would rather face it out. So but I will not just do it abruptly. I will not just do it with uh without consultations. We will do consultations including yourself and they have been part of it. Consultations were not done for one month, two months. IT WAS DONE OVER a year.

[00:18:30]>> And what's been the estimated cost burden on importers?

[00:18:34]>> Mr. What's been the estimated cost burden on importers largely?

[00:18:40]>> Per container is $165 they are charging and we are saying that instead of us stopping completely. Well, for now, let them just take half of it and the half will amount to about 550 cities and then we can now look at over a period how that thing can be cancelled. Even though because it is just an illegality, it is money that the shipping authorities have taken advantage over the silence of the authorities in this country and they are packing that money away because the employees who handle those do administrative things for the containers are your employees. Ghanaians don't have to pay for that. That's fine for the I appreciate I appreciate your point there and it's well made but again um how is this affecting retail prices of food and beverages for Ghanaians? Remember it definitely shoots out the prices that if you charge it contain $165 whatever is charged at the port or at whatever is charged at the port or by any regulatory authority is added on to you and I to pay from the market be it mai okanchi mina you will pay for that. So what we are talking saying is that it is illegal and the shipping authorities knowing that they want to now misbehave and they they've decided to file a suit at the at the at the court which will be held tomorrow and saying that the sh the Ghana shippers authority they want to injunct the Ghana shers authority the we are saying that this is not going to be accepted >> we are their clients and we can if they don't want to obey they should get out of the Ghanaian market and let other shipping authorities come because it's a competitive market. It's an open market.

[00:20:25]>> That's right.

[00:20:25]>> And we can choose not to do business with them.

[00:20:28]>> All right. John Auni is the president of the Food and Beverages Association speaking to us here on Business Live.

[00:20:34]Let's now take a breather. We'll be right back.

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[00:22:33]Welcome back to business life.

[00:22:35]Convenorer of the Africa Climate Forum, Professor George Inuongu says African countries must create financing systems that support local industries and reduce dependence on foreign capital. Speaking at the Africa Climate Round Table Conference, he argues that Africa continues to export wealth through raw commodities while importing finished products at higher cost limiting economic growth and industrial development. At the Africa climate roundt conference, convenor of the Africa climate forum, Professor George Anango says African economies must focus on value addition and industrialization to retain more wealth within the continent. Speaking in an interview, he argued that current global financing structures do not adequately support Africa's economic realities and development priorities.

[00:23:22]>> Africa is resourceri.

[00:23:24]What we do is we export our capital in term in in the mode of uh commodities.

[00:23:31]Ghana exports its cocoa previously uh without processing it exports it. They um they ship it to Switzerland.

[00:23:42]Switzerland you you go there they turn it into chocolate and then we buy back.

[00:23:47]What we've done is we've actually exported the capital to them. then we go back and we beg for these capitals. So we should be able to create those sort of um um finished products here so that we can grow our economies a lot better.

[00:24:06]So we need to find a balance and I think a lot of African countries are pushing towards that right now.

[00:24:12]>> Chief executive of TSA sustainability Dr. Engineer Shelter Lu says businesses must take advantage of Ghana's climate policies and sustainability framework to assess climate financing opportunities.

[00:24:25]>> The government of Ghana has made climate issues very topical. That's why we have a minister at the presidency that is responsible for climate actions. And then um government has also developed the green Ghana green taxonomy which is very important to um provide opportunities for businesses to tap into the climate funds. Um it is important that businesses take advantage of all these opportunities and assess information from government sources from the private sector in order to uh tap into the funds available. Stakeholders say stronger local industries, climate financing assets, and sustainable investment policies will be key to improving Africa's economic competitiveness.

[00:25:11]>> Ghana is doubling down on its agenda to boost local food production, cut down on fertilizer, imports, and create more income for farmers. Today the Minister for Trade Agri Business and Industries Elizabeth Ofusu Jari led a delegation including Deputy Agriculture Minister John Dlo to the Chinese city where a major fertilizer partnership is now on the table for a new fertilizer factory.

[00:25:35]Anna Sabit reports.

