Vice President, Dr Mahamudu Bawumia has revealed that Ghana is on the right path in its digitization development. According to him, any country’s strong micro-foundations is reinforced by systems and data development.

Dr Bawumia further noted that, most African countries, trying to develop without micro-foundations and systems to drive it are on a path which will lead to failure.

“Most African countries have tried to develop without the micro-foundations and systems to drive it. That has not and will not work.

“It is like trying to get to Mars on a bicycle. We have to be systems and data-driven economies. Digitisation is the key. Ghana is on course”.

Dr Bawumia has been a strong advocate of digitization via leading government’s digitization drive, earning him such recognition.

Dr. Bawumia’s digital agenda

Dr. Bawumia, in November last year, disclosed that the digitization investments made by the Akufo-Addo government has put Ghana ahead in becoming one of the most digitized economies in Africa.

According to him, President Akufo-Addo government inherited an economy that was largely manual. The country, he explained, had the majority of the population unbanked.

Additionally, he lauded government’s ability to register more than half of the population for the National ID card. Also, he extolled its capacity in digitizing the process for acquiring a drivers’ licence and passport.

The Vice President said the previous NDC government did nothing to improve systems that directly impacted service delivery in Ghana.

Recently, the Vice President launched the National Retail Outlet Fuel Monitoring System to sanitise the supply and distribution of petroleum products in the country.

The system known as an Automatic Track Gauging and Forecourt Transaction Control System, was an initiative of the National Petroleum Authority (NPA).

Addressing loopholes in various sectors

The motive, according to Dr Bawumia is to help improve profitability in the sector. Similarly, it is expected to block revenue leakages in the Petroleum Downtown Sector due to some losses in the past.

Between 2015 and 2019, Ghana lost an estimated amount of GHS4.7 billion in tax revenue in the petroleum sector.

The system uses 3D Calibex Device to monitor fuel stock, aid in reading fuel tank levels and monitor sales data 24/7 at the fuel retail outlets.

Dr Bawumia noted that taxes and levies on petroleum products enabled the government to maximise revenue resource for funding infrastructural development and implementing social interventions.

As part of using digitization to address the country’s needs, Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana on April 21, revealed that businesses will suffer if they fail to incorporate and embrace digitalization in their business models.

According to him, government’s strategy in containing the COVID-19 exposed some digitization gap. This gap, he revealed, brought opportunities for businesses to ensure economic effectiveness and growth.

That notwithstanding, Dr. Opoku-Afari opined that, businesses unable to latch onto digitalization will bear the consequences post pandemic.

He further indicated that the financial sector digitization programme forms part of government’s bigger project to formalise the economy.