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Government of Ghana Reaffirms Commitment to Harness Ghana’s Fintech Landscape Potentials

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Report By:  Ishmael Barfi

 

The Government of Ghana has reaffirmed its commitment to harness Ghana’s fintech landscape potentials in the quest to drive sustainable economic growth and progress.

According to Ghana’s Minister of Finance, Ghana is steadfastly committed to this course by leveraging the collective knowledge, innovation, and dynamism of the country’s fintech sector.

To him, “We can unlock new opportunities, generate employment, and accelerate progress towards our overarching development goals”.

Speaking at the 3i Africa Summit ongoing at the Accra International Conference Center in Accra, Ghan’s FinanceMinister Dr. Mohammed Amin indicated it has become increasingly evident that Africa stands at a pivotal juncture in its trajectory, with the fintech sector poised to exert a profound influence on economic growth and societal advancement which Ghana is not an exception.

“With a significant portion of our Continent’s populace grappling with limited access to formal financial services, fintech emerges as a beacon of hope, offering unprecedented opportunities to bolster financial inclusion and empower more individuals to participate meaningfully in the financial economy

The landscape of fintech innovations is vast and multifaceted, encompassing many solutions ranging from mobile payment platforms and digital lending services to blockchain-enabled remittance networks and AI-driven credit assessment algorithms. 

These innovations are reshaping the financial terrain while also driving efficiency, mitigating costs, and unlocking latent sources of value to enhance productivity across diverse sectors of the economy.

Meanwhile, Ghana, Ghana’s Finance Minister revealed that, though there is progress in the Small and Medium Enterprises in Ghana, there are persistent challenges of low financing for Small and Medium Enterprises (SMEs) which are hindering growth and development across the African continent including Ghana.

To address these challenges, he was of the view of the need to generate internal growth by improving access to capital, stressing “Low financing to SMEs continues to be a critical barrier to the acceleration of growth and development on our continent. In Ghana, SMEs constitute 92% of manufacturing, 70% of growth and provide 80% of jobs.”

“Our focus going forward is, therefore, to generate growth within our borders by increasing access to capital. This cannot be achieved without a strong fintech infrastructure; an important requirement to address the efficiency of delivering capital to SMEs and reducing the risks of recovery of funds by financial institutions,” he added.

Meanwhile, Dr. Amin acknowledged the numerous incubators across Ghana including the Ghana Tech Lab and MEST Africa that provide invaluable support to fintech entrepreneurs through mentorship, financial backing, and networking opportunity.

 

 

Source: www.thenewindependentonline.com

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