John Mahama, the flag bearer of the National Democratic Congress (NDC), has unveiled plans to establish a $50 million Growth Fund dedicated to the burgeoning financial technology industry if elected president in the December election. This fund, he explained, would be overseen by a separate body of eminent individuals, ensuring transparency, fairness, equal opportunities, and merit in its administration.
Mahama emphasized his government’s commitment to promoting and nurturing innovation hubs through collaborations between the public and private sectors, aiming to leverage technology to address Ghana’s developmental challenges.
“Working with partners, we shall establish a US$50 million fintech Transformative Growth Fund to address the teething financial needs of Ghanaian-owned fintechs,” he said.
He outlined a policy framework wherein fintech innovators would be groomed into technology entrepreneurs, fostering business growth, attracting investment, and generating employment opportunities.
Additionally, Mahama pledged to enhance the regulatory and supervisory environment to encourage active participation and healthy competition among diverse players within the fintech ecosystem.
“Diversity and competition drive innovation and enhance the user experience, but I know that young people with brilliant ideas eager to contribute their quota to the national agenda are facing rigidities in the application processes and the general difficult and financially constraining Fintech operational environment.”
“I will actively ensure Ghanaian participation in a buoyant, diverse, and competitive fintech ecosystem for the ultimate benefit of our people,” he said.
He stressed the importance of data access for promoting digital innovations and promised to remove barriers to data access by establishing a regulatory framework for data sharing while safeguarding privacy.
Addressing gender disparities in financial inclusion, Mahama promised to bridge the gap and manage infrastructure and software as services to enhance financial technology. He also vowed to restore the licenses of banks unjustifiably shut down in 2019 by the current government.
Martin Kwame Awagah, the President of the Ghana Fintech and Payments Association, commended the industry’s potential to transform Ghana’s financial service delivery landscape positively.
“The use of technology in our financial sector has contributed immensely towards driving financial inclusion in Ghana,” he said.
He highlighted the challenge of limited access to funding for innovative ventures and emphasized the need for a supportive ecosystem providing startups with financing, mentorship, and networking opportunities.
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