Vice President Dr Mahamadu Bawumia
Government has indicated that it’s working hard to actualize certain key programmes that it announced to help bring interest rates down this year.
Speaking at the launch of the 55th anniversary of the National Investment Bank (NIB) on Monday in Accra, Vice President Dr Mahamadu Bawumia, said the national digital address system, functioning credit reference bureau, national identification database, payments system interoperability and national digital land title registry would soon be rolled out.
National ID system
“A year and three months ago when we assumed power, we have been trying to basically do the things that will fundamentally transform the banking and economic environment of the country. And this is why we have embarked on putting in place these different pieces of the jigsaw.
“In the next month or so, we should see the beginning of the rollout of the national ID system. And if the national ID system is rolled out, it will really give us something that we have not had before. We will uniquely identify everybody.”
According to him, that would help transform every ID number into a tax identification number “so that if you don’t file your taxes, you could be identified. But it saves the country so much because if we have to do an electronic register, there would be no need for anybody to queue anymore. We will just pick everybody in the national ID register above 18 years. Also to benefit will be the NHIA and DVLA. The banks and all other national statutory bodies would be using the national ID system.”
Digital address system
He said government has also added to the foregoing the digital address system, which was launched last year to provide a unique digital address by every 5 by 5 square metre of land in Ghana.
“It’s working so I hope everybody has downloaded the Ghana Post GPS.”
He warned: “You would not be able to register for the national ID if you do not know your digital address. It’s a matter of transforming the country. Once we have the digital address and the national ID working, it means that we can have working credit reference bureau. Everybody can be uniquely identified and we know where they live. Then we can keep credit history for everybody and then we can help bring interest rates down because risk of lending will come down as well.”
Payments inter-operability
Dr Bawumia noted that in the next couple of months, government would finally launch the payment systems of interoperability in Ghana.
“I even set a deadline but the banks are making the system much more robust that is why there has been a slight delay. Basically with payment system of interoperability we are going to provide the country with a better to make sure everybody is financially included. So you’re having your mobile network operators, your mobile numbers and so on which will be completely interoperable with the banks, so you can move money seamlessly between your bank account and your mobile wallet, and also e-Zwich.
“These would ensure the use of cash is reduced. So we are providing that vehicle that is required for a cash-lite society. By the grace of God in a couple of months, we are going to launch it and it will be transformational.”
“We would have a completely different economy. These are all geared towards supporting the macro-economic side, i.e. to stabilize the economy.”