Akufo-Addo urges harmonisation of regulations across Africa to promote innovation

President Nana Akufo-Addo has called on all African governments to harmonise their legislative and regulatory frameworks in order to foster innovation while safeguarding the rights and interests of consumers.

Speaking at the opening ceremony of the 3rd Africa Summit in Accra, the President has also asked his colleague presidents across Africa to channel resources to communities that have been left behind, thus bridging the digital divide to allow Africans to trade with each other effectively.

“I urge all of us gathered here, the governments of Africa, to align our policies and regulatory frameworks to create an environment with many innovations while protecting the rights and interests of consumers,” the president said.

“Prior to us investing in digital infrastructure, channelling resources to the communities that have been left behind by much progress, and bridging the digital divide that fescom trade, the trade in mainly Africans on the sidelines of the global economy is exceptionally important and crucial,” he furthered.

He also called on all stakeholders involved to work hand in hand to help develop innovative solutions and strategic initiatives that will propel the entire continent of Africa to prosperity.

President Akufo-Addo indicated that because there is a need to finance SME’s in Ghana, the Finance Minister, together with the President of the ECOWAS, signed a memorandum of understanding last Friday in Lome, Togo, for a US$200 million facility to be disbursed through GCB Bank and the Ghana Exim Bank to SMEs, emphasising the role of fintech in distributing the resources and monitoring their growth.

The three-day summit, which kicked off on Monday, May 13, 2024, is expected to end on Wednesday.