The Vice President and NPP flagbearer, Dr. Mahamudu Bawumia says there was vital progress to maneuver Ghana’s economic system to a proper economic system in enhancing the nation’s transformation.
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Speaking on the twentieth version of the Ghana Club 100 Awards in Accra on Friday, Dr. Bawumia mentioned seven years in the past when the federal government assumed workplace, the economic system was largely casual and for transformation to happen simply as it’s in developed economies, there was the necessity to resolve the age-long issues.
“When we came into office, we were facing some major challenges in the area of the informal economy.
“Before you possibly can construct an economic system that’s going to be transformational and insurance policies which might be going to be transformational, it’s good to maintain main issues which might be within the casual economic system.
“You look at an economy which in the informal sense turn to be undisciplined. The society is undisciplined because the economy is informal and there are no significant consequences for bad actions”, he said.
The Vice President additional listed a variety of ills related to the then casual Ghanaian economic system, establishing that the federal government has made vital progress in resolving the challenges by its efficient digitized techniques.
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“You have a society where corruption prevails, you have lawlessness. You have a tax dodging society, you have an unbanked society. You have a loan repayment society, identity fraud, that is people assuming the identities of others or fake identities, lack of address systems, age cheating, fake insurance, fake birth certificates, no passport, ghost workers on government payroll.
“These ills of the casual economic system we actually inherited makes it tough for the economic system to remodel to its potential. That is why we got down to formalize the economic system to be sure that the economic system labored on clear techniques and that space of formalization of the economic system, we relied closely on digitization of the economic system to formalize the economic system”, he stressed.
Ghana Card As Anchor For Economic Formalization
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Dr. Bawumia reitereated the significant role Ghana’s national biometric identity system, the Ghana Card, has played in formalizing the economy.
He said; “Of course, the anchor for this digitalization programme has been the Ghana Card that we issued and at the moment, now we have enrolled over 17 million folks to the Ghana Card. We have linked all financial institution accounts to the Ghana Card, linked all sim playing cards to the Ghana Card. Your tax identification quantity is your Ghana Card. Your NHIS quantity is your Ghana Card. We have linked the Ghana Card quantity to the Controller and Accountant General Department payroll.”
“Today, we’re seeing this growing formalization of the economic system on account of digitalization and we’re digitalizing authorities providers by Ghana.gov and so forth.”
Stressing government’s commitment to partnering with the private sector, Dr. Bawumia emphasized the formalization programme is one of the surest ways to ensuring a thriving economy.
“What all of that is doing is that it’s bringing formalization and transparency and that helps companies. It makes the techniques clearer; it reduces corruption as a result of you possibly can apply for providers, purchase electrical energy, get a licence, get a passport with out going to fulfill any who will ask for bribe. This transformation will proceed.”
The Ghana Club 100 Awards honours and acknowledges the contributions of the personal sector to Ghana’s financial improvement.
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