Ghanaian president urges Africa to boost fintech, digital economy for transformation-Xinhua

Ghanaian President Nana Addo Dankwa Akufo-Addo (C) attends the opening of the 3i Africa Summit in Accra, Ghana, on May 13, 2024. Akufo-Addo on Monday urged African countries to develop financial technology (fintech) and the digital economy to accelerate the pace of transformation while opening the 3i Africa Summit in Accra. (Photo by Seth/Xinhua)

ACCRA, May 14 (Xinhua) — Ghanaian President Nana Addo Dankwa Akufo-Addo on Monday urged African countries to develop financial technology (fintech) and the digital economy to accelerate the pace of transformation while opening the 3i Africa Summit in the Ghanaian capital of Accra.

The three-day summit, themed “Unleashing Africa’s Fintech and Digital Economic Potential,” aims to generate greater momentum and traction for Africa’s digital finance agenda by creating a platform for meetings between finance, policy, and technology.

Opening the summit, Akufo-Addo urged African countries to make digital infrastructure the backbone of prosperity for their people, embrace the technologies that are reshaping the global economy, and tailor them to the continent’s needs and challenges.

Akufo-Addo said a strong fintech and digital innovation landscape would help Africans fully benefit from the African Continental Free Trade Area (AfCFTA).

He added that since the AfCFTA has the potential to disrupt the continent’s economic landscape and bring about transformation, African countries must embrace digitization and fintech to drive that transformation.

Through public-private partnerships and cross-border cooperation, a seamless and efficient fintech ecosystem can be created to align with the objective of a fully integrated African economy, said the Ghanaian president. “By working together, we can unlock the vast potential of our countries and create a rising tide that lifts all boats from the smallest to the largest metropolis. This is possible when we embrace digital transformation.”

Wamkele Mene, secretary-general of the AfCFTA Secretariat, said in his speech that digital inclusion is crucial for leveraging the vast market potential represented by Africa’s 1.4 billion population.

“But if we fail to deploy these digital technologies that all of us are going to be discussing today and tomorrow, it will be difficult for us to achieve our objectives,” Mene added. ■