Digital infrastructure key to Africa’s prosperity – Prez

By Isaac AIDOO, Accra

President Nana Addo Dankwa Akufo-Addo says Africa needs heavy investment in digital infrastructure for inclusive prosperity.

The president charged African leaders to prioritise technological innovation and commit to deliberate policies that will incentivise digital solutions to the continent’s challenges.

The President who was delivering his address at the opening of the 3i Africa Summit in Accra stated that for Africa to realise its development ambitions in the present era of digitisation, it was important to leverage public-private partnerships among other synergies. 

“Governments across Africa should invest heavily in the digital infrastructure that will form the backbone of our shared prosperity.

“We must create policies that foster innovation, encourage entrepreneurship, and attract investment from both within and beyond our borders.

“We must promote interoperability to reduce transaction costs and delays, tearing down the silos that have hindered our progress for too long,” the President advised.

Touting the achievements of his government in the digital space, President urged colleague African leaders to take full advantage of the ongoing digital transformation and ensure its positive impact on financial inclusion and digital literacy is not lost on them

President Akufo-Addo urged African leaders to leverage the power of digital identity programmes, such as the Ghana Card, to improve access to financial services, reduce fraud, and create a more inclusive and equitable economic system.

“Through public-private partnerships and cross-border collaboration, we can create a seamless and efficient FinTech ecosystem that aligns perfectly with Africa’s objective of a fully integrated digital African economy. By working together, we can unlock the vast potential of our continent and create a rising tide that lifts all boats from the smallest village to the largest metropolis,” he pointed out.

The Minister for Finance, Dr Mohammed Amin Adam noted that realising the full potential of fintech and effecting substantive change necessitates concerted efforts and strategic alliances among various stakeholders, including governments, regulatory bodies, financial institutions, technology firms and civil society organisations.

He observed that the 3i Africa Summit was an essential conduit for promoting industry best practices, facilitating knowledge exchange, fostering talent mobility, and facilitating resource sharing.

Dr Adam further pointed out that the success of financial innovations rested on a strong financial services sector that operates in stable macroeconomic environment.

“To this end, the government of President Nana Addo Dankwa Akufo-Addo is unrelenting in creating an enabling macroeconomic environment to support economic growth,” he added.

Organisers of the three day event, the Bank of Ghana (BoG), Development Bank Ghana (DBG) and the Monetary Authority of Singapore (MAS) through its subsidiary, Elevandi, say they are poised to deliver digital solutions to Africa’s challenges.

The highly-anticipated summit on fintech and digital economy in Africa has exceeded expectations, with over 4,000 participants surpassing the initial target of 2,500.

Among the attendees are three Heads of State, 10 Governors of Central Banks, and over 150 Chief Executives and Senior Executives of FinTechs and financial institutions from across the globe.

Notably, key players in the financial, investment, policy-regulatory, and digital technology domains in Africa are also actively participating.

The summit aims to facilitate crucial conversations and strategic alliances to nurture the flourishing African digital economy and fintech sector.

Through coordinated efforts, the summit seeks to develop creative solutions tailored to address Africa’s unique challenges and leverage its abundant opportunities.

Participants will engage in a diverse range of sessions covering over 60 topics, with a focus on finding actionable pathways to drive momentum and achieve progress in the fintech sector.

Key topics for discussion include interoperability of data, digitalizing intra-Africa trade, Africa’s digital economic policy, incentives, infrastructure, financing, regulations, and skilling up the workforce with a focus on women and youth empowerment. Other topics include building a financial future for women with fintech, integrating fintech to de-risk agriculture value chains, and Africa’s digital renaissance.

The discussions, views, and solutions generated during the summit will be compiled into recommendations, collaborative deals, progressive policies, and projects aimed at unlocking Africa’s fintech and economic potential.

These outcomes will be shared with leaders in the finance, policy, and digital technology sectors for implementation.

 Through this coordinated effort the Summit will support the development of creative solutions made especially to handle Africa’s unique problems and take advantage of its wealth of prospects.