Minister for Communications, Digital Technology, and Innovations Samuel Nartey George has reaffirmed his commitment to making Ghana a technological powerhouse by harnessing the country’s software capabilities.
In an interview with Woezor TV during a visit to financial technology (FinTech) companies in Accra on Monday, April 28, the minister stated that as part of this, his office will focus on enhancing sandbox regulation by establishing a financial control authority.
“My vision is to make Ghana the powerhouse of technology in Africa. My playground in technology is Africa, not just Ghana.”
This authority will enable FinTech and other vertical technology companies to test their products in a regulatory sandbox.
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He said even though the Bank of Ghana is a fantastic institution, it does not have the agility in its current shape and form to match and keep up with innovation, and that is the reason Ghana will need this wholly owned subsidiary of the Bank of Ghana to deal with innovation.
“When you look at countries that are leading in innovation, like Morocco, like the United Kingdom, like the United Arab Emirates, they have sandboxes that are regulatory and innovative in character, and these sandboxes allow for agility.
“I believe that we need to have a financial control authority that allows for fintechs and other vertical technology companies to test their products in regulatory sandboxes.”
Barely a month after the Electronic Levy (E-levy) was scrapped, Mr. George emphasized that the move has boosted FinTech companies.
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He said many individuals who previously hesitated to conduct digital transactions are now doing so.
“So the cost of accessing money had become so high, but now that the e-levy has been taken off, people don’t have to bear that cost anymore, and so I mean, definitely you’re going to see a boost.”
“I mean, I, for one, was doing very few mobile money transactions because I was not happy paying the kind of Ofori Atta tax, but you know, thankfully now I’m back full swing in e-levy because I don’t have to pay.
Mr. George’s visit aimed to gather firsthand information on the fintech industry’s performance, challenges, and how his outfit can support the sector’s growth. The ultimate goal is to position Ghana as a hub for the digital economy.
