With the world of fintech growing rapidly, there’s never been more innovation and development in the financial industry than there is today.
When Dr Bawumia first took office as Ghana’s Vice President, he was determined to give Ghanaians greater access to quality financial services and products that could help them live better lives and benefit their country in many ways.
Since then, he has completely transformed the financial technology landscape through his efforts at simplifying taxation and lowering interest rates while increasing government revenue.
Meet the man behind the transformation
Dr. Bawumia is the Vice President of Ghana. He has a Ph.D. in Economics from Simon Fraser University, Canada, and is also a Senior Economist at the African Development Bank Group.
In 2016, he was appointed as the Chairman of the National Economic Planning Commission by President Nana Akufo-Addo.
In this role, he is responsible for developing and overseeing Ghana’s economic policies. Under his leadership, Ghana has made great strides in improving its economy and financial sector.
The Economic Diversification Agenda
In his quest to economic diversification, H.E Dr. Bawumia initiated and executed various policies and programmes that have had a profound impact on the financial technology landscape.
One of such policies is the establishment of the Ghana Interbank Payment and Settlement Systems (GhIPSS). This has led to increased efficiency in payment systems and improved access to banking services for all Ghanaians.
The other major policy is the digitization of government payments which has reduced corruption and leakages in public expenditure.
Better Financial Services for SMEs
In order to promote entrepreneurship and economic growth, the government of Ghana has digitized many of its financial services. As a result, small and medium enterprises (SMEs) have access to better banking, payments, and lending products and services.
This has helped reduce the cost of doing business and made it easier for entrepreneurs to start and grow their businesses. Thanks to H.E Dr. Bawumia, Ghana is now a leader in financial inclusion!
The introduction of new technologies has always been a driver of change just, think about how the internet has changed our lives over the past few decades.
Today, we’re on the cusp of another major transformation, this time in the financial sector. And it’s all thanks to H.E Dr. Bawumia.
It’s clear that H.E Dr. Bawumia has had a profound impact on the financial technology landscape. But what’s next? More news on slyedutech.com
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