Government must take bold steps into cashlite economy – Chamber of Telecoms CEO

The Chief Executive Officer of the Ghana Chamber of Telecommunications, Kenneth E. Ashigbey, has challenged government to avoid a piecemeal approach to building a cashlite economy and rather take aggressive decisions to make that dream a reality.

He said if government continues to do the gradual growth, the economy of the country will not be able to catch up with that of the developed countries.

“One of the challenges I will throw to the government is that we must get to a point where we decide that we are not going to print currencies anymore. That all we are going to do is just to go digital and electronic. Those are the quantum leaps that will require us to be able to jump the huge gap that exists between our sales as a developing country and the developed country”, he said.

He made this statement at the 10th edition of the Knowledge Forum, themed; ‘The Role of fintechs in Driving Ghana’s Cashless Economy’.

He noted that there is no country in the world that has been able to do that and those are the bold things that we can do as a country to put us on the pedestal of economic growth.

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Mr. Ashigbey added that: “We need a leader that will see that this is a conventional wisdom and we’re going to get away from it and go in the other direction. We will be able to carry everyone along with us. It will be a growth that will carry the whole of Ghana with it and I believe that we should really able to do that”.

According to him, one critical thing that government can do is to take the advice of the vice president that come next year all government payments will be electronic.

He also suggested that government must give such responsibilities to fintechs in the country to be able to provide the engine and ideas that will be able to do this.

He said: “If this is done, it will bring a lot of businesses and funding into the space and it will lead to more employment and creation of jobs as well as the stimulation of our intellect to be able to bring solutions that will solve our problem.”

“Because it will be developed from here, we understand our context better than anybody else can do. It will create an ecosystem that will grow to the extent that we will be able to also build multinationals starting from Ghana and then we can go into other countries to make changes from there.”

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Representing the fintech community, Albert Nana Dapaah-Yeboah, Communications Manager of Interpay Africa, questioned the effectiveness of the draft policy on digital financial services.

He said noted that the draft policy is silent on the protection of the fintechs in Ghana, who according to him, are making frantic efforts to build the ecosystem.

Dapaah-Yeboah said: “We are not afraid of competition, but we ask that as we dialogue, there should be clear policies to protect the gains that we have made.”

He further called for some strategic measures to be adopted adding that policies must be geared towards the growth of fintechs across the country.

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