- Ghana's economy recovers from COVID-19.
- Akufo-Addo pushes for digitalization.
- Financial inclusion rate hits 80%.
- Fintech innovation to drive economic growth.
President Nana Addo Dankwa Akufo-Addo has declared that Ghana’s economy has made significant progress despite the challenges posed by the COVID-19 pandemic. However, he emphasized the need for continued vigilance, stating, “Even though we have turned the corner, we should not be complacent.” The president made these remarks at the 11th Annual Conference of Chairpersons of Governing Boards/Councils, Chief Directors, and Chief Executives on May 22, 2024, at Kwahu-Nkwatia.
Akufo-Addo highlighted the government’s efforts to reposition Ghana’s public sector through digital transformation, emphasizing the potential of digital technology to enhance service delivery and citizen engagement. He urged governing boards and chief executives of state entities to embrace digitalization and streamline their operations accordingly. “I appeal to all chairs of governing boards and CEOs to welcome and initiate actions to digitalize their business operations,” he said.
The president also referenced Ghana’s e-government infrastructure, which has made significant strides in fintech and financial inclusion, making it one of the best on the continent. He cited initiatives like the Ghana Card, (link unavailable) portal, and mobile money interoperability as examples of successful e-government initiatives. These efforts have reshaped public service delivery, expanded financial inclusion, and created a more transparent and accountable system of governance.
Akufo-Addo noted that Ghana boasts one of the highest mobile money penetration rates globally, with transactions exceeding GH¢900 billion annually. He also mentioned that mobile money adoption has increased significantly, with 44 million accounts registered by the end of 2023, and transactions surpassing GH¢1 trillion. This has led to a remarkable increase in financial inclusion, with 80% of adults now having access to financial services, up from 58% in 2017.
The president’s remarks came on the heels of his address at the 3i Africa summit on May 13, 2024, where he emphasized the need for Africa to unleash its fintech and economic potential. He highlighted Ghana’s fintech regulatory environment as a hub of innovation and competition, attracting talent from across the continent and beyond. He also noted that digital lending platforms have disbursed billions of cedis in loans to micro, small, and medium enterprises, driving job creation, economic growth, and entrepreneurship.
Akufo-Addo emphasized Ghana’s investments in technology-driven education, vocational training, and entrepreneurial development, as well as efforts to promote digital literacy and cross-border skills recognition. He expressed confidence that through public-private partnerships and collaboration, Africa can create a seamless and efficient fintech ecosystem aligned with the African Continental Free Trade Area (AfCFTA) objective of a fully integrated digital economy.
