John Mahama Pledges $50 Million Fintech Growth Fund for Ghana's Development
Former President John Mahama vows to establish a $50 million Growth Fund for Ghana's fintech industry if elected, aiming to foster innovation and tackle development challenges.
In a bid to bolster Ghana's burgeoning financial technology sector, John Mahama, the Flag Bearer of the National Democratic Congress (NDC), has unveiled a bold pledge. If elected president in the upcoming December election, Mahama promises to establish a $50 million Growth Fund dedicated to the thriving fintech industry.
Addressing members of the fintech and technology ecosystem at a special engagement in Accra, Mahama outlined his vision for the fund's administration. He emphasized that it would operate under stringent standards of transparency, fairness, equal opportunities, and merit, overseen by a separate body comprising eminent individuals.
Mahama articulated his government's commitment to fostering innovation hubs through strategic public-private partnerships. These initiatives aim to leverage technology to tackle Ghana's development challenges head-on.
"In collaboration with partners, we shall establish a US$50 million fintech Transformative Growth Fund to address the pressing financial needs of Ghanaian-owned fintechs," Mahama declared during the engagement.
The gathering served as a platform for the NDC to gain deeper insights into the fintech space, informing the party's policy direction to align with the industry's needs and aspirations.
Mahama outlined a multifaceted approach, emphasizing the grooming of fintech innovators into technology entrepreneurs. This approach, he believes, will stimulate business growth, attract investment, and generate employment opportunities.
Acknowledging the regulatory hurdles hindering fintech innovation, Mahama pledged to enhance the regulatory and supervisory environment to foster healthy competition and active participation within the ecosystem.
"Diversity and competition are catalysts for innovation and improved user experience. However, I recognize the challenges faced by young innovators navigating rigid application processes and a financially constrained operational environment," Mahama acknowledged.
Moreover, Mahama highlighted the pivotal role of data in driving digital innovations. He pledged to eliminate barriers to data access by establishing a regulatory framework for responsible data sharing, prioritizing privacy protection.
The former president also committed to bridging the gender gap in financial inclusion and supporting infrastructure and software services to enhance fintech operations.
Martin Kwame Awagah, President of the Ghana Fintech and Payments Association, lauded the initiative, noting the transformative potential of technology in Ghana's financial sector. He emphasized the need for a supportive ecosystem providing startups with essential resources such as financing, mentorship, and networking opportunities.
As Ghana's election season approaches, Mahama's pledge underscores the growing significance of the fintech industry and its potential to drive inclusive economic growth and development.
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