The Brief: Government Determined to Build A Technological Ghana, Senegalese Startup, CoinAfrique, Raises $3 million Growth Funding

Government Determined to Build A Technological Ghana

The President of Ghana, Nana Addo Dankwa Akufo-Addo, is set on accelerating Ghana ’s development with Information and Communication Technology (ICT).

Ghana is an evolving country with useful natural resources, however, Vice President Dr Mahamudu Bawumia expressed the need for Ghana to rely on others factors for progressive economic growth.

Projects such as the National Digital Property Addressing System, the soon-to-be-issued national ID card, the land records digitisation agenda and efforts to improve financial inclusion prove that the government is making strides towards increasing the country’s development through technology.

Dr. Bawumia explained that the government “is trying to build a new, efficient Ghana. The world is continually evolving, and this evolution is led by cutting-edge technology. We know there are many talented young men and women in the ICT space, and [the] government is looking at ways to make innovating and actualising promising ideas easier.”

Ghana’s government is also invested in the country’s digital scene. The Vice President visited the technology hub of Silicon Valley, accompanied by 15 leaders from local ICT firms. During the visit, the Dr. Bawumia held discussions which explored possible strategies for improving Ghana’s digital scene.

A greater reliance on ICT and investment in Ghana’s technology workforce could boost the economy, making it less dependent on external aid.

Nigeria Economy Predicted To Increase By 2.1%

According to the International Monetary Fund’s (IMF) presentation of the World Economic Outlook (WEO) this week, Nigeria’s economy will increase by 2.1% this year.

Several internal factors strengthened Nigeria’s fiscal situation. The IMF revealed that “improved oil prices, revenue, and production, and recently introduced foreign exchange measures that contribute to better foreign exchange availability.” The Central Bank of Nigeria introduced a stern monetary policy in relation to the forex which sells for N36/$1 in the open market as opposed to the authorised rate of N306/$1. Nigeria has taken an active approach to ensuring that its economy flourishes gradually.

Ghana’s First Lady, Rebecca Akufo-Addo, Opens Melcom Art Gallery in Accra

Recently, the First Lady of Ghana opened Melcom Art Gallery in Accra. The Melcom Art Exhibition is a platform which showcases the work of local artists.

Built around the theme “Art and Commerce”, the exhibition includes Ghanaian artist who meet industry standards. Visitors can expect art from Mr. Larry Otoo, a prominent contemporary traditionalist artist from Ghana.

Ghana’s creative venture is a positive step towards supporting artists. According to Mrs. Akufo-Addo, the art gallery “will promote interest in arts, boost the morale of artists and contribute to the Buy Ghana campaign”, defining this project as an important space for Ghana’s artist as well as cultural and economic landscape.

Senegalese Startup, CoinAfrique, Raises $3 million Growth Funding

Raising $3 million in funding from investors, CoinAfrique is an app which links e-commerce sellers and buyers in 16 African countries and has a database of 150,000 active users. The app’s hub is based in Dakar and it has extended its offices to Benin, Togo, Ivory Coast and Democratic of Congo (DRC).

According to Matthias Papet and Eric Genêtre, co-founders of CoinAfrique, “the successful fundraising highlights the fact that CoinAfrique has positioned itself in a booming market and will allow us to accelerate our activities on our existing markets, while serving new countries”.

This startup has technological advantages for Senegal and other countries in the region.  

Mobile Banking Set to Produce A Revenue of $1.5 Billion

The Boston Consulting Group (BCG) revealed that in three years, 250 million Africans, will have access to mobile phones. Monthly incomes of $500 could produce $1.5 billion in revenues from mobile financial services.

Mobile banking is becoming a popular means of monetary transactions in Africa. Only 2% of adult use this method worldwide, whilst the figure is 12% in Sub-Saharan Africa, according to the World Bank in a study carried out in 2015. This figure is expected to increase as more than 50% of Africa’s young population have mobile phones.

Economic markets look different across Africa; however, the rise in mobile phone usage and greater social affluence shows that consumer consumption is growing.