May 20, 2024

Former president and flagbearer of the National Democratic Congress (NDC) John Dramani Mahama has promised to establish a US$50 million Transformative Growth Fund to support Ghanaian-owned Fintech companies in addressing their financial needs.

The move he said will help groom fintech innovators into technology entrepreneurs, attract investment, and create jobs.

Mr. Mahama who is determined to win the 2024 general elections stressed that his government is committed to setting up Innovation Hubs in partnership with the public and private sectors as part of measures to create employment for Ghanaian youth to enhance development in the country.

“I believe in harnessing technology to address Ghana’s development challenges, which explains my commitment to setting up Innovation Hubs in partnership with the public and private sectors.” Mr. Mahama said this in a statement posted by his special aid, Joyce Bawah Mogtari on her X.

“But that’s not all! I also have great news for our Fintech industry. We will establish a US$50 million Transformative Growth Fund to support Ghanaian-owned Fintech companies in addressing their financial needs. This fund will help groom fintech innovators into technology entrepreneurs, attract investment, and create jobs.” He stated.

According to former president Mahama, Ghana has a brighter future and he is excited about the potential for innovation and growth in the country.

“I am excited about Ghana’s future and its potential for innovation and growth. Together, we can create a thriving ecosystem for technology and entrepreneurship.” Part of the statement read.

Ghana’s fintech landscape largely covers the banking and financial services sector, insurance, telecommunications and the non-bank financial services. Ghana has had one of the most promising and scalable fintech ecosystems in Africa since the emergence and popularisation of the industry sometime in 2008.

Ghana has one of Africa’s rapidly growing financial technology and mobile money markets. Research by Boston Consulting Group in 2020 ranked Ghana as the world’s third highest country for mobile money payment patronage, behind China and Kenya.

Source: Elvisanokyenews.com

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