Vice President Mahamudu Bawumia has hailed the innovative strides
being made by players and stakeholders in the Ghanaian digital
ecosystem, especially in the area of FinTech, saying the technological
feats chalked so far vindicate Government’s decision to lay a solid
foundation for the digital transformation of the Ghanaian economy
for inclusive development.
Speaking at the award ceremony for the first eCedi Hackathon
competition hosted by the Bank of Ghana in partnership with
EMTECH Solution Inc. on Thursday, December 14, 2023 Dr Bawumia
expressed delight at the ongoing embrace of digital solutions to solve
everyday problems, and encouraged the youth to engage more with
technology.
“I am particularly excited at the prospects of harnessing the power of
technology to address our developmental problems through
cooperative competition by tapping the imaginative capabilities of
solution developers, innovators, user experience designers,
consumer insight experts, and financial service providers.
“This evening’s programme therefore is more than an awards
ceremony. It is a celebration of our capacity to co-create innovative
solutions that respond to the diverse needs of the Ghanaian society
by leveraging the tools of digital technology.”
Reiterating Government’s commitment to fostering the growth of a
digital ecosystem in Ghana, Dr Bawumia stated:
“Over the past few years, the government has made a lot of
investment in a curated set of national infrastructure that has laid a
solid foundation for the digital transformation of the Ghanaian
economy for inclusive economic development. These include the
National Identification and Digital Address Systems, e-government
services, National Payments, and Digital Financial Services platforms,
the backbone of which is the robust broadband infrastructure. These
interventions have brought tremendous improvements to the
various sectors of Ghanaian society.
“Based on evidence, we are so far convinced that we can accelerate
the development of our country and improve the welfare of many
Ghanaians if digital solutions are widely adopted. Hence, the
government’s national digitalisation agenda seeks to foster the
adoption of digital technology in every sector and across the country
in furtherance of that objective. In this regard, the government, in
2022 embarked on a project to further improve broadband access to
create the necessary conditions for nationwide efficient and quality
digital services thereby stimulating a vibrant digital innovation
ecosystem. It is expected that solution developers and innovators
will take advantage of the government’s massive investment in core
infrastructure for a digital economy to come up with solutions that
address the myriad needs of the country.”
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 feat further underscores your established leadership in digital
transformation in sub-Sahara 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 foster innovation, drive technological
advancement, and develop solutions that will redefine the Ghanaian
financial landscape, according to officials of the Bank of Ghana.
Globally, 88 competitors took part in the Hackathon, with different
teams presenting innovative ideas and solutions on different use
cases of the e-cedi over a 12-week period. The event also provided a
platform for developers, innovators, and blockchain enthusiasts to
showcase their creativity by 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 presents an
opportunity for the Bank to explore emerging technologies, foster
creativity and contribute to the advancement of eCedi development.
After a rigorous process which involved pitches, prototyping and
demonstrations of efficacy, Forward Titans emerged the overall best,
followed by Nokofio and Paycode. They received 500,000, 300,000
and 200,000 eCedi respectively to invest and upscale their projects.
