Category: General

Accra: Dr Ernest Addison, Governor of the Bank of Ghana, has stressed the need to address the information gap between investors and FinTech startups to stimulate the payment ecosystem.

This, he said, would help unleash the full potential of FinTech startups to contribute meaningfully to the economic development of the African continent.

Speaking at the press launch of the 3i Africa Summit, Dr Addison said the lack of funding could significantly stunt the growth of the FinTech movement in several ways.

‘Without sufficient capital, brilliant ideas, and prototypes of FinTech startup solutions with the potential to address the diverse financial service needs have failed to progress to production. Furthermore, a FinTech is only as strong as its members and in that same vein, a lack of funding could ultimately impact a FinTech’s ability to attract and retain premium talent,’ he said.

The summit is designed as a platform for governments, businesses, investors, regulators, innovators, and thought leaders to discu
ss and collaborate on measures to unlock Africa’s full potential by harnessing the potential of FinTech.

The Summit, which is premised on innovation, investment, and impact, is being organised by the Bank of Ghana and Development Bank Ghana, in partnership with the Monetary Authority of Singapore through its subsidiary, Elevandi.

It will take place over three days from 13th – 15th May this year in Accra, under the theme ‘From Innovation to Impact: Investing in Africa’s Financial Sector to drive Africa’s Transformation.’

Dr Addison said deficient funding could also hinder FinTech companies’ ability to navigate regulatory requirements and meet compliance standards, which were non-negotiables, especially in Ghana’s and Africa’s financial industry.

‘From the regular engagement with FinTech startups as part of the Bank’s innovation nurturing role, it has emerged that most of these nascent companies generally lack investor visibility,’ he said.

He said the actualization of novel technologies in the payment eco
system has revolutionized business transactions, reshaped customer behaviour, and redefined the nature of commerce.

Dr Addison said Africans had an advantage in the digitization race due to the bulging tech-savvy youthful population, the high mobile phone penetration, the consistent expansion of mobile network access and more importantly, the rising homegrown FinTech solutions.

‘These immense opportunities provide fertile grounds for accelerating digitalisation. And while these are commendable, it is important to highlight the potential negative impact a lack of requisite investments in African FinTechs could have on the innovations and scalability of solutions in achieving the desired impact,’ he said.

Against this background, Dr Addison said the Summit would feature a Lab Crawl, a platform through which diverse participants could benefit from visibility for investment opportunities to both local and international investors and capital providers.

The summit will attract 15 keynote speakers of eclectic an
d influential backgrounds, about 15 Central Bank Governors spanning 5 continents, 3 Heads of States, over 100 global investors, asset managers, Tech Executives and many more.

In addition, the Summit will provide the opportunity for professional and career advancements through the integrated online learning channels, which will offer purposefully designed programmes in partnership with experienced partners like Cambridge SupTech Lab, De University of Ethereum and our own National Banking College.

The Minister of Finance, Dr. Mohammed Amin Adam, who was also present at the occasion, reiterated the importance of supporting startups and local businesses as they had become key contributors to the Ghanaian economy.

According to him, Government is committed to implementing programmes that generate growth from within with a focus on the growth of small businesses.

It is in this regard that the Bank of Ghana in collaboration with the Development Bank Ghana (DBG) and the University of Ghana Business School (UGBS)
launched the MSME Innovative Finance Project, a research study to determine the current and emerging challenges of SME financing in Ghana.

In all these DBG has been a catalyst and glue, by bringing key players like the Bank of Ghana, University of Ghana and a host of other government agencies and commercial banks together and driving the agenda in line with their mandate of supporting SMEs in order to secure a transformation of the economy.

3i Africa Summit is a fintech festival to drive Innovation, Investment and Impact for Africa’s Fintech and Financial Services sectors.

The initiative is jointly developed by the Bank of Ghana, the Monetary Authority of Singapore, Development Bank Ghana, and supported by Elevandi to spearhead transformative discussions, address key growth and investment opportunities, and explore how market players in the financial ecosystem are leapfrogging in digital transformation and pioneer the much-needed dialogues and actions to drive Africa’s Fintech growth.

Source: Ghana New
s Agency

Accra: Fast-rising music star Kofi Mante has described Bisa Kdei as a towering figure in Highlife music and deserves commendations for his contributions and unwavering dedication to preserving Ghana’s rich music culture.

Kofi Mante’s comments come after he featured Bisa Kdei on his newly released ‘Bad Boy’ single, which is available across various music platforms.

