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0 News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/digital-finance-vital-for-africas-economic-future-trade-advocate-declares/
Dr. Dominic Antwi, President of the Ghana-India Trade Advisory Chamber (GITAC) and the Global Africa Trade Advisory Chamber (GATAC), has positioned digital finance as a cornerstone for Africa’s economic transformation, urging stakeholders to leverage technology to bridge gaps in inclusion, stability, and sustainable development.
Speaking at the 18th Connected Banking Summit in Accra, Antwi outlined a roadmap for harnessing digital tools to empower businesses and marginalized communities across the continent.
“Digital innovation is not optional—it’s the bedrock of Africa’s financial evolution,” Antwi asserted, stressing the urgency of addressing systemic barriers faced by small and medium-sized enterprises (SMEs). These businesses, which account for 80% of employment and nearly half of Africa’s GDP, often struggle to secure funding through traditional banking channels. Antwi pointed to mobile banking, fintech lending platforms, and blockchain-based solutions as game-changers, enabling faster, more equitable access to capital. “Artificial intelligence and alternative credit models are democratizing finance for those once excluded,” he added.
The trade leader highlighted strides in financial inclusion, noting that mobile money adoption in Sub-Saharan Africa surged from 12% to 55% over the past decade, driven by platforms like Kenya’s M-Pesa, Ghana’s Momo, and Zimbabwe’s EcoCash. Despite this progress, he warned that over 350 million African adults remain unbanked, calling for targeted efforts to reach rural populations, women, and marginalized groups. “Inclusion isn’t just about access—it’s about equipping people with tools to build livelihoods,” he emphasized.
Antwi urged governments to adopt forward-thinking policies, starting with regulatory frameworks that balance fintech innovation with consumer safeguards. He advocated for public-private partnerships to expand digital infrastructure and literacy, alongside harmonized cross-border regulations to align with the African Continental Free Trade Area (AfCFTA) goals. “Seamless regional transactions could unlock billions in trade,” he said, while cautioning that cybersecurity threats and data breaches risk undermining trust in digital systems. “Without robust protections, progress stalls. Trust is the currency of this revolution,” he stressed, recommending investments in anti-fraud measures and transparent dispute mechanisms.
Looking ahead, Antwi championed green finance and impact investing as keys to sustainable growth, urging support for African fintech startups addressing local challenges. He also called for expanded STEM education and tech hubs to nurture homegrown innovation. “Africa’s youth are its greatest asset. Equip them, and they’ll drive solutions the world needs,” he said.
As the continent navigates rapid digitalization, Antwi’s vision underscores a pressing dilemma: balancing innovation with equity. His appeal for collaborative action reflects broader debates on how Africa can shape its financial future—without leaving its most vulnerable behind.
News Ghana, Latest Updates and Breaking News of Ghana, News Ghana, https://newsghana.com.gh/digital-finance-vital-for-africas-economic-future-trade-advocate-declares/
