President Nana Akufo-Addo has emphasized the critical need for Africa to unite around an ‘African agenda’ to fulfill its development aspirations. This agenda must prioritize investments in digital infrastructure, extended mobile network coverage, and established broadband networks to drive widespread fintech adoption and ensure financial inclusion in underserved areas.
Additionally, he stressed the importance of delivering capital through leveraging public-private partnerships, venture capital, impact investing, and donor funding.
Addressing the three-day 3i Africa Summit themed ‘Unleashing Africa’s FinTech and Digital Economic Potential,’ President Akufo-Addo highlighted the transformative potential of the Africa Continental Free Trade Area (AfCFTA). By 2035, the AfCFTA aims to uplift approximately 13 million Africans from extreme poverty and enhance the incomes of around 68 million individuals. This agreement is projected to escalate intra-African trade by 52%, contributing approximately $450 million to the collective GDP.
President Akufo-Addo underscored the imperative of harnessing the transformative power of FinTech and digital innovation to fully realize these benefits. He called on governments across Africa to prioritize substantial investments in digital infrastructure and craft policies to nurture innovation, foster entrepreneurship, and attract investment.
Furthermore, he emphasized the importance of promoting interoperability to reduce transaction costs and leveraging digital identity programs, such as the Ghana Card, to enhance access to financial services and foster a more inclusive economic environment.
Highlighting Ghana’s strides in e-government initiatives, including the Ghana Card, Ghana.gov portal, and mobile money interoperability, the President noted their significant impact on public service provision and financial inclusion. Approximately 17 million citizens now possess a digital ID, facilitating seamless access to essential services.
Since its inception in 2019, the Ghana.gov portal has facilitated transactions worth $1.6 billion, enhancing revenue collection, mitigating corruption, and promoting transparency and accountability in governance.
The 3i Africa Summit serves as a vital platform for promoting industry best practices, facilitating knowledge exchange, fostering talent mobility, and driving innovation momentum across the region. It aims to encourage active collaboration between diverse stakeholder groups and continuously promote innovation across various sectors.
By Eugene Davis
