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Vice President Mahamudu Bawumia has hailed the innovative strides being made by players and stakeholders in Ghana’s digital ecosystem, especially in the FinTech sector, saying the technological achievements so far have justified the government’s decision to lay a solid foundation for the digital transformation of the Ghanaian economy for inclusive growth.
Speaking at the award ceremony for the first eCedi Hackathon competition organized by the Bank of Ghana in collaboration with EMTECH Solution Inc. on Thursday, December 14, 2023, Dr. Bawumia expressed his joy at the continued embrace of digital solutions to solve everyday problems and encouraged the youth to engage more with technology.
“I am particularly excited about the prospects of harnessing the power of technology to address our growth problems through collaborative competition, harnessing the imaginative capabilities of solution developers, innovators, user experience designers, consumer insights experts and financial service providers. services.
“Therefore, tonight’s program is more than just an award ceremony. It is a celebration of our ability to co-create innovative solutions that meet the diverse needs of Ghanaian society by leveraging the tools of digital technology.”
Reiterating government’s commitment to promote the development of a digital ecosystem in Ghana, Dr. Bawumia said;
“In recent years, government has made many investments in a curated set of national infrastructure that has laid a solid foundation for the digital transformation of Ghana’s economy for inclusive economic growth. These include National Identification and Digital Address Systems, e-Government services, national payments and digital financial services platforms, the backbone of which is a strong broadband infrastructure. These interventions have brought enormous improvements in various sectors of Ghanaian society.
“Based on evidence, we are so far convinced that we can accelerate our country’s development and improve the well-being of many Ghanaians if digital solutions are widely adopted. Therefore, the government’s national digitization program seeks to promote the adoption of digital technology in every sector and across the country to further this goal. In this regard, the government, in 2022, launched a project to further improve broadband access to create the necessary conditions for efficient and quality digital services at the national level, thereby stimulating a vibrant ecosystem of digital innovation. It is expected that solution developers and innovators will take advantage of the government’s massive investment in key infrastructure for a digital economy to find solutions that meet the country’s myriad needs.”
The Vice President commended the Bank of Ghana for the Hackathon, noting that Ghana is one of three countries in Africa currently piloting a CBDC.
“This achievement further highlights your established leadership in digital transformation in sub-Saharan Africa,” he added.
eCedi Hackathon
The eCedi Hackathon is a cutting-edge competition that brings together the brightest minds in technology and finance to explore the endless possibilities of a Central Bank Digital Currency (CBDC). The event is designed to promote innovation, promote technological advancement and develop solutions that will redefine Ghana’s economic landscape, according to Bank of Ghana officials.
Globally, 88 contestants participated in the Hackathon, with different teams presenting innovative ideas and solutions for different e-cedi use cases over 12 weeks. The event also provided a platform for developers, innovators and blockchain enthusiasts to showcase their creativity in exploring the many possibilities of CBDC technology and contribute to the future of Ghana’s digital financial ecosystem.
The project is part of the eCedi research project and is an opportunity for the Bank to explore emerging technologies, foster creativity and contribute to the progress of eCedi development.
After a rigorous process that included pitches, prototypes and efficiency demonstrations, Forward Titans emerged as the best overall, followed by Nokofio and Paycode. They received 500,000, 300,000 and 200,000 eCedi respectively to invest and upgrade their projects.
Distributed by APO Group on behalf of the Presidency, Republic of Ghana.