KOFI ANOKYE OWUSU-DARKO (BLOG2)

  According to the banks, there is a Bank of Ghana (BOG) directive that all third-party transactions in the banking hall must be supported by an identification (ID) of the party undertaking the transaction. This stems from the Anti-Money Laundering Act, 2020 (Act 1044) , and the December 2022 BOG Guidelines for banks with respect to Anti-Money Laundering, Combating the Financing of Terrorism and the Proliferation of Weapons of Mass Destruction ( AM   L/CFT&P guideline). The Customer Due Diligence (CDD) procedure (identification and verification) under the AML/CFT&P guideline for example requires that Accountable Institutions, including banks, take reasonable steps to obtain sufficient identification data and to verify the identity of third parties either making deposits or withdrawal on behalf of their customers. Our anti-money laundering laws, no doubt,    have been sponsored by developed countries, and we must be mindful that our economies are differen...

  INTRODUCTION My favourite definition of economics is that by Lionel Robbins. According to Robbins, economics is “a science that studies human behaviour as a relationship between ends and scarce means that have alternative uses”.   Microeconomics on the other hand relates to the study of choices made by individuals and households (consumers) or firms (producers) with respect to changes in general prices of allocated goods and services as well as economic determinants such as inflation, exchange rate, interest rate and monetary policy rate. Human behaviour is dynamic and unpredictable so economists must make theoretical assumptions using what is known in economics parlance as “ceteris paribus” that is “all things being equal”. Practically all things can never be equal with human behaviour but a getaway caveat the economists use should their predictions not work. Like the fake prophet who tells you, you will get a promotion only “if” you pray hard. If you get the promotion, ...

  INTRODUCTION H.E. John Mahama has envisioned in his next government a system where there will be a 3-shift working environment making it a 24-hour economy. This is where there is distribution of goods, services and capital, supported by technology to keep economic players (Government, Private Sector Producers and Consumers) continuously engaged 24/7. This is not novel in the world but of course will be a novelty in Ghana since it will be the first time any government will be purposively introducing a policy intervention to support businesses and companies to operate round the clock. This he envisages will promote internal productivity, enhance international competitiveness of local businesses and most of all create jobs for the youth to tackle youth unemployment in a more planned way. The concept is said to come with incentives for the private sector, mostly those in industry, construction, financial services, retail centres, transportation service, leisure and hospitality ...

  INTRODUCTION The world has had to transition from automation of paper-based specific tasks to digitization ( automating back-office operations of organizations, government and private), to digitalization (digital information sharing and communication). This transition phase required end-user computer literacy mostly in the use of operating systems such as Windows and application software such as Word, Excel and PowerPoint as well as technical education with respect to hardware and software engineering. We are now moving to another phase, from digitalization to digital transformation of the world where governments, businesses and citizens are transforming their lives, models and strategies, unto the digital platform as the new world. The old traditional order has therefore permanently given way to a total paradigm shift of living, which requires more than computer literacy as we have known it, to the development of digital intelligence. The future is the digital world and Ghan...