The President, Nana Addo Akufo-Addo has revealed that 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.
Akufo-Addo who disclosed this at the opening ceremony of the 3i Africa summit, on Monday in Accra, said Ghana’s e-govt infrastructure has made remarkable strides in realms of fintech and financial inclusion and stands out as one of the best on the continent.
According to him, “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 transformed countless lives and opened up new horizons of opportunity”, the President added.
Akufo-Addo believes that e-govt 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.
He said futher that, “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”.
Adding that, “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”.
According to the Presidency’s statement, speaking on the theme of the even which is, “unleashing Africa’s Fintech and Economic Potential”, the President 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.”
Akufo-Addo 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.
He added, “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
The President further said investing in technology also promoting digital literacy and ensuring that Ghanaian young people have the confidence, 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, the President was confident that through public-private partnerships, 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”.