Restoring economic stability through digitization on course – Bawumia

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Vice President Dr. Mahamudu Bawumia has said the Akufo Addo government is largely succeeding in restoring macroeconomic stability which was its first agenda.

Addressing dozens of business executives, industry captains and investors at the opening ceremony of the Ghana Investment and Opportunities Summit in London, he noted that plans are in motion to formalize the economy through digitization.

Dr. Bawumia said although government has chalked some remarkable developments in the economy, it has a larger focus.

The Vice President, who is the lead in the government’s digitization agenda touted successes in land administration, national identification and an integration of the nation’s database.

“We are in the process which will be completed in December this year of integrating the digital property addressing systems with the emergency number of the police, ambulance or fire service. We want to do this integration because it makes a lot of sense so that when you call the emergency services they will know exactly which address you are calling from.”

In acknowledging the tremendous progress made in the mobile payment interoperability, the Vice President said the situation would enhance government revenue generation.

The Vice President underscored the importance of the private sector in the realization of government’s ‘Ghana Beyond Aid agenda’, and urged the investors to take the opportunities therein.

“With the mobile payment interoperability, Ghana has moved to become now the leading country in Africa as far as mobile money payment is concerned. It gives us the basis and the platform to really include everybody in the delivery of financial services.”

Dr. Bawumia, who also invited UK investors to explore untapped trade and investment opportunities in Ghana recounted the huge investment opportunities in agriculture, industry and finance sectors of the Ghanaian economy worthy of investing in.

Digital economy, a foundation for Ghana’s development

On his part, Chief Executive Officer of the Ghana Investment Promotion Center, Yoofi Grant, told Citi News the digital economy created by the Akufo Addo government serves as a foundation for the growth and future development of the country.

“Investment is not just about talking to people. It also about exposing what opportunities there are to lay the foundations of where you are going. These are all part of the marketing of the country because investors want to know what your plan is.”

The Ghana Investment and Opportunities Summit

The summit is being organized under the auspices of the Ghana Investment Promotion Center and the Ghana High Commission in the UK.

It drew audience from various companies and organizations in the UK. Brand Ghana was showcased to the participants as officials attempted to woo investors to the West African nation.

There were exhibitions from various exhibitors about the potentials of Ghana.

As part of the trip to the UK, the Vice President also held separate meetings with Bloomberg and Morgan Stanley investors in London.

He also delivered a speech as a distinguished guest speaker at the Center for Global Finance of the School of Finance & Management at SOAS, University of London on Ghana’s digitization agenda, and the drive towards the building of a digital economy.

Other dignitaries attending the Summit include UK Minister for Investment, Graham Stuart, Ghana’s Deputy Foreign Affairs Minister, Charles Owiredu, Bank of Ghana Governor, Dr. Ernest Addison, Ghana’s Ambassador to the UK, Papa Owusu Ankomah, and CEO of the Ghana Investment Promotion Center, Yoofi Grant.

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