Ghanaian delegation updates Singapore’s Senior Minister on GIFE
Ghanaian delegation led by the Chief Executive Officer of the Development Bank Ghana (DBG), Mr K. Duker, paid a courtesy call on the Senior Minister of the Republic of Singapore, MrTharman Shanmugaratnam, during the Singapore Fintech Festival 22.
The other members of the delegation are the Managing Directors of GCB Bank (GCB), Mr Kofi Adomakoh, and Consolidated Bank Ghana (CBG), Mr Daniel Wilson Addo
A statement issued by DBG in Accra yesterday said the team updated the Senior Minister on work being done with the Monetary Authority of Singapore on the Ghana Integrated Financial Ecosystem (GIFE).
The statement said they informed the Senior Minister that a Memorandum of Understanding would be signed by the Monetary Authority of Singapore (MAS), Bank of Ghana (BoG) and DBG at the Fintech Festival 22 to develop the Ghana Integrated Financial Ecosystem (GIFE).
The GIFE project aims to enhance financial capabilities and access for micro, small and medium enterprises (MSMEs) in Ghana and generate greater opportunities for trade and financial services cooperation between Singapore and Ghana.
Over time, it is envisaged that the integrated financial ecosystem model can serve the Asia-Africa SME trade corridor more broadly.
GIFE will offer an open digital infrastructure for MSMEs in Ghana and Singapore in four key areas namely, The SME Financial Empowerment Programme that will help Micro, Small and Medium Enterprises (MSMEs) build foundational digital financial literacy skills and gain a good understanding of cross-border financial services.
It said MSMEs in Ghana and Singapore could expand their international business connections in Asia and Africa, through a network of business-to-business e-commerce platforms.
“DBG and partner financial institutions will provide digital trade finance and guarantees for eligible MSMEs through a digital platform. MAS, BoG, DBG and financial institutions will jointly develop financial trust frameworks² to assess credit worthiness for financing by enabling financial institutions to use alternative data sets, such as the track record of successful payments to suppliers and tax payments to relevant authorities,” it said.
In his remarks, Mr K Duker, Chief Executive Officer, DBG, spoke about his bank’s position on the partnership with the Monetary Authority of Singapore and Bank of Ghana, indicating that it marked a pivotal moment in DBG’s mission to provide sustainable finance solutions to Ghanaian businesses and facilitate multi-generational, sustainable economic growth. He also expressed his sincerest gratitude to the Senior Minister for his continuous support in promoting the healthy bilateral relations between Ghana and Singapore.
The Senior Minister, Mr. Tharman Sharmugantan, on his part affirmed his country’s commitment to support Ghana especially at this time of economic difficulty.
He explained that there were challenges globally and expressed the hope that Ghana would successfully overcome the challenges it faces.
