Ghana and Zambia have agreed to collaborate in the area of fintech and cyber security as both countries seek to leverage technology for economic development while addressing emerging digital threats.

The collaboration comes as Ghana has moved quite fast in the FinTech space, with companies introducing new innovations and expanding across borders.

Ghana has a comparative advantage in this area, but the rapid growth has created regulatory challenges.

President John Dramani Mahama stated this at the Ghana-Zambia Business Dialogue on Friday in Lusaka, Zambia.

President Mahama stated that Ghana has moved quite fast in FinTech and they are finding it difficult to follow their FinTech companies because they are introducing new things and crossing borders without permission.

He noted that Ghana also has advantages in cyber security, which is becoming increasingly important as digital platforms expand across Africa.

President Mahama stated that there is misinformation, fake news, and especially now with AI, people are able to generate all kinds of fake images. He said AI has been used to show him dancing and to show him and the former president exchanging blows in a boxing ring.

"Those are fun, but there's the more vicious type, and there's a type that promotes ethnic hatred and hostility. And that type, we must find a way of rooting out," he said.

President Mahama stated that Ghana has made progress in using cyber tools to track down people who put out fake news that has the tendency to cause chaos and crisis.

He stated that Ghana has passed laws that allow them to deal with such people, and they are able to track them down.

President Mahama emphasized that these are new advantages that Ghana has that can be shared with Zambia.

He stated that during his discussions with President Hakainde Hichilema, they realized both countries have different comparative advantages that can benefit each other.

President Mahama noted that while Ghana is ahead in FinTech and cyber security, Zambia is far ahead in terms of reforms in the energy sector, with open access and net metering that allows people who produce excess power to sell it to the grid.

He stated that the collaboration between the two countries will allow them to share best practices and learn from each other's experiences.