{"id":70419,"date":"2025-07-09T10:51:31","date_gmt":"2025-07-09T10:51:31","guid":{"rendered":"https:\/\/sotnews.agency\/?p=70419"},"modified":"2025-07-09T10:51:31","modified_gmt":"2025-07-09T10:51:31","slug":"lack-of-trust-in-africas-financial-systems-hurting-economic-growth-prof-bokpin","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=70419","title":{"rendered":"Lack of trust in Africa\u2019s financial systems hurting economic growth \u2013 Prof. Bokpin"},"content":{"rendered":"<div class='booster-block booster-read-block'>\n                <div class=\"twp-read-time\">\n                \t<i class=\"booster-icon twp-clock\"><\/i> <span>Read Time:<\/span>1 Minute, 39 Second                <\/div>\n\n            <\/div><div>\n<p>Professor Godfred Bokpin, a Professor of Finance at the University of Ghana Business School, has raised concerns over Africa\u2019s long-standing failure to build confidence in its financial systems.<\/p>\n<p>He claimed that many wealthy Africans continue to shy away from keeping their funds within the continent\u2019s formal banking sector.<\/p>\n<p>Speaking on <strong>Joy FM\u2019s Super Morning Show <\/strong>on Wednesday, 9th July, during a discussion on the Bank of Ghana\u2019s recent intervention in the foreign exchange market, Prof Bokpin noted that this persistent lack of trust has led to significant economic losses and limited domestic capital stability.<\/p>\n<p><iframe width=\"800\" height=\"500\" src=\"https:\/\/www.youtube.com\/embed\/Vftr2A5hFAw?si=gqSMDhhRYGduLaGM\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>\u201cThe truth of the matter is that in Africa, we have not built enough confidence in our own system, where the upper middle class and wealthy Africans find comfort in keeping their money within the formal financial system for purposes of circulation. We don\u2019t have that\u201d<\/p>\n<p>Prof Bokpin said he has observed that this trend has, over the years, created room for illicit financial flows and fuelled corruption, particularly within political circles.<\/p>\n<p>\u201cOur political financing, do they write a check? I haven\u2019t seen one. I am an academic, even for research purposes. Look, I don\u2019t think any serious politician in Ghana keeps all their money in a certain bank or in the banking system; they will probably hide it in real estate. That is why our property industry is driven by fraud, whether we like it or not. Whether you like it or not, you see how they advertise real estate prices, they are not targeting mere mortals like you and I, they know who they are targeting,\u201d he said.<\/p>\n<p>He called for structural reforms and greater transparency within the financial sector, urging policymakers to prioritise financial trust-building measures as a pathway to sustainable economic growth across Africa.<\/p>\n<p>\u201cSo these are the things that we should be looking at, how do we put the right measures in place that ensure that there is a sustainability.\u201d<\/p>\n<\/div>\n        <div class=\"booster-block booster-reactions-block\">\n            <div class=\"twp-reactions-icons\">\n                \n                <div class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-1\" post-id=\"70419\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" src=\"https:\/\/sotnews.agency\/wp-content\/plugins\/booster-extension\/\/assets\/icon\/happy.svg\" alt=\"Happy\">\n                    <\/a>\n                    <div class=\"twp-reaction-title\">\n                        Happy                    <\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                        \n                                                <span class=\"twp-react-percent\"><span>0<\/span> %<\/span>\n                                            <\/div>\n                <\/div>\n\n                <div class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-2\" post-id=\"70419\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" src=\"https:\/\/sotnews.agency\/wp-content\/plugins\/booster-extension\/\/assets\/icon\/sad.svg\" alt=\"Sad\">\n                    <\/a>\n                    <div class=\"twp-reaction-title\">\n                        Sad                    <\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                                                                        <span class=\"twp-react-percent\"><span>0<\/span> %<\/span>\n                                            <\/div>\n                <\/div>\n\n                <div class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-3\" post-id=\"70419\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" src=\"https:\/\/sotnews.agency\/wp-content\/plugins\/booster-extension\/\/assets\/icon\/excited.svg\" alt=\"Excited\">\n                    <\/a>\n                    <div class=\"twp-reaction-title\">\n                        Excited                    <\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                                                                        <span class=\"twp-react-percent\"><span>0<\/span> %<\/span>\n                                            <\/div>\n                <\/div>\n\n                <div class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-6\" post-id=\"70419\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" src=\"https:\/\/sotnews.agency\/wp-content\/plugins\/booster-extension\/\/assets\/icon\/sleepy.svg\" alt=\"Sleepy\">\n                    <\/a>\n                    <div class=\"twp-reaction-title\">\n                        Sleepy                    <\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                        \n                                                <span class=\"twp-react-percent\"><span>0<\/span> %<\/span>\n                                            <\/div>\n                <\/div>\n\n                <div class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-4\" post-id=\"70419\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" src=\"https:\/\/sotnews.agency\/wp-content\/plugins\/booster-extension\/\/assets\/icon\/angry.svg\" alt=\"Angry\">\n                    <\/a>\n                    <div class=\"twp-reaction-title\">Angry<\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                                                                        <span class=\"twp-react-percent\"><span>0<\/span> %<\/span>\n                        \n                    <\/div>\n                <\/div>\n\n                <div class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-5\" post-id=\"70419\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" src=\"https:\/\/sotnews.agency\/wp-content\/plugins\/booster-extension\/\/assets\/icon\/surprise.svg\" alt=\"Surprise\">\n                    <\/a>\n                    <div class=\"twp-reaction-title\">Surprise<\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                                                                        <span class=\"twp-react-percent\"><span>0<\/span> %<\/span>\n                                            <\/div>\n                <\/div>\n\n            <\/div>\n        <\/div>\n\n    ","protected":false},"excerpt":{"rendered":"<div><img loading=\"lazy\" width=\"150\" height=\"150\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2021\/06\/Godfred_Bokpin-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Lack of trust in Africa\u2019s financial systems hurting economic growth - Prof. Bokpin\" decoding=\"async\" loading=\"lazy\" title=\"Lack of trust in Africa\u2019s financial systems hurting economic growth - Prof. Bokpin\">Professor Godfred Bokpin, a Professor of Finance at the University of Ghana Business School, has raised concerns over Africa\u2019s long-standing failure to build confidence in its financial systems.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-70419","post","type-post","status-publish","format-standard","hentry","category-blog"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/70419","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=70419"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/70419\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=70419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=70419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=70419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}