We need a comprehensive review of Ghana’s financial regulations – Dr Alhassan Andani

Former President of the Ghana Association of Banks, Dr Alhassan Andani is calling for a comprehensive review of Ghana’s financial regulations through the lens of financial inclusion and digital transformation.

According to him, despite the significant strides made over the years in terms of improving financial inclusion, much remains to be done to rope in rural and low-income communities, who lack access to the basic financial tools and services that many of us take for granted.

Dr Alhassan Andani made this statement at the Fellowship Investiture Ceremony and the 10th anniversary of the Chartered Institute of Credit Management.

He also furthered that, “We must redouble our investments in digital infrastructure and connectivity across the country. Ubiquitous, reliable, and affordable access to the internet and mobile networks is the fundamental prerequisite for digital finance to flourish. Without it, even the most innovative financial technologies and service models will struggle to reach the people who need them most”.

He also called on both the public and the private sector to pursue this improvement in order to enhance Ghana’s digital and financial infrastructure.

“I’m calling for a bold, coordinated national effort to accelerate Ghana’s digital transformation, with connectivity as the North Star. This will require sustained, multi-year investments from both the public and private sectors. It will necessitate innovative partnership models, creative financing solutions, and a relentless focus on deploying the most cost-effective, fit-for-purpose technologies.”

It will demand that we tackle thorny issues like spectrum allocation, infrastructure sharing, and the alignment of regulatory frameworks in a spirit of true collaboration”, he mentioned.

President of the Chartered Institute of Credit Management, Helen Obeng-Okon, entreated members to ensure the sustainability of the digital financial landscape as it embraces emerging technologies.

“It is our collective responsibility to navigate this digital transformation in a manner that ensures inclusivity, transparency, and sustainability. We must strive to bridge the digital divide and empower every individual, irrespective of their socio-economic status or geographical location, to access and benefit from the vast array of financial products and services available”, she mentioned.

The 10th anniversary of the Chartered Institute of Credit Management was themed, “Harnessing Digital Transformation for Inclusive Finance.”