Ghana: Press focuses on plans by Chinese businesses to deepen financial inclusion in Ghana

The willingness of Chinese businesses in Ghana to support banks in the country in their bid to deepen financial inclusion is one of the leading stories in the Ghanaian press on Friday.
The Graphic reports that the President of the China/Ghana Chamber of Commerce, Tang Hong, has said that Chinese businesses in the country are willing and ready to support banks in the country in their bid to deepen financial inclusion.
With financial inclusion being high on the agenda of the government and the financial sector in Ghana, he said Chinese investors stand ready to support local banks to deliver seamless and convenient banking services that would engender financial inclusion.
Speaking at the maiden Chinese Business Seminar organised by OmniBSIC Bank, Mr Hong said: “As the President of the Chinese/Ghana Chamber of Commerce, I speak for all Chinese businesses in Ghana and I can assure you that we are willing and ready to partner local banks to collectively advance the agenda of financial inclusion.”
“We need to collaborate as we collectively strive towards a future defined by shared prosperity, friendship and unity between Ghana and China,” he stated.
He said easy and convenient banking echoed deeply with evolving preference of modern consumers in an increasingly digitised World.
“As we navigate the complexity of this revolution by technology advancement and changing consumer behaviours, it is important for the banks and financial institutions to offer seamless user-friendly and accessible services,” he said.
Commenting on the seminar, which was held on the theme “Banking with Ease”, Mr Hong, who is also the Chairman of the Ghana Association of Chinese Societies, said the maiden seminar marked a significant milestone in the relationship between the two countries, as it allowed them to deliberate on pertinent issues affecting their economic cooperation and the pivotal role of the Chinese community in Ghana’s development landscape.
He said China’s unwavering support for Ghana’s socio-economic advancement was amplified through investments in oil refineries, power plants, ceramic, steel and aviation, which had all played pivotal roles in ensuring sustainable growth and development of the various sectors of the economy.
“As we gather here today, it is important to reflect on the historical trajectory of the Ghana/China relationship, characterised by the legacy of shared aspirations for progress and prosperity.
“Since establishing our diplomatic ties in the 1960s, our relations have been marked by mutual respect and cooperation in pursuit of a common goal,” he stated.
The newspaper says that in his Easter message conveyed on behalf of his wife, Rebecca, his children, family, and the government, President Nana Addo Dankwa Akufo-Addo extended warm wishes to all Ghanaians for a Happy Easter celebration.
He expressed hope that the significance of the blood shed on the cross during Easter would bring healing to the nation and cleanse it of iniquities.
The President stressed the importance of safety during this festive period, urging everyone to drive carefully on the roads and to keep the nation in their prayers at all times.
He encouraged Ghanaians to partake in Easter conventions, parties, picnics, and the traditional Kwahu Easter festivities while remaining mindful of safety protocols.
The Ghanaian Times reports that negoti¬ations between the three teacher unions and the govern¬ment to resolve the ongoing strike by teachers has hit a snag again.
The meeting which lasted about an hour at the Ministry of Employment and Labour Relations in Accra yesterday did not achieve the desired result as the teachers stormed out tight-lipped about what transpired at the closed-door meeting.
It was attended by the lead¬ership of the three unions – the Ghana National Association of Teachers (GNAT), the Nation¬al Association of Graduate Teachers (NAGRAT) and the Coalition of Concerned Teach¬ers (CCT) – the Ministers of Employment and Labour Rela¬tions and Education and officials from the Fair Wages and Salaries Commission (FWSC).
The National Labour Com¬mission on Tuesday directed the teacher unions to call-off the strike and return to the negotiat¬ing table for a resolution.
The government side will brief you,” Thomas Musa, the General Secretary of the GNAT said as the media attempted to solicit information from him on what transpired at the meeting.
Giving details of the meeting, however, Professor Charles Ada¬bo Opong, Director, Grievances and Negotiations at the FWSC said the teachers have refused to comply with the NLC’s directive to call-off the strike.
“Because the teacher unions have not called-off the strike, we cannot continue with the negoti¬ations,” he stated.
According to him, the teachers explained that they needed to go through some procedures in or¬der to call-off the strike includ¬ing consulting their respective councils.
“Because of that, we have also indicated that they have to comply with that directive by the NLC for us to continue with the engagement.
“If they are able to call-off the strike, we are ever ready as a government team to meet them even today or tomorrow,” Prof. Oppong stated.
To him, the decision by the teacher unions not to call-off the strike despite the directive by the NLC was disappointing as students continue to suffer the brunt of the industrial action.
The newspaper says that the government and its advisors in the coming weeks will begin extensive discussions with the country’s commer¬cial creditors in line with its debt restructuring strategy to ensure debt sustainability, the Finance Minister, Dr Mohammed Amin Adam, has stated.
The engagement with the com¬mercial creditors, including bond holders, he said were expected to ensure that Ghana achieved the targets set under the International Monetary Fund (IMF)/World Bank Debt Sustainability Framework.
On December 13, 2022, Ghana formally requested for debt treat¬ment under the G20 Common Framework for Debt Treatment beyond the Debt Service Suspen¬sion Initiative for a portfolio size of $5.1 billion.
This was after the country ap¬proached the IMF for a $3-billion three-year support to implement its Post Covid-19 Programme for Economic Growth to restore mac¬roeconomic stability and growth of the economy.
Dr Adam, who disclosed this in Accra yesterday during his maiden 2024 monthly press briefing on the economy, said the government had received counter proposals on the debt treatment scenarios from the bond holder groups on debt treatment.
The government on January 12, 2024 reached an agreement with its Official Creditors under the G20 Common Framework, a compre¬hensive Debt Treatment beyond the Debt Service Suspension Initiative, after completing the first phase with the bilateral creditors.
The Finance Minister explained that the terms of the agreed debt treatment were expected to be formalised in a Memorandum of Understanding between Ghana and its official creditors, which would then be implemented through bilateral agreements with each member of the Official Creditor Committee (OCC).
“The OCC agreement consti¬tute an additional step towards restoring Ghana’s long-term debt sustainability in line with the IMF programme targets,” Dr Adam stated.
The Finance Minister said Ghana was making progress in the implementation of the three-year balance of payment support pro-gramme with the IMF.
According to him, the IMF-sup¬ported programme was begin¬ning to yield positive results with growth proving to be more resilient and robust than initially programmed.
GIK/APA