Tony Peter Clement, former Canadian Minister of Industry and President of the Treasury Board, has recommended that developing nations adopt Ghana’s ambitious digitalization initiatives. Speaking at the Democrat Union of Africa (DUA Forum 2024) in Accra, Clement highlighted Ghana’s successful use of digital technology to enhance accountability and transparency across its economy.
Addressing the forum on “Leveraging AI as a Tool to Build Stronger Campaign Coalitions,” Clement praised Ghana’s Mobile Money Interoperability and biometric national identification systems as effective measures that have contributed to the country’s economic progress. He stressed the importance for developing nations to bridge the digital divide between rural and urban areas and to strengthen cybersecurity.
Clement also advocated for robust public-private partnerships to advance digital transformation in Ghana.
The Mobile Money Interoperability system, launched by Vice President Alhaji Dr. Mahamudu Bawumia in May 2018 through the Ghana Interbank Payment and Settlement Systems Limited (GhIPSS), has significantly advanced financial inclusion and facilitated cashless transactions in Ghana. This system allows businesses and individuals to seamlessly accept mobile money from various networks, addressing challenges such as difficulties in opening bank accounts, high account maintenance costs, and limited financial literacy.
By simplifying cross-network transactions, the system has eliminated the need for third-party payment providers, reducing transaction costs and enhancing convenience and security for users. It enables direct transfers between mobile wallets across different networks, integrating mobile money users into the broader financial ecosystem.
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