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3i Africa summit: Adopt the power of fintech and digital innovation to reshape global economy – Akufo-Addo

 


By, Nsor Paul Mensah 

The President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has encouraged all African leaders to embrace and incorporate the advantages of financial technology (fintech) and digital innovation in order to redefine the global economy.

He made this proclamation during the inauguration of the 3i Africa Summit centered around the theme, 'Unleashing the Fintech and Digital Economic Potential of Africa', with the objective of convening prominent figures in the financial industry throughout Africa to allocate resources, foster creativity, and create a meaningful presence in the digital realm.

He urged all African leaders to prioritize investment in digital infrastructure, develop strategic policies, foster innovation, and encourage investment influx.

“Governments across Africa should invest heavily in the digital infrastructure that will fill the form of the backbone of our shared prosperity. We must create policies and foster innovation, encourage entrepreneurship and attract investment from both within and beyond our borders.”

President Akufo-Addo attributed these digital innovation programme to African Continental Free Trade Area’s (AfCFTA) vision to boost the economic sector through technology across the continent.

“The African Continental Free Trade Area has laid the groundwork for a monumental shift in our economic landscape, the transformation that will reverberate across the length and breadth of our great continent. The numbers speak for themselves.”

“By 2035, the AFCFTA aims to lift some 30 million Africans out of the clutches of extreme poverty while boosting simultaneously the incomes of some 68 million people. The agreement is projected to increase intra-African trade by some 52%, unleashing a wave of economic activity that generates some $450 billion to our collective GDP.”

“These are not mere statistics. These are testament to the potential that lies within our grasp promising of a brighter future for all Africans. But to realize fully these benefits we must harness the transformative power of fintech and digital innovation. We must embrace the technologies that reshape the global economy and make them work for us, tailoring them to the unique needs and challenges of our diverse and dynamic continent.”

President Akufo-Addo underscored the need to promote interoperability and leverage the power of power of digital identity programmes.

“We must promote interoperability to reduce transaction cost and delays tearing down the silos that have hindered our progress for too long and we must leverage the power of digital identity programmes such as Ghana card to improve access to financial services,” he added.

Meanwhile, addressing participants at the summit, the Finance Minister, Dr Mohammed Amin Adam, emphasized on the need of all stakeholders coming together with strategic partnerships to fully harness the potential of financial technology.

“Realizing the full potential of fintech in effecting substantive change necessitate concerted efforts and strategic alliances among various stakeholders including governments, regulatory bodies, financial institutions, technology firms and civil society organizations.”

“We must also transcend national boundaries and forge strategic partnerships spanning sectors industries and jurisdictions to make meaningful progress,” he stated.

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