Vice President, Mahamudu Bawumia celebrated the strides made by stakeholders in Ghana’s digital ecosystem, particularly in FinTech, affirming the government’s commitment to digital transformation.
Speaking at the eCedi Hackathon award ceremony, he highlighted the significant investments in national infrastructure and emphasized the role of technology in solving developmental challenges.
Dr. Bawumia commended the youth for engaging with technology, stating that the government’s digitalization agenda aims to foster the adoption of digital solutions across sectors for inclusive economic development.
Vice President Bawumia reiterated the government’s commitment to nurturing Ghana’s digital ecosystem by investing in core infrastructure.
He cited initiatives such as the National Identification and Digital Address Systems, e-government services, and digital financial platforms as foundational elements.
“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.”
The Vice President emphasized the government’s focus on improving broadband access to stimulate a vibrant digital innovation ecosystem, inviting solution developers to leverage these investments to address diverse national needs.
Dr. Bawumia commended the Bank of Ghana for organizing the eCedi Hackathon, recognizing Ghana as one of three African countries piloting a Central Bank Digital Currency (CBDC).
“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.”
He praised the competition’s role in fostering innovation, driving technological advancement, and redefining Ghana’s financial landscape. The event saw 88 global competitors exploring various use cases of the e-cedi over a 12-week period, showcasing creativity in CBDC technology.
Forward Titans emerged as the overall winner, receiving 500,000 eCedi to invest in their project, followed by Nokofio and Paycode.
The eCedi Hackathon, an innovative competition at the intersection of technology and finance, aimed to explore the limitless possibilities of a Central Bank Digital Currency. Participants, including developers, innovators, and blockchain enthusiasts, presented creative ideas and solutions during the competition.
The project, part of the eCedi research initiative, not only advanced CBDC technology but also contributed to Ghana’s evolving digital financial ecosystem. Forward Titans, Nokofio, and Paycode emerged as top performers, receiving significant eCedi prizes to further develop their projects.