The Ghana FinTech and Payments Association (GFPA) has congratulated President-elect John Dramani Mahama on his victory in the 2024 general election, expressing confidence that his leadership will accelerate the growth of Ghana’s digital financial ecosystem.
As Mahama prepares to take office in January 2025, the Association highlighted key areas where they hope to see significant reform, including the abolition of the controversial e-levy and the creation of a $50 million FinTech Growth Fund to support innovation.
The e-levy, introduced in 2022, has been a contentious issue in Ghana’s digital economy, with many in the fintech sector arguing that it stifled innovation and burdened consumers. The NDC’s promise to abolish the levy within the first 120 days of the new administration has been widely welcomed by industry players, who believe it will help rejuvenate transaction volumes and provide much-needed relief to businesses.
Martin Awagah, President of the GFPA, pointed out that the levy’s introduction had significantly impacted fintech firms, with transaction volumes plummeting and many companies struggling to meet revenue targets. He said the removal of the levy would restore consumer confidence and foster a more vibrant digital financial sector in Ghana.
In addition to abolishing the e-levy, the GFPA expressed optimism about the NDC’s plan to create a $50 million FinTech Growth Fund. The fund is expected to address one of the biggest challenges facing the fintech industry in Ghana: limited access to capital. By providing funding for start-ups and emerging businesses, the initiative aims to unlock the potential of local innovators, promote financial inclusion, and help Ghana’s fintech sector compete on the global stage.
The GFPA also called for greater collaboration with the new government to ensure the successful implementation of policies that support fintech growth. The Association emphasized the importance of creating an enabling environment for the sector, including addressing the challenges of overtaxation, improving access to funding, and fostering entrepreneurship.
Looking ahead, the GFPA believes that with the right support and policies, Ghana’s fintech industry has the potential to become a leader in Africa and beyond. By prioritising innovation, investment, and financial inclusion, Ghana could set a global benchmark for digital financial services.
The Association’s message to the incoming administration is clear: the future of Ghana’s digital economy depends on creating a supportive ecosystem for fintech, and the GFPA is eager to work with President-elect Mahama to realise this vision.
