A robust financial system is the bedrock upon which sustainable economic growth can be achieved in Ghana and Africa, Managing Director of the Ghana Stock Exchange (GSE), Abena Amoah, has said.
"A robust financial system enables capital mobilisation, drives financial inclusion, promotes trade and investment, fosters innovation, and supports sustainable development," she stated at the 2023 edition of The Money Summit.
She stressed the need for Africa explore the potential of its financial systems to serve as a catalysts for progress, prosperity, and sustainability.
Organised by the Business and Financial Times, the day's event was on the theme "Africa's Robust Financial Sector: The Catalyst for a Sustainable Economic Growth".
It assembled experts from across the financial industry to discuss the latest trends and opportunities in Africa's rapidly-evolving financial landscape.
Ms Amoah, who delivered the keynote address, called for collaboration among stakeholders in the financial sector to promote transparency and integrity in the sector.
"We need to foster a culture of transparency, integrity, and accountability. By strengthening governance frameworks, enhancing risk management systems, and promoting ethical behaviour, we can build a financial ecosystem that commands trust and attracts investment," she stated.
The Managing Director of GSE highlighted capital mobilisation, financial inclusion, promoting trade and investment, fostering innovation, promoting sustainable finance as the five key areas which could help drive sustainable economic growth in Ghana and Africa.
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Particularly on capital mobilisation, she said access to capital was vital for entrepreneurs, businesses, and infrastructure development, indicating that a robust financial system provided a platform for efficient capital mobilisation, allocation, and investment.
"A robust financial system facilitates the flow of funds, allowing businesses to expand, innovate, and create job opportunities. By nurturing entrepreneurship and supporting the growth of small and medium-sized enterprises (SMEs), we can foster economic diversification and reduce reliance on traditional sectors," she stated.
The Chief Executive Officer of Business and Financial Times, Dr Godwin Acquaye, said the financial sector was key to financial growth.
He said the sector was capable of efficiently allocating resources, assessing and managing financial risks.
Dr Acquaye emphasised that the current macroeconomic challenges and the Domestic Debt Exchange had impacted negatively on businesses, particularly banks, saying most of the banks posted huge losses in the 2022 financial year.
He said current challenges presented opportunities and there was the need for the country to pull together to restructure the economy from service-driven to manufacturing and that was the reason his outfit was organising the Money Summit.
