The Ghana FinTech and Payments Association (GFPA) has extended its congratulations to H.E. John Dramani Mahama on his election as President of Ghana under the National Democratic Congress (NDC). The GFPA, representing the nation’s digital financial sector, expressed confidence in Mahama’s leadership and his administration’s potential to transform the fintech ecosystem.
A key highlight of Mahama’s campaign was the pledge to eliminate the controversial electronic transaction levy (e-levy) within 120 days of assuming office. The levy, introduced in 2022, has been criticized for stifling innovation and discouraging digital transactions due to higher-than-advertised tax rates.
Martin Awagah, GFPA President, emphasized the transformative potential of this policy shift will alleviate burdens on businesses and consumers, revive transaction volumes, and restore confidence in the digital financial ecosystem.
The levy’s repeal is expected to unlock growth in the sector, which has faced revenue declines and reduced transaction volumes since its introduction.
The NDC’s promise to establish a $50 million FinTech Growth Fund was also lauded by the association. This initiative aims to provide much-needed capital to start-ups and emerging businesses in the fintech sector, addressing longstanding barriers to scaling innovative solutions.
“This fund represents a game-changer for Ghana’s fintech industry,” noted Awagah. “It will empower local companies to create innovative solutions and enhance financial inclusion, aligning Ghana with global trends in democratizing financial services,” he added.
The GFPA reaffirmed its commitment to working closely with the incoming administration to shape policies that foster a resilient digital economy. It called for prioritization of entrepreneurship, regulatory reforms, and equitable funding access to position Ghana as a global leader in fintech innovation. With a shared vision for inclusive growth, the Association anticipates transformative strides in Ghana’s digital economy under Mahama’s leadership.
As President-elect Mahama prepares for inauguration on January 7, 2025, the GFPA is eager to collaborate on initiatives that drive inclusive growth and bolster Ghana’s digital transformation.