According to Kofi Mante, the collaboration with Bisa Kdei represents a milestone in his musical journey, signalling his ascent to the upper echelons of the Ghanaian music scene. ‘It is a dream come true and a milestone in my musical journey, signalling greater things to come. This is a testament to my talent and dedication, as well as a recognition of my potential to make a lasting impact in the industry.’

In ‘Bad Boy,’ single Kofi Mante pays homage to the legacy of highlife music, infusing the track with elements of the genre’s signature sound.

With its infectious rhythms and soulful melodies, the song captures the essence of Ghanaian music, tr
ansporting listeners to a world where tradition and modernity coexist in perfect harmony through music.

At the heart of the song comes Bisa Kdei, whose soul-stirring vocals breathe life into the music, evoking a sense of nostalgia for a bygone era.

As he reflects on the experience, Mante is quick to praise Kdei as the ‘face of Ghanaian music,’ acknowledging his role in keeping the spirit of highlife alive for new audiences around the world.

In the heart of Suhum, where traditional rhythms intertwine with contemporary beats, Kofi Mante found inspiration in the sounds of his homeland.

As ‘Bad Boy’ continues to captivate audiences far and wide, it serves as a reminder of the timeless appeal of highlife music and the enduring legacy of artistes like Bisa Kdei.

Hailing from Suhum, a town known for its rich cultural heritage, Kofi Mante has always been driven by his love for music.

As he continues to promote ‘Bad Boy’ and expand his musical horizons, Kofi Mante remains committed to pushing boundaries and brea
king new ground.

Source: Ghana News Agency

Accra: ActionAid Ghana (AAG), an international Non-governmental Organisation, has reiterated its commitment and dedication towards the fight against poverty in Ghana by building a more informed citizenry through empowerment to demand accountability from duty bearers.

‘We recommit and rededicate our efforts towards fighting poverty not only in the Upper West Region but ensuring that we are working with the government to deliver development opportunities such as quality education and access to gender friendly educational infrastructure…,’ Mr John Nkaw, the Country Director of ActionAid Ghana, said.

‘Research points to the fact that where you have an active citizenry holding their elected officials accountable, they will minimise the incidences of corruption and promote transparency to enhance governance.’

He said this in Wa during a workshop to disseminate AAG’s 2023-2028 Country Strategy Paper (CSP) VII, dubbed: ‘Active Citizenship for Social Justice’.

The CSP VII, which drew lessons from the implemen
tation of the CSP VI, seeks to direct the activities of the organisation towards achieving its mandate of promoting social justice, gender equality, and poverty eradication in line with the Sustainable Development Goals (SDGs).

It is being implemented around three strategic priorities (SPs) – Green Economy and Resilient Livelihoods, Women’s Rights and Decent Work, and Active Citizenship, Accountability and Gender Responsive Public Services – with each SP having five focused areas.

The AAG started operating in Ghana some 30 years ago working to improve educational infrastructure to support the then three regions of the north in partnership with ActionAid UK.

It, however, realised that service delivery alone could not lead to a sustainable fight against poverty, hence the need to empower the people, particularly the youth, to become active citizens to demand accountability from duty bearers and ensure transparency in the country’s governance system, Mr Nkaw said.

The launch of the CSP VII, he said, sho
uld be a clarion call on all stakeholders to join forces to promote social justice, and gender equality, and eradicate poverty.

Mr Nkaw encouraged the participants to promote the CSP VII goals to create a just and resilient Ghana offering equal development opportunities for all citizens.

He gave the assurance that they would continue to work with partners such as the Domestic Violence and Victim Support Unit (DOVVSU) and young people to promote women’s rights and the youth’s active participation in the decision-making process.

Madam Charity Batuure, the Upper West Regional Director of the Department of Gender, commended AAG for its reliability when it came to gender issues.

The AAG had supported the Department by the establishment of a shelter for survivors of Sexual and Gender-based Violence (SGBV) in Wa, she said and looked forward to having more collaborations and engagements with ActionAid Ghana to enhance its service provision.

Madam Batuure said the SPs were all geared towards addressing gend
er-related issues, which were laudable.

Mr Sebastian K. Ziem, a Chief Investigator at the Upper West Regional Office of the Commission on Human Rights and Administrative Justice (CHRAJ), noted that AAG’s mandate was in line with the Commission’s and would continue to collaborate in the execution of those mandates towards the protection of people’s right, especially the young ones.

Representatives from the Ghana Education Service, Heads of Department, development partners, Activista, and the Young Urban Women Movement among others attended the workshop.

Source: Ghana News Agency

At just 29 years old, Joe Mudukiza has been battling sickle cell anaemia for years. Despite his struggles, he has remained resilient, determined to find a solution to his debilitating condition.

