Ghana’s quest to become financial hub takes a giant leap

Back in 2007, the then government led by President John Agyekum Kufuor established the off-shore banking concept in Ghana with the sole purpose of making Ghana the financial hub in the sub-region and to attract badly needed capital into the country.

Within a few months of establishing the off-shore banking concept, the economy attracted huge financial resources which the country could have leveraged for capital investments.

However, the idea died immediately after a new government took office in 2009.

Fast-forward, after 17 years, we have come full circle.

The inauguration of the Bank of Ghana's ultra-modern edifice, therefore, marks a significant milestone in Ghana's journey to become a financial hub in the sub-region. 

The vision, first conceived in 2007, aimed to transform Accra into a financial gateway, attracting much-needed capital into the country.

Governor Addison's remarks at the inauguration ceremony underscored the rapid growth and development of Ghana's financial sector, driven by the national drive to make Accra a financial hub.

“This vision led to bold investments to transform this enclave of Accra into a financial hub,” he said.

That, Ghana continues to be the attraction in the sub-region for businesses has never been doubted. Continued economic and political stability has been to our advantage in the midst of troubling region of political upheavals.

The Central Bank has also been at the forefront of innovations, pioneering interoperability and other initiatives to enhance financial services delivery.

The global financial architecture is evolving rapidly and regulators must keep pace.  Ghana's experience has shown that effective regulation and supervision are crucial to preventing financial instability. The Central Bank's decision to salvage the economy by supporting failing banks is a testament to its commitment to financial stability. 

The inauguration of the new edifice is a huge step towards making Ghana a financial hub.  It demonstrates the country's commitment to providing a conducive environment for financial services to thrive.  

The financial space has broadened to include fintech companies and it is essential to have skilled personnel to provide supervision and ensure conformity with the laws. The Graphic Business commends the Central Bank for undertaking this project on its balance sheet. 

The cost of not completing the project on schedule would have been more burdensome in the long run. Ghana has always been a leader among its peers and it is essential to take advantage of the financial services hub to attract capital for economic growth.

Every investment counts and we must prioritise development.

The new edifice is a valuable investment in Ghana's future and we must recognise its significance. Others have questioned the wisdom of undertaking this project at the time of financial difficulties the economy is going through.

While we have every right to question the use of public funds, we must also be fair to the facts and open to listening and engaging when the opportunity exists. 

The cost to the nation on account of suspending the construction would be a bigger financial burden on the public purse into the future.

As President Kufuor once said, "Some people know the cost of everything but the value of nothing."