[00:25:37]Here in the industrial landscape of Shandu, the Ghanian delegation stepped inside the sprawling manufacturing complex of Winru. The global leader in fertilizer production led by the trade minister Elizabeth of Oasuajari and the deputy minister for agriculture John Dlo. The visit had a clear goal attract Chinese investment to build a large scale fertaza industry right in Ghana.

[00:26:01]Inspecting the facilities, the minister made Ghana's intentions clear, noting that this aligns perfectly with the president's vision of import substitution, especially for fertilizer.

[00:26:11]So, we are in Winro in China here, a fertilizer company. Excellency John Ramani Mahama is not only interested in export but also interested in import substitution. It is right learning that we import almost all the fertilizer we use in Ghana. What the president wants to do is to make sure that we lead the private sector to put a fertilizer plant in Ghana as part of our industrialization process for import substitution so that we stop the importation of fertilizer and then produce it right in Ghana. And so we are here best practice with the private sector to ensure that we know what is going to happen in Ghana. If this happens, our city will be stronger because we will not send our city to import fertilizer.

[00:26:56]If Ghana wants to industrialize, this is the way to go.

[00:27:00]>> Deputy Agriculture Minister John Dlo reinforced the message emphasizing the importance of crossber collaboration.

[00:27:07]>> For us at the agric ministry, we are looking at efficiency and with efficiency, we are looking at the number of tons we can get efficiently from an acre. And with that, no no country is an island. And in the Greek ministry or as Ghana as a whole, we have to collaborate with other countries. And so we are here in China to collaborate with most of the countries that are efficient when it comes to agriculture. And also no other ministry is an island. We are the Greek ministry. We work hand in hand with other ministries especially with the trade ministry because when you look at the feed Ghana component we are feeding ourselves feeding the industry and exporting and feeding ourselves is a great feeding the industry now is trade exporting is also trade ministry and so we are here to collaborate with most of the Chinese companies to see how best we can bring some of this technology into the country in Ghana. On the Chinese side, Chairman Shuy Kuan, the prospective investor, welcomed the partnership, noting the critical link between fertilizer manufacturing and food production for our agriculture plan for the manufactur.

[00:28:20]Our delegation come China to all understand each other. I think very soon in Ghana >> from Shandu to Ara. This potential deal represents a major leap towards self-sufficiency in agriculture and a promise of jobs and prosperity for Ghanian farmers. Anna Sabit join News Shendu in China.

[00:28:54]Grateful you could make time to watch business life. I am paios kojoubaka.

[00:29:00]>> Business live on joy news was brought to you by echo bank, the panaffrican bank and telesell connecting energies.

[00:29:43]We were living in one of the pavilion behind. Later that we had this new building. Then we now move to the new building.

[00:29:56]>> You did a lot. They have come here and access and they have continue our six unit classroom building.

[00:30:06]>> A lot has changed after documentary. We had 60 tables and chairs. Then the 10 bedroomedroom teacher accommodation.

[00:30:16]>> We have never been fed to this young children. the children are suffering.

[00:30:23]We applied for school feeding which would have also helped to in increase the enrollment.

[00:30:33]The impact has been great in terms of >> enhancing duty bearer responsiveness in terms of responding to in the infrastructure needs in terms of teacher availability. We are seeing that there's progress.

[00:30:54]When the sun sets, almost every activity in a small farming community of Bedabo must grind to a halt. Total darkness consumes the entire village located on the outskirts of the Trampuna district of the Ashanti region. In this darkness, I find Evelyn, a class 6 pupil of the Badabo DA Basic School. She buries her head in an English textbook, reading a passage before school resumes the next day.

[00:31:24]>> Very fast, they shows that nature is seriously making them already. With a touch light locked between her neck and shoulder, she squints her eyes to read each line in the book to hone her reading skills.

[00:31:42]Despite the discomfort, Evelyn forces herself to read on, afraid of falling behind her classmates.

[00:32:21]Evelyn wants to become a nurse because she cares about helping people in community. But their dreams hang on the balance.

[00:32:47]Now the Lord I as you feel me feeling good mothers into her reading, her mother calls her for the touchlight. As the only source of light in the house, Evelyn quickly sets her books aside to help.

[00:33:26]Standing beside her, she directs the fading beam onto the condo her mother is preparing for their kinky business in the village.

[00:34:01]For as long as they can remember, they and their neighbors have lived