John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), has promised to create a $50 million fund to support the country’s quickly expanding financial technology (fintech) sector if he wins the 2024 election.
Mr Mahama underlined the need to strategically position the fintech sector to support economic growth, given that the nation is home to over 70 fintech companies, many of which are start-ups.
Mr. Mahama emphasized the necessity of a well-planned strategy to support the industry’s growth during a conversation with Ghana’s fintech sector in Accra.
To address the gender gaps that currently exist in the financial industry, he also revealed plans to build a women’s bank as part of his vision for the industry.
He said that by empowering and assisting women in the sector, the next NDC administration hopes to establish a more welcoming financial environment.
“Despite Ghana’s degree of financial inclusion, the gender gap between men and women keeps growing. For instance, the 2014 Global Fintech Report stated that there was a 3% gender disparity in financial inclusion between males and females.
“The disparity in wealth widened to 8% in 2017 and then to 11% in 2021. To set Ghana on the path of equitable and sustainable growth, we must take immediate action to stop this trend, which is intolerable. Given that women make up over 51% of the workforce and 44% of micro, small, and medium-sized firms in Ghana, which account for around 92% of all businesses, their exclusion from financial services could jeopardize our attempts to improve the economy.
“We’re also considering combining this with the revitalization of a women’s bank. A speciality bank that would support this bank for women. I can promise you that the future NDC administration will support financial institutions run by women, with a particular emphasis on supporting financial inclusion for women-owned enterprises.
“To empower women-owned businesses and promote sustainable and inclusive growth, more is needed than microloans,” he said.
