
John Mahama, the flagbearer of the National Democratic Congress (NDC), has committed to creating a $50 million fund to enhance Ghana’s rapidly expanding financial technology (fintech) sector should he assume the presidency in 2025.
Given the presence of over 70 fintech companies in the nation, predominantly startups, Mr. Mahama stressed the significance of strategically positioning the fintech industry to propel economic development.
In a dialogue with Ghana’s fintech community in Accra, Mr. Mahama underscored the importance of a carefully crafted strategy to enhance the industry’s expansion.
In line with his vision for the sector, he additionally revealed intentions to create a women’s bank aimed at bridging the gender gap present within the financial sector.
He indicated that the next NDC government aims to create a more inclusive financial environment by supporting and empowering women in the industry.
“The gender gap between females and males continues to widen notwithstanding Ghana’s level of financial inclusion. For example, according to the global fintech’s report in 2014, the financial inclusion gender gap was 3% male access than female.
“This inequality gap increased to 8% in 2017 and went up again to 11% in 2021. 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% of the population and own about 44% of micro small and medium enterprises constituting about 92% of businesses in Ghana, the exclusion from financial services could undermine our economic development efforts.
“We are also thinking to complement this to revive a women’s bank…A specialised bank that would assist this gender bank. Let me assure you that the next NDC government will promote women-owned financial institutions focusing on women-owned businesses and promoting financial inclusion amongst them.
“It takes more than micro loans to empower women-owned businesses and promote sustainable and inclusive growth,” he stated.