![](\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/11\/DR-ERNEST-ADDISON.jpg\")
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Governor of BoG, Dr. Ernest Addison<\/p>\n
The Monetary Authority of Singapore (MAS), Bank of Ghana (BOG) and Development Bank Ghana (DBG) have signed a Memorandum of Understanding (MOU) to develop the Ghana Integrated Financial Ecosystem (GIFE).<\/p>\n
The GIFE 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.<\/p>\n
A joint statement signed by the three entities said \u201cover time, it is envisaged that the integrated financial ecosystem model can serve the Asia-Africa SME trade corridor more broadly\u201d.\u00a0<\/p>\n
It explained that the GIFE will offer an open digital infrastructure for MSMEs in Ghana and Singapore in four key areas including the SME Financial Empowerment Programme which will help MSMEs build foundational digital financial literacy skills and gain a good understanding of cross-border financial services.\u00a0\u00a0<\/p>\n
\u201cMSMEs in Ghana and Singapore can expand their international business connections in Asia and Africa, through a network of business-to-business ecommerce platforms. DBG and partner financial institutions will provide digital trade finance and guarantees for eligible MSMEs through a digital platform,\u201d it said.<\/p>\n
The MAS, BOG, DBG and financial institutions will jointly develop financial trust frameworks 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.<\/p>\n
In addition, the GIFE will be a collaborative effort across public entities, financial institutions, FinTechs and tech solution providers in Ghana and Singapore.<\/p>\n
\u201cThese include Proxtera, Consolidated Bank of Ghana, ANEXT Bank, Enterprise Singapore, and the Global FinTech Institute\u201d.<\/p>\n
\u00a0Chief FinTech Officer with MAS Sopnendu Mohanty, , said, \u201cMAS has worked closely with Bank of Ghana since the announcement of the Financial Trust Corridor in 2020.\u00a0 The GIFE is an important step to foster closer collaboration between the two central banks and important emerging markets.\u00a0 The GIFE is a rethink to potentially leapfrog traditional financial inclusion approaches with combined support mechanisms powered by smarter data that MSMEs and financial institutions can tap on based on their needs.\u201d<\/p>\n
\u00a0On his part, Governor of\u00a0 the Bank of Ghana Dr. Ernest K.Y. Addison, , said \u201cThis memorandum further demonstrates BoG\u2019s commitment as a central bank, to working with key stakeholders to explore innovative financing models. It also further demonstrates our commitment to the Business Sans Borders initiative which we partnered with the Monetary Authority of Singapore to enhance MSME contribution to economic growth and in line with Government\u2019s broader economic transformation goals\u201d.<\/p>\n
\u00a0Chief Executive Officer of DBG, Mr K Duker, said \u201cWe believe that this partnership with the Monetary Authority of Singapore and the GIFE programme mark a pivotal moment in DBG\u2019s mission to provide sustainable finance solutions to Ghanaian businesses and facilitate multi-generational, sustainable economic growth. DBG recognises the crucial role of SMEs in our country\u2019s economy and the GIFE programme will further strengthen DBG\u2019s ability to catalyse SME growth by ensuring that they get the financial solutions they need to achieve their full potential. SMEs are a key pillar of Ghana\u2019s economic resilience, prosperity, and international competition, so I\u2019m optimistic that our journey to unlock their potential will yield excellent results for our people and country.\u201d<\/p>\n
\u00a0Meanwhile, , Chief Executive Officer, ANEXT Bank,\u00a0 Ms Toh Su Meisaid, \u201cANEXT Bank is honored to join this private-public taskforce in co-creating the FTC trust data framework to promote more trust amongst businesses and financial institutions globally. It allows us to make financial services accessible and effortless for more SMEs as growing businesses can get access to global trades, and be more resilient against macroeconomic market disruptions.\u201d<\/p>\n
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