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Nana Addo Dankwa Akufo-Addo, the President of the Republic, claims that Ghana has one of the greatest e-government infrastructures on the continent and has achieved impressive advancements in the fields of fintech and financial inclusion.
According to the president, e-government programs like the Ghana Card, Ghana.gov website, and mobile money interoperability have changed the way public services are delivered and increased financial inclusion to previously unthinkable levels.
Approximately 17 million of our countrymen now have digital IDs, which connect them easily to the essential services they require to survive in the modern world, he said. Since the Ghana.gov portal’s launch in 2019, transactions totaling GH¢1.6 billion have been completed, enhancing revenue collection, decreasing corruption, and establishing a more open and accountable government system.
President Akufo-Addo went on to say that Ghana has one of the highest rates of mobile money penetration in the world, with over nine GH¢900 billion in transactions yearly, which is another evidence of the country’s innovation and flexibility.
He added that, “mobile money adoption has increased considerably with some 44 million accounts registered by the end of 2023, and transactions surpassing GH¢ 1 trillion” whilst the “percentage of adults with access to financial services has risen from 58% in 2017 to some 80% in 2023, representing a remarkable achievement that has transformed countless lives and opened up new horizons of opportunity.”
The President spoke at the opening ceremony of the 3i Africa summit, on Monday, 13th May, 2024, at the Accra International Conference Centre, in Accra.
Held under the theme, “unleashing Africa’s Fintech and Economic Potential”, President Akufo-Addo said it resonates deeply with the aspirations and dreams of the continent, which makes the gathering “not just a meeting of brilliant minds but a resounding clarion call to action and a summons to each and every one of us to rise to the challenge and seize the momentous opportunities that lie ahead.”
“Our fintech regulatory environment has become a hotbed of innovation and competition, attracting the best and brightest minds from across the continent and beyond. And our digital lending platforms have disbursed billions of cedis in loans to micro, small, and medium enterprises, fueling job creation, economic growth, and the rise of a vibrant and dynamic entrepreneurial ecosystem.”
He continued that, without resting on her laurels, Ghana is investing heavily in technology-driven education, vocational training, entrepreneurial development as well as fostering cross-border skills recognition, promoting digital literacy and ensuring that our young people have the confidence and capability to navigate the fintech landscape with ease and aplomb.
On the potential of AfCFTA being a testament to the boundless opportunities it presents, he indicated that, the agreement is projected to increase intra-African trade by some 52% and unleash a wave of economic activity that will generate some $450 billion to Ghana’s collective GDP.
For this reason, he was certain that Africa could establish a smooth and effective fintech ecosystem through cross-border cooperation and public-private partnerships, which would perfectly match the goal of the AfCFTA, which is to build a fully integrated, digital African economy.
In order to build a continent where borders are just lines on a map, where digital innovation has no boundaries, and where every African’s dreams can come true, he urged summit attendees to unite and work toward a future in which progress is clearly visible and points the way towards a better tomorrow for the continent.
Source: Ghanatodayonline.com
