Mrs Abena Amoah, the Chief Executive Officer of the Ghana Stock Exchange, says a robust financial system is the bedrock on which sustainable economic growth in Africa can flourish.
She said the system would enable capital mobilization, drive financial inclusion, promote trade and investment, foster innovation, and support sustainable development.
Mrs Amoah was speaking at the third edition of The Money Summit 2023 on the theme: “Africa’s Robust Financial Sector: The Catalyst for sustainable economic growth.”
The Summit was organised by the Business and Financial Times and brought together experts from across the financial industry to discuss the latest trends and opportunities in Africa’s rapidly evolving financial landscape.
She said the theme was timely given the current global, and very domestic, challenges and financial difficulties faced by the continent.
The CEO said, “We find ourselves at a critical juncture in our history – a moment filled with both challenges and immense opportunities.”
She said it was imperative that the country explored the potential of its financial systems as catalysts for progress, prosperity, and sustainability.
She said access to capital was vital for entrepreneurs, businesses, and infrastructure development.
“A robust financial system provides a platform for efficient capital mobilization, allocation, and investment,” she added.
Mrs Amoah said it facilitated the flow of funds, allowing businesses to expand, innovate, and create job opportunities.
She said by nurturing entrepreneurship and supporting the growth of small and medium-sized enterprises (SMEs), “we can foster economic diversification and reduce reliance on traditional sectors.”
She said a healthy ecosystem of banks, capital markets, insurance companies, pension funds and other financial institutions would create an environment conducive to growth, innovation, and shared prosperity.
Dr Godwin Acquaye, the CEO of Business and Financial Times, said the Summit sought to enhance investor confidence and bring actors in the financial sector to provide solutions that would or could anchor investor confidence in the economy as well to ease the hardship and challenges of the business of the average Ghanaian.
He said as a Ghanaian, “We are faced with a glaring
opportunity to pull together in a bid to restructure our economy from a service-driven one and instead build a robust and resilient one through technology, finance, investment, trade, and entrepreneurship.
The CEO said the financial sector was key to the growth and development of the economy and it was capable of efficiently allocating resources, assessing, and managing financial risk.