Flagbearer of the National Democratic Congress (NDC), John Mahama, says his government will set up a $50 million Fintech Growth Fund to support Ghana’s thriving financial technology sector if he’s elected as president in the December polls.
Under his proposal, this fund would be overseen by a separate body of distinguished individuals to ensure transparency, fairness, equal opportunities, and meritocracy.
“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 told a gathering of fintech and technology stakeholders in Accra on Friday.
Mahama emphasized the importance of promoting innovation hubs through collaborations between the public and private sectors to tackle Ghana’s developmental hurdles using technology.
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Furthermore, Mahama pledged to nurture fintech innovators into technology entrepreneurs to facilitate business growth, attract investment and job creation.
He acknowledged the challenges faced by young innovators in navigating the regulatory environment and accessing financial resources and vowed to streamline processes to foster a vibrant and competitive fintech ecosystem that benefits all Ghanaians.
Mahama also stressed the importance of data access for digital innovation, promising to enact regulations facilitating data sharing while safeguarding privacy.
In addition to bridging the gender gap in financial inclusion, Mahama pledged to support infrastructure and software services to enhance financial technology capabilities.
Furthermore, he committed to addressing past injustices by restoring the licenses of banks that were closed down during the financial sector clean-up in 2019.