However, his journey has taken a devastating turn as he now faces a heartbreaking decision.

‘The doctor tried to manage the pain; I declined painkillers because I don’t want to depend on them. We just wanted to manage the pain using hydration but couldn’t since all my veins and IV lines have collapsed,’ Mudukiza revealed, shedding light on the challenges he has encountered in his quest for relief.

Despite his efforts, Mudukiza had been unable to raise the KSh 750,000 needed for treatment. Multiple online appeals have yielded little success, leaving him with few options. However, a glimmer of hope emerged when the Belgium Euthanasia Board offered him KSh 3 million to undergo mercy killing.

According to Belgian laws, the board cannot transfer the money to Mudukiza for treatment. Faced with limited resources and moun
ting medical expenses, Mudukiza made the difficult decision to seek euthanasia assistance in Belgium, where it is legal.

Latest reports have it that Mudukiza is set to undergo the treatment that he could not afford earlier. With the support of some organizations, he is hopeful that he will finally receive the care he desperately needs.

Source: Cameroon News Agency

Somanya: The University of Environment and Sustainable Development (UESD) at Somanya in the Yilo Krobo Municipality of the Eastern Region has held its fourth matriculation ceremony for 330 fresh students to pursue various academic programmes.

The matriculation marks the formal process of admitting new students for the 2023/2024 academic year.

This diverse group contributes a variety of viewpoints and ideas to the institution, with 166 males, making 50.30 per cent of the total, and 164 females accounting for 49.70 per cent.

They contribute to the university’s goal of achieving gender parity while creating a knowledgeable and competent workforce with a commitment to preserving Ghana’s environment and promoting sustainable practices.

Professor Eric Nyarko-Sampson, the Vice-Chancellor of the University, urged the matriculants to utilise the available facilities to enrich their learning experiences during their stay in the school.

He said the integration of innovative technology was one of the thematic thrust
s of the university’s five-year development plan.

‘Sometimes the very technology meant to connect us divides us, but that technology can do great things,’ he said, and advised the students to use technology with values and compassion, bearing in mind the consequences.

Prof. Nyarko-Sampson said though the internet had empowered many with information, it could also be a place where basic rules of decency were suspended, and pettiness and negativity thrived.

He told the students that their presence in the University was crucial as the Africa Union Commission had introduced an ambitious high-education plan.

‘This plan aims to increase the number of PhD graduates in Africa to 100,000 over the next decade, with 20 per cent focusing on science, technology, engineering, and mathematics (STEM) to support Africa’s growth targets,’ he said.

He urged the students to focus intently on their studies to enable them to accomplish their academic goals.

The University, commissioned by President Nana Addo Dankwa Akufo-Add
o in 2020 and matriculated 78 students, had the number increased to 192 students in 2021, 336 in 2023, and 330 in 2024. Justice Fredrick A.W. K. Nawurah, a Judge at the Somanya High Court, advised the students to avoid succumbing to peer pressure, expressing regret over having to incarcerate young individuals who blindly followed others and fell into trouble.

He spoke about the harsh reality of prison and the intimidating environment of the court, urging students to be cautious in their actions and to focus on their studies while obeying all school rules to excel academically.

The UESD offers a range of programmes including regular, sandwich, and E-learning options, which are accessible to students from both local and international backgrounds.

The undergraduate programmes include B.Sc. Geography and Earth Science, Energy and Resource Economics, Environment and Public Health, Sustainable Development, and Water Resources Management.

The rest are Biological and Mathematical Sciences, Chemistry and Biologica
l Sciences, Energy Sustainability, Mathematics, Environmental and Sustainability Science, and Nature Conservation Management.

Others are BSc. Environmental Management; Water, Sanitation and Hygiene; Aquaculture Management; Chemistry and Mathematical Sciences; Physics and Mathematics; Physics and Biological Sciences; Chemistry and Physics; Environmental Economics and Policy; Urban Planning and Development; Sustainable Construction Management and Technology.

Source: Ghana News Agency

Accra: The Government has announced plans to set up a FinTech Innovation Fund to support Start-ups in the FinTech industry to drive Ghana’s digital revolution.

Vice President Mahamudu Bawumia announced this in Accra on Monday during the official media launch of the maiden 3i Africa Summit.

The three-day summit, to be held in Accra, will come off from May 13-15, 2024, on the theme: ‘Unleashing Africa’s FinTech and Digital Economic Potential’.

The event, being organised by the Bank of Ghana (BoG) and the Development Bank Ghana (DBG), in partnership with Elevandi, a subsidiary of the Monetary Authority of Singapore, would attract governments, businesses, policymakers, academia, investors and thought leaders.

