President John Mahama has commended young Africans in the fintech space for creating innovative solutions to challenges that governments have struggled to solve for decades.
He made the remarks at the private–public business dialogue of the 9th Tokyo International Conference on African Development (TICAD IX) in Yokohama, Japan.
Highlighting Africa’s demographics, Mahama noted that about 60 percent of the continent’s population falls between the ages of 16 and 35. “That’s not a demographic you can ignore. The world is changing, and it’s now a knowledge economy,” he said.
The President stressed that African youth are increasingly venturing into non-traditional sectors such as creative industries, renewable energy, and agri-tech, bringing transformative ideas that governments alone could not unlock. “They are interested in sectors beyond the traditional economy. Even when they go into agriculture, they are applying technology to make it smarter and more efficient,” he explained.
Mahama cited fintech as a clear example of youth-driven innovation. In 2024, African startups attracted $4.2 billion in investment, with 45 percent of that funding directed toward fintech companies. “The fintech space is growing at an astronomical rate in Africa, and it’s mainly driven by smart, tech-savvy youth who are seizing opportunities,” he observed.
Sharing a practical example from Ghana, Mahama recounted how an agri-tech startup developed a platform that provided farmers with mobile phones, distributed inputs according to farm size, extended credit through mobile money, and allowed direct purchase of produce at harvest. “This solved a problem governments had battled with for years. It has changed the face of agriculture in Ghana,” he said.
He added that this innovation has given farmers credit scores, improved accountability, and boosted productivity. “Farmers are now able to access credit based on their records, and that’s a transformation government alone couldn’t achieve,” he noted.
The President further emphasized that the creative economy, renewable energy, and digital startups are producing jobs at a faster rate than agriculture or manufacturing. “The creative sector and youth startups add jobs quickly than traditional industries. If we rely only on manufacturing and agriculture, we cannot meet the demand for the 12 to 15 million jobs Africa needs each year,” he cautioned.
Mahama concluded with a call for governments to create the right environment for youth innovation. “Africa’s youth bulge is an advantage, but if we fail to provide opportunities, it could become a gunpowder keg,” he warned.
