Home Science Technology 3i Africa Summit:   Ghana’s Digital Transformation a Model for Africa, Says Akufo-Addo

3i Africa Summit:   Ghana’s Digital Transformation a Model for Africa, Says Akufo-Addo

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Akufo Addo

President Nana Addo Dankwa Akufo-Addo has called on sub-regional leaders to invest significantly in the digital space, highlighting its potential to yield substantial benefits.

Speaking at the opening ceremony of the 3i Africa Summit in Accra, Ghana, President Akufo-Addo emphasized that leveraging digital technology could transform the region’s economic prospects.

He noted that by 2035, the African Continental Free Trade Area (AfCFTA) aims to lift 13 million Africans out of extreme poverty and boost the incomes of 68 million people. The agreement is expected to increase intra-African trade by 52%, generating $450 million for the collective GDP.

“These figures are more than statistics; they represent the vast potential within our grasp and a promise of a brighter future for all Africans,” Akufo-Addo stated. He stressed the need to harness the transformative power of FinTech and digital innovation, adapting these technologies to meet the unique needs of the African continent.

President Akufo-Addo urged African governments to invest heavily in digital infrastructure, creating policies that foster innovation, encourage entrepreneurship, and attract both local and international investors. He highlighted the importance of promoting interoperability to reduce transaction costs and delays and leveraging digital identity programs like the Ghana Card to enhance financial services access, reduce fraud, and create a more inclusive economic system.

He outlined a roadmap for achieving these goals through public-private partnerships and cross-border collaboration, aiming to create a seamless FinTech ecosystem that aligns with AfCFTA’s objective of fully integrated digital infrastructure. This approach, he said, could unlock vast potential across the continent, from the smallest villages to the largest metropolises.

President Akufo-Addo cited Ghana as a prime example of successful digital transformation. He mentioned initiatives such as the Ghana Card, the Ghana.gov portal, and mobile money interoperability, which have revolutionized public service delivery and expanded financial inclusion. The Ghana.gov portal alone has facilitated transactions worth 1.6 billion cedis since 2019, improving revenue collection and reducing corruption.

Ghana’s mobile money transactions exceed 900 billion cedis annually, placing the country among the global leaders in mobile money penetration. By the end of 2023, there were 44 million mobile money accounts, with transactions surpassing 1 trillion cedis. The percentage of adults with access to financial services rose from 58% in 2017 to 80% in 2023, marking significant progress in financial inclusion.

President Akufo-Addo also highlighted the vibrant FinTech regulatory environment in Ghana, which has attracted top talent and spurred innovation. Digital lending platforms in Ghana have disbursed billions of cedis in loans to micro, small, and medium enterprises, driving job creation and economic growth.

“The success of this vision rests on our collective efforts,” he concluded, urging continued collaboration to realize the full potential of digital innovation across Africa.

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