The President of the
Republic, Nana Addo Dankwa Akufo-Addo, says Ghana’s e-government infrastructure
has made remarkable strides in the realms of fintech and financial inclusion
and stands out as one of the best on the continent.
The President believes that e-government initiatives, such as the Ghana
Card, Ghana.gov portal and mobile money interoperability, have reshaped the
landscape of public service delivery, and expanded financial inclusion to
heights that were once thought unimaginable.
With some
seventeen million of our fellow citizens now possessing a digital ID linking
them seamlessly to the critical services they need to thrive in the modern
world, he said, the Ghana.gov portal has facilitated transactions worth some
GH¢1.6 billion since its inception in 2019, improving revenue collection,
reducing corruption, and creating a more transparent and accountable system of
governance.
President
Akufo-Addo added further that with transactions exceeding nine 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 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.”
Speaking at
the opening ceremony of the 3i Africa summit in Accra and held on 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.
That is why,
he was confident that through public-private partnerships and cross-border
collaboration, Africa can create a seamless and efficient fintech ecosystem
that aligns perfectly with AfCFTA's objective of a fully integrated, digital
African economy.
He called on
participants of the summit to build a continent where borders are mere lines on
a map, where digital innovation knows no bounds, and where the aspirations of
every African can be realized in full, whilst coming together to create a
future where the light of progress shines brightly, illuminating the way
towards a brighter tomorrow for the continent.
