Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Growth funding: Development plans focus on increased participation of the private sector to attract foreign investment and create new businesses

For many years Ghana has been one of Africa’s top investment destinations, ranking fifth on the continent for foreign direct investment (FDI) inflows between 2011 and 2020, according to World Bank data. The organisation’s figures show the country receiving $32.5bn in FDI over the period, the second most in West Africa after Nigeria, with $45.1bn. The Covid-19 pandemic, however, saw FDI flows fall worldwide, with Africa as a whole down 16% in 2020. Ghana was no exception: FDI declined from 4.4% of GDP in 2019

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Sheikh Ahmad Duaij Jaber Al Sabah-Chairman-Commercial Bank of Kuwait

Digital solutions: The launch of a financial technology office, innovation sandbox and digital currency are expected to boost financial inclusion

Ghana is looking to leverage financial technology ( fintech) to boost participation in the banking sector, utilising digital services that are accessible and affordable to improve customers’ experiences. High levels of mobile phone penetration have facilitated this movement; Ghana boasts West Africa’s highest unique subscriber penetration rate, at 55% in 2020, above the sub-Saharan African average of 44.8%. The authorities are building on the momentum gained from the successful rollout of mobile money services in the country, a trend that was accelerated during the pandemic.

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George Richani-CEO-Al Ahli Bank of Kuwait

Outsized impact: Government support schemes and a planned development bank prioritise funding for small and medium-sized enterprises

The banking sector has played a key role in mitigating the effects of the Covid-19 pandemic on small and medium-sized enterprises (SMEs). Banking authorities and institutions moved swiftly to ease the economic pressure on SMEs and other entities in the early months of the crisis. In late March 2020 interest rates were cut by two percentage points starting the following month, and a six-month moratorium on principal repayments was granted to companies in the airline and hospitality sectors, which were hit the hardest. Challenges The

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Pham Hong Hai-CEO-HSBC Vietnam

Stronger together: The world moves towards renewed global cooperation in health, finances and infrastructure

The onset of the Covid-19 pandemic in early 2020 had a dramatic effect on global connectivity. The implementation of border restrictions greatly disrupted the provision of goods and made cross-border travel extremely difficult. To adapt to these challenges, many governments, businesses and institutions moved towards a strategy of regionalisation. For example, in April 2020 the foreign ministers of the Association of South-east Asian Nations’ 10 member states endorsed several collective initiatives to fight the pandemic, including the establishment of a common Covid-19 fund to enable

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Next-generation solutions: A robust digital ecosystem will facilitate the emergence of new innovative financial products and boost inclusion

Ghana has made strides in recent years to deepen and broaden its digital financial services ecosystem. The government has prioritised the segment as key to bolstering financial inclusion, as well as ensuring business continuity in the event of another crisis such as the Covid-19 pandemic. These efforts pre-date the pandemic: the Electronic Transactions Act of 2008 outlined the regulation of electronic communications and related transactions. The Payments and Services Act of 2019 was another major step towards strengthening digital payments. It amended and consolidated laws

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Responsible investing: Financial players increasingly consider options in line with environmental, social and governance (ESG) principles

The importance of combatting climate change has become increasingly clear in recent years, and sectors across the economy have worked to diversify their offerings to deal with these challenges. For capital markets, sustainable financing has been key. In November 2019 the Bank of Ghana and the Ghana Association of Bankers launched the country’s Sustainable Banking Principles and Sector Guidance Notes, a first step towards developing the segment. More recently, in May 2021 the Securities and Exchange Commission signed an agreement with the International Finance Corporation

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Weather the storm: Measures taken to ease the impact of the Covid-19 pandemic

The Covid-19 pandemic has severely affected economies, businesses and consumers across the world, especially in terms of crisis management, supply chains, liquidity and operations. Central banks and the wider banking community were among the first to experience these disruptions. Countries hit hard by the pandemic have taken aggressive fiscal and monetary policy measures to address the challenges posed by the health crisis, including cuts in policy rates. After Ghana recorded its first case of Covid-19 on March 12, 2020, the Bank of Ghana (BoG) – the country’s central bank – announced policy measures to cushion the economy from the effects of the pandemic. It did

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George Richani-CEO-Al Ahli Bank of Kuwait

Smaller footprint: A focus on sustainability is expected to reduce risks associated with climate change while bolstering bottom lines

As environmental, social and governance (ESG) concerns become increasingly important in the corporate world, insurance companies are emerging as potentially key players in the shift away from fossil fuel-powered projects. The launch of the UN-convened Net-Zero Insurance Alliance (NZIA) in July 2021 reflects an ongoing shift in the global insurance industry towards the wider recognition of the risks associated with climate change. Targeting Net-zero The NZIA brings together the world’s biggest insurers and reinsurers, each of which are committed to transitioning their underwriting portfolios to

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Daniel Asare-Kyei-CEO-Esoko; Curtis Vanderpuije-CEO-ExpressPay; and Daniel Marfo-General Manager-Zipline Ghana

The next step: A new legislative framework and push towards digitalisation to modernise and deepen the local market

Ghana’s National Insurance Commission (NIC) has been working in recent years to implement a series of changes aimed at enhancing access to coverage, diversifying products and bolstering awareness in the general public about the importance of insurance. The Covid-19 pandemic further underscored the need to bolster the market. “The financial sector and insurance companies in particular have shown resilience throughout 2021,” Yasmin Essilfie-Mensah, executive director of Accra-based insurance firm Edward Mensah, Wood & Associates, told OBG. “The pandemic has brought awareness of the importance of

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Nhon Luc Ly-CEO-AIA Myanmar; Son Nguyen-Country President-Chubb Life Insurance Myanmar; Daw Zarchi Tin-CEO

Exploration expansion: A decade-long investment plan to drill oil additional wells is under way, focusing on underexplored and underdeveloped areas

Oil and gas exploration in Ghana has come a long way since the West Africa Oil and Fuel Company dug the country’s first documented discovery well, WAOFCO-2, in the Takanita concession in 1896. Located onshore in the Tano River Basin in western Ghana, the well was approximately 35 metres deep and produced 5 barrels per day (bpd). By comparison, Jubilee Field, which lies 60 km out to sea from the mouth of the Tano River, produced 73,042 bpd, or 19.94m barrels, in January-September 2021. Since

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