Flagbearer of the opposition National Democratic Congress (NDC), John Dramani Mahama, has disclosed that the next NDC government will set up a US$50 million financial technology (fintech) transformative fund to support innovative start-ups in Ghana’s fintech sector.
The former president voiced confidence in the fintech sector’s ability to create economic growth and financial inclusion in Ghana, promising to invest extensively in the industry if he is elected in the December 7 elections.
“We did it for the pharmaceutical industry. We gave them US$10 million to scale up and put up new production lines, and that enabled them to start exporting their drugs to our neighbouring countries for the first time.
“So, when I say we will do it for the fintech industry, I mean it,” the former president said during a roundtable discussion with leaders in the country’s fintech ecosystem in Accra.
“The next NDC government will promote and nurture innovation hubs through public and private partnerships to harness technology to address Ghana’s development challenges and working with partners, we shall establish a US$50 million fintech transformative growth fund to address the teething financial needs of Ghanaian-owned fintech,” the former president stated.
According to Mahama, fintech innovators will be mentored to be technology entrepreneurs, allowing them to develop businesses based on their discoveries, attract investments, and generate jobs.
John Mahama further added that a “separate body” would be formed to oversee the money, assuring respect to criteria of transparency, justice, and equitable chances based on merit.
Mahama also promised that the future NDC administration would speed up efforts to close the country’s alarming gender gap in financial inclusion.
He expressed concerns about the ongoing growth of the gender gap, despite progress in increasing financial inclusion.
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“This trend is unacceptable and needs urgent attention if we are to put Ghana on the path of sustained and inclusive development considering that women form almost 51 percent of the population and own about 44 percent of micro and small and medium enterprises in Ghana,” he said.
The NDC 2024 presidential candidate made the assurances while interacting with the Ghana Fintech and Payment Association.
Martin Kwame Awagah, President of the Association, said the sector presents a great chance for the government to move beyond traditional banking infrastructure and deliver accessible financial services to all citizens.
He, therefore, lauded the former president’s commitment to helping the fintech industry, stating that it bodes well for the country’s future innovation and economic growth.