By Ayuure Kapini Atafori
Ghana’s e-government infrastructure has made remarkable strides in the fast-growing fintech industry and financial inclusion, and is therefore worthy of being a model for the rest for Africa, President Nana Addo Dankwa Akufo-Addo has stated.
According to President Akufo-Addo, the e-government initiatives such as the Ghana Card, Ghana.gov portal and mobile money interoperability have reshaped the landscape of public service delivery, and immensely expanded and enhanced financial inclusion and digitalization in the country.
He said with about 17 million Ghanaians now possessing a digital ID which is linking them to the important services they need to succeed in the modern world, the Ghana.gov portal has facilitated transactions worth about GH¢1.6 billion since it was incepted in 2019. The usage of the digital space, he noted, has improved revenue collection, reduced corruption, and created a more transparent and accountable system of governance.
President Akufo-Addo stated these when he opened the 3i Africa summit on Monday, 13th May, 2024 at the Accra International Conference Centre, Accra. Held on the theme “Unleashing Africa’s Fintech and Economic Potential,’ he said the theme resonates deeply with the aspirations and dreams of the continent, which makes the summit “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.”
He said with transactions exceeding GH¢900 billion annually, Ghana boasts one of the highest mobile money penetration rates in the world, which is further proof of the ingenuity and adaptability of the people. He said “mobile money adoption has increased considerably with some 44 million accounts registered by the end of 2023, and transactions surpassing GH¢ 1 trillion.” He added that 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 said “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 said the country 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 young people have the confidence and capability to navigate the fintech landscape easily.
