BY ROSEMOND AKUORKOR ADJETEY
The Minister of finance, Dr Mohammed Amin Adam, has reaffirmed his commitment to harnessing the potential of Ghana’s fintech landscape to drive a sustainable economic growth and progress.
Speaking at the 3i Africa Summit, the Finance Minister said “In my capacity as Ghana’s Finance Minister, I am steadfastly committed to harnessing the potential of our nation’s fintech landscape to drive sustained economic growth and progress. By leveraging the collective knowledge, innovation, and dynamism of our fintech sector, we can unlock new opportunities, generate employment, and accelerate progress towards our overarching development goals.
Highlighting on the progress of Small and Medium Enterprises in Ghana, Dr Amin Adam said the persistent challenge of low financing for Small and Medium Enterprises (SMEs), hinders growth and development across the African continent.
He emphasized the need to generate internal growth by improving access to capital. “Low financing to SMEs continues to be a critical barrier to the acceleration of growth and development on our continent. In Ghana, SMEs constitute 92% of manufacturing, 70% of growth and provide 80% of jobs.”
“Our focus going forward is, therefore, to generate growth within our borders by increasing access to capital. This cannot be achieved without a strong fintech infrastructure; an important requirement to address the efficiency of delivering capital to SMEs and reducing the risks of recovery of funds by financial institutions,” he added.