Ghana’s e-government infrastructure has made remarkable strides in recent times, particularly in areas of Fintech and financial inclusion and stands out as one of the best on the continent.
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 expanded financial inclusion to heights once thought unimaginable.
President Nana Addo Dankwa Akufo-Addo, who disclosed this at the opening ceremony of the 3i Africa summit on Monday in Accra, said transactions exceeding GH¢900 billion annually, Ghana has a higher mobile money penetration rates in the world.
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.
With over 17 million Ghanaians possessing a digital ID that links them seamlessly to critical services, President Akufo-Addo said the Ghana.gov portal has facilitated transactions of about GH¢1.6 billion since its inception in 2019,
That, the President explained, had improved revenue collection, reduced corruption and created a more transparent and accountable system of governance.
He said the theme for the event, “unleashing Africa’s Fintech and Economic Potential”, resonates deeply with the aspirations and dreams of the continent.
The gathering, according to President Alufo-Addo, is “not just a meeting of brilliant minds but a resounding clarion call to action and a summons to 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.”
Despite the remarkable success, the President said Ghana is investing massively in technology-driven education, vocational training, and 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 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 realised 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.
Rex Mainoo Yeboah, ISD
