Vice President Dr Mahamudu Bawumia
The Director of the Centre for Global Finance at the School of African and Oriental Studies (SOAS) at the University of London, Prof Victor Murinde, has described Ghana’s ongoing efforts to create a digital, formalised economy as “timely step in the right direction.”
According to Prof Murinde, who is also the AXA Professor in Global Finance at SOAS, the decision by the Akufo-Addo administration to adopt technology in its bid to formalise the Ghanaian economy is very laudable and shows that “Ghana is on the right path.”
Ghana’s “trailblazing” role in the African digitisation agenda is also commendable, Prof Murinde indicated, and urged other African countries to emulate Ghana’s example and move in the direction of digitisation in order to take their rightful place in the ever-evolving world economy.
Prof Murinde made the commendation when he gave the closing remarks at the school after the Vice President, Dr Mahamudu Bawumia, had delivered the Distinguished Guest Lecture yesterday.
Speaking on the topic “The Drive Towards Building a Digital Economy,” Vice President Dr Bawumia outlined Ghana’s rapid formalization of the economy, the Akufo-Addo administration’s resolve to leverage technology to achieve the formalisation agenda, the successes chalked up so far, and the way forward.
“Nearly 61 years ago, we gained independence and inherited an economy that pointed us in one direction: extract your natural resources and export them to the rest of the world; import what you don’t have through trade and you may rely on external development assistance to fill your development gaps.
“But this paradigm has not served us well. Our economy remains colonial, highly informal, undiversified, weak, vulnerable, and lacks the internal capability to renew itself, create jobs and spur innovation. We needed to change course,” Dr Bawumia pointed out.
“We have learnt from our past and have taken lessons from other economies. Sustained and high growth economies have absorbed know-how, technology and knowledge from the rest of the world. We must maximize knowledge diffusion to accelerate our progress in development.
“Therefore, we have resorted to the use of technological innovations to address some of our structural and institutional weaknesses. That is the surest way to leapfrog change,” the Vice President indicated.
“Our effort to digitize the Ghanaian economy has not been without challenges, especially in the space of the past 22 months,” Vice President Bawumia continued.
“But that has not discouraged us. Someone has to initiate change. We must not relent in pursuing our vision to build good societies.
“Like SOAS as a learning institution, we see ourselves as a government in the context of a continent in transition. To move the continent and its people to a better place, we must adopt technology to overcome old barriers and widen the opportunities for inclusion.”
“Ghana, Vice President Bawumia, maintained “has chosen the road to develop a prosperous economy through transformation in the hope to move beyond aid, building on what technology enables us to do now. It is not an easy path. It is a challenge, but we see greater merit in the pursuit of that vision.”
Speaking after the Vice President’s lecture, Prof Murinde, who is a financial economist with more than 25 years’ expertise as practitioner and policy advisor for governments and leading international organisations, urged the Ghana government to accelerate the pace of the digitisation agenda to help rapidly formalise the economy.