President of Ghana, Nana Addo Dankwa Akufo-Addo, has urged African governments to embrace technological advancements that are revolutionising the global economy and adapt them to suit the specific needs of the continent.
Speaking at the 3i Africa Summit which is being held at the Accra International Conference Centre, President Akufo-Addo highlighted that fintech and digital innovation was playing a major role in maximising the benefits of the African Continental Free Trade Area (AfCFTA). He emphasized that AfCFTA holds immense potential to reshape Africa’s economic landscape of Africa, driving transformative change across the continent.
President Akufo-Addo stressed the impact that AfCFTA is poised to have on poverty reduction and income generation in Africa. By 2035, AfCFTA aims to uplift approximately 30 million Africans from extreme poverty and increase the incomes of around 68 million people. Moreover, the agreement is projected to boost intra-African trade by 52%, thereby generating an estimated $450 billion in collective GDP.
Highlighting the necessity for collaboration and interoperability, President Akufo-Addo called for the reduction of transaction costs and the removal of barriers that have historically impeded progress. He emphasized the importance of leveraging digital identity programs, such as the Ghana card, to enhance access to financial services across Africa.
Concluding his speech, President Akufo-Addo noted that AfCFTA’s full benefits could only be realised by harnessing the power of fintech and digital innovation. He urged African governments to seize the opportunity to build a prosperous and inclusive future for all Africans by embracing technological advancements and fostering a conducive environment for innovation and investment.
