Member of Parliament for the Ejisu Constituency in the Ashanti Region, Dr. John Ampontuah Kumah, has applauded the Bank of Ghana for instituting measures to formalize crowdfunding in Ghana.

According to the Member of Parliament, the policy direction by the Bank of Ghana on how individuals and organizations can establish and use crowdfunding platforms is a step in the right direction and one of the best steps any nation can take to increase access to funding for entrepreneurs and businesses.

“On Tuesday, February 2, 2021, I presented a paper on the floor of the house numerating how the state can tap into the potentials of the youth for national development. One of the points I highlighted was the need for measures to be taken to institutionalize crowdfunding in Ghana. I am therefore impressed with the swiftness exhibited by the Bank of Ghana in outlining a roadmap that ensures that we can now rely on the power of the internet to crowd pool funding for businesses,” he said.

“The benefits we can derive from crowdfunding are numerous and I am happy that we are at that point where people can depend on an alternative way to fund their businesses without accumulating debt. I will like to encourage young entrepreneurs to take advantage of this in their quest to raise capital,” the Member of Parliament for Ejisu added.

In a statement released by the Bank of Ghana on February 18, 2021, they announced various crowdfunding products that can be accessed by Ghanaians as they take steps to modernize Ghana’s banking industry.

The statement signed by Sandra Thompson, Secretary of the Bank of Ghana indicated that the models of crowdfunding permitted are donation-based and reward-based crowdfunding.

Ghanaians can now start accessing the crowdfunding products provided by regulated entities.