Strong Financing Foundation Essential for Africa's Sustainable Economic Development - GSE
Let's Talk Finance: Boosting Africa's Economic Growth with a Robust Financial Sector
Abena Amoah, the boss lady at the helm of the Ghana Stock Exchange, is sounding the alarms for a strong finance game across Africa. She believes a robust financial system is the secret sauce to unlocking the continent's full potential.
In her no-nonsense style, Amoah called out the big players in the finance world—governments, regulatory bodies, financial institutions, and whatnot—to team up and innovate. That's right, fam, innovation is the lifeblood of Africa's economic progress, like kryptonite to its Kryptonite.
"We need to create a culture of transparency, integrity, and accountability," she said at this year's Money Summit. "By strengthening governance frameworks, enhancing risk management systems, and encouraging ethical behavior, we can build a financial ecosystem people can trust."
Trust builds confidence, fam, and confidence attracts investments. Capital mobilization is crucial for financial inclusion, fostering trade and investment, and promoting innovation, all essential components of sustainable development.
Africa needs a healthy mix of banks, capital markets, insurance companies, pension funds, and other financial institutions to create an environment that nurtures growth, innovation, and shared prosperity.
What's the Lowdown on the Money Summit, 2023?
Hosted by the Business and Financial Times, this year's Money Summit marks its third edition. And let me tell you, with our economy facing some rough waters, experts agree that the financial sector plays a pivotal role in recovery and growth.
This year's summit promises to be a treasure trove of forward-thinking ideas shaping the future of finance and FinTech. It's also gearing up to discuss the forces reshaping the future of money and the roles of insurance, pensions, and fund managers in building a robust financial sector.
Now, You Ask, What's MS. AMOAH'S Secret Sauce?
Abena Amoah's recipe for financial success includes listing viable, if struggling, State-Owned Enterprises (SoEs) on stock exchanges, fostering the development of capital markets for global integration, and increasing investor confidence through innovative financial products and transparent governance.
Collaborating with the State Interests and Governance Authority (SIGA), Ms. Amoah champions the listing of financially viable SoEs on the Ghana Stock Exchange. By doing so, she aims to improve operational efficiency and governance, boost investor confidence, and invigorate market activity.
On the global stage, Ms. Amoah represents the International Capital Market Association (ICMA) and advocates for the development of efficient and sustainable capital markets in Africa. By enmeshing African capital markets in the global financial web, she aims to foster the growth of inclusive and frontier markets and advance financial sector development to fuel economic growth.
Under her leadership, the Ghana Stock Exchange has experienced remarkable growth, with a substantial increase in market capitalization due to renewed investor confidence in the exchange's transparency, regulatory frameworks, and innovative financial products.
- Abena Amoah, the head of Ghana Stock Exchange, has emphasized the need for a strong financial game across Africa to unlock the continent's full potential.
- Amoah calls for collaboration from governments, regulatory bodies, financial institutions, and others to innovate and boost Africa's economic progress.
- She advocates for a culture of transparency, integrity, and accountability to strengthen governance frameworks, risk management systems, and ethical behavior in the financial sector.
- Trust and confidence attract investments, which are essential for financial inclusion, fostering trade and investment, and promoting innovation, all crucial for sustainable development.
- Africa needs a mix of banks, capital markets, insurance companies, pension funds, and other financial institutions to create an environment for growth, innovation, and shared prosperity.
- Hosted by Business and Financial Times, the Money Summit promises to share forward-thinking ideas shaping the future of finance and FinTech, discussing the roles of insurance, pensions, and fund managers in building a robust financial sector.
- Abena Amoah's recipe for financial success includes listing State-Owned Enterprises on stock exchanges, fostering the development of capital markets for global integration, and increasing investor confidence through innovative financial products and transparent governance.
- Amoah also represents the International Capital Market Association and advocates for the development of efficient and sustainable capital markets in Africa, aiming to foster the growth of inclusive and frontier markets and advance financial sector development to fuel economic growth.
