Launching $50 million fund to boost Fintech sector growth.

TLDR:

• Former President John Dramani Mahama plans to establish a $50 million fund to strengthen Ghana’s fintech industry if he becomes president in 2025.
• He also aims to address gender disparities in the financial sector by creating a women’s bank to promote financial inclusion among women.

Former President John Dramani Mahama has pledged to establish a $50 million fund to bolster Ghana’s rapidly growing financial technology (fintech) industry if he wins the presidency in 2025. With over 70 fintech companies in the country, many of them being start-ups, Mahama stressed the need to strategically position the fintech sector to drive economic growth. During a dialogue with Ghana’s fintech community in Accra, Mahama highlighted the importance of a well-planned approach to enhance the industry’s growth. He also announced plans to set up a women’s bank to tackle the existing gender disparities within the financial sector.

Mahama expressed concern over the widening gender gap in financial inclusion, citing statistics from 2014 to 2021 that showed the disparity increasing from 3% to 11%. He emphasized the need to empower women in the industry, noting that women form a significant portion of the population and own a considerable number of businesses in Ghana. Mahama stated that the next NDC government would support women-owned financial institutions, focusing on promoting financial inclusion among women-owned businesses.