A former Canadian Minister of Industry (responsible for Digitalization, Science, and Technology) and President of the Treasury Board, Tony Peter Clement, has recommended that developing countries adopt Ghana’s ambitious digitalization agenda.
He praised the Ghanaian government for leveraging the digital revolution to enhance accountability and transparency across various sectors of the local economy.
Peter Clement made these remarks at the Democrat Union of Africa (DUA Forum 2024) in Accra, during his talk on “The Future is Digital: Advancing New Solutions for a Better World.”
He highlighted Ghana’s Mobile Money Interoperability and biometric national identification systems as key measures that have bolstered the country’s economic growth.
He emphasized the importance for developing nations addressing the digital divide between rural and urban areas and strengthening cybersecurity.
Tony Peter Clement also advocated for effective public-private partnerships to further accelerate Ghana’s digital revolution.
Mobile Money Interoperability
In May 2018, Vice President Dr. Mahamudu Bawumia officially launched the Mobile Money Interoperability system through Ghana Interbank Payment and Settlement Systems Limited (GhIPSS).
This system enhances financial inclusion and supports cashless transactions in Ghana, providing a seamless way for businesses and individuals to accept mobile money from users on different networks.
It simplifies the process of transferring funds across various mobile money networks, addressing challenges such as difficulties in opening bank accounts, high account maintenance costs relative to income, and limited financial literacy.
The system creates convenience by integrating mobile money users into the financial ecosystem and allowing direct transfers between wallets across all networks.
It also reduces transaction costs by eliminating the need for third-party payment providers, enabling users to send and receive money directly from each other regardless of their network, thus enhancing convenience and security.