Participants are expected to discuss and collaborate on unlocking Africa’s full potential on fintech and the digital economy.

Vice President Bawumia, who had championed the Government’s national digitalisation agenda over the past seven years, said the path to Ghana’s digital revolution was through
fintech, hence the need to support them financially to thrive.

He, therefore, encouraged all stakeholders in the industry to join forces in improving the legislative and regulatory environment to enhance the payments ecosystem and position Ghana on the path of sustained financial inclusion.

The power of technology, Dr Bawumia noted, would improve productivity and connectivity to empower individuals through fintech startups, as well as small and medium scale businesses to increase innovation and efficiency in the operations of institutions.

It was against this background, he said, that the Government, in the past seven years, had focused on pursuing a digital transformation agenda as part of its economic strategy at the individual and institutional levels.

‘The objective is to ensure digital empowerment for a prosperous future in this accelerated digital era, where the use of modern and emerging technologies have become commonplace and a catalyst for growth, progress, and prosperity,’ Dr Bawumia stated
.

‘It is no news that the Government, under the leadership of President Nana Addo Dankwa Akufo-Addo, has paid special attention to digitalisation. This has been actively supported by various government institutions and regulators as part of the broader Ghana Digitalization Agenda to advance digital transformation.’

‘It is no coincidence that this upcoming Summit has been dubbed 3i Africa Summit – thus Innovation, Investment, and Impact.’

‘This has been the backdrop of our digitalisation journey to harness the full potential of technology.’

The Vice President highlighted some of the challenges the country faced in advancing its digitalisation agenda and believed that by leveraging technological innovations, it would leapfrog the development process, overcome legacy problems, and improve both the economic and public sectors.

‘For instance, to address the issue of no unique identification for citizens and residents, the Government issued the national biometric ID cards, popularly known as the ‘Ghan
aCard’ to provide a unique and centralised identification system for all Ghanaians,’ Dr Bawumia noted.

‘The acceptance of the ‘Ghana Card’ as the sole identification document for financial transactions in Ghana would in the long run help in the reduction of Non-Performing Loans and mobile money fraud.’

The Government, he said, also leveraged the GPS Technology to implement a digital address system, which resulted in the unique address for all properties in Ghana.

‘Also, the Land Use and Spatial Planning Authority provided street names and house numbers for every street in Ghana for easy identification and navigation,’ he recalled.

‘Furthermore, to promote financial inclusion and reduce the dominance of cash for payments, the mobile money payments interoperability system was instituted, thanks to the Bank of Ghana and GhIPSS for championing this cause.’

‘This has led to the seamless transfer of money across different mobile networks and from mobile money wallets to banks, and vice versa.’

The BoG
, he said, piloted both online and offline use cases of the e-Cedi in 2022, and in December 2023, invited applicants to participate in its first-ever e-Cedi Hackathon, designed to foster innovation, drive technological advancement, and develop solutions that would redefine the Ghanaian financial landscape.

Government also embarked on an aggressive digitalisation of the processes of service delivery across various public institutions to improve public services.

The Vice President mentioned the digitalised processes at the passport office to enable online applications and significantly reduce the average turnaround time, the introduction of the paperless port system that largely reduced bureaucracy at the port, and the digitisation of the Driver and Vehicle Licensing Authority operations.

Source: Ghana News Agency

Hubert Nkoulou, Cameroonian former Minister of Health breathed his last on Thursday, February 22, in Yaoundé at the age of 95.

A pioneer in Cameroonian medical science, Nkoulou was revered for his contributions to healthcare and academia.

Born on October 18, 1929, in Olembé, Batchenga, Hubert Nkoulou’s journey was marked by remarkable achievements. After completing his primary education at the Catholic Mission in Bafia and secondary education at the Petit Séminaire in Akono and later at the Lycée Général Leclerc in Yaoundé, he pursued higher studies abroad.

He was appointed as Minister of Public Health from June 18, 1983, to February 4, 1984. His tenure saw significant advancements in the country’s healthcare infrastructure, including the construction and renovation of several hospitals across Cameroon.

Nkoulou’s legacy extends beyond his ministerial role as he played a pivotal role in establishing key healthcare facilities such as the General Hospital of Yaoundé, the Gynecological-Obstetric Hospital of Y
aoundé, and the General Hospital of Douala.

He was also instrumental in the development of pediatric services, orphanages, and leprosy treatment centers.

Throughout his career, Nkoulou’s dedication to healthcare and education earned him admiration and respect both nationally and internationally.

Source: Cameroon News Agency