As Ghana’s Finance Minister, Dr. Cassiel Ato Forson, prepares to present the 2025 national budget in Parliament on March 11, the fintech sector is making a strong case for targeted policy reforms and increased investment. Martin Awagah, President of the Ghana Fintech and Payments Association, outlined key expectations from the industry during an exclusive interview with The High Street Journal.
Key Priorities: E-Levy, Fintech Growth Fund, and Tech Talent Development
Awagah emphasized three major policy shifts needed to unlock the full potential of Ghana’s burgeoning fintech ecosystem: the scrapping of the Electronic Levy (E-Levy), the establishment of a dedicated Fintech Growth Fund, and the launch of the ‘One Million Coders’ programme to upskill tech talent.
He argued that removing the E-Levy, a tax on electronic transactions, would enhance financial inclusion and drive digital payments adoption.
“The fintech sector thrives on seamless transactions. Eliminating the E-Levy will encourage more businesses and individuals to embrace digital finance,” Awagah stated.
Additionally, he called for a government-backed Fintech Growth Fund to provide capital for startups and emerging firms, enabling them to scale operations and innovate in a competitive market.
“With government backing, we can be rest assured that key loopholes in the industry will be overturned, making it poised and more steady for transformational growth” He emphasized.
Awagah also stressed the need for a large-scale digital skills initiative, such as the One Million Coders programme, to build a strong talent pipeline for Ghana’s fintech revolution. “Investing in tech education will position Ghana as a leader in Africa’s digital economy,” he noted.
A Call for Policy Transformation
With fintech positioned as one of Ghana’s fastest-growing industries, Awagah is optimistic that the government will prioritize strategic policy interventions to foster long-term growth. He urged the Finance Minister to craft a budget that aligns with the digital transformation agenda, ensuring that the fintech industry remains a key driver of economic progress in the coming years.
