Digital transformation key to unlocking intra-Africa trade – BoG Governor

Governor of the Bank Of Ghana, Dr. Ernest Addison, has called for the enhancement of digital infrastructure to boost intra-African trade.

According to him, digital transformation is crucial in achieving the dream of borderless trade amongst African countries and improving financial inclusion.

Speaking at the 30th Afreximbank Annual Meetings’ stakeholder side event which was held on the theme “Unlocking Africa’s Trade, Investment and Commerce Opportunities, Leveraging Digital Platforms And Ecosystems”, Mr. Addison furthered that, creating unique digital payment platforms will facilitate smooth transactions amongst businesses which exists in member countries.

“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.”

He further called for the promotion of digital skills development which will enable the creation of tech entrepreneurs and further which will in effect support SMEs digitize their operations.

This, he believes will help improve the efficiency of Small and Medium size businesses and enable them to seize trade and investment opportunities while competing with global giants.

“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“.

“By investing in training and upskilling digital programmes, we can create a highly empowered workforce to drive innovation, productivity, and competitiveness”, he added.

Citing the Central Bank’s proposed partnership with the Monetary Authority of Singapore, Dr. Addison called for collaborations which offer knowledge sharing and technical support to businesses.

“Ghana is also currently working with the Monetary Authority of Singapore on a ‘Business San Borders’ project aimed at boosting the international trade prospects of SMEs of the respective countries through the implementation of digital trade platforms for market discovery.”

The 30th Afreximbank Annual Meetings brought together business and political leaders, banking industry professionals, and trade and trade finance practitioners involved in economic development from across Africa and beyond.