‘Formalizing Economy Will Lead To Rapid Development’

The Vice President, Dr. Mahamadu Bawumia has stressed that government is keen on thoroughly formalizing the economy. According to him formalizing the economy is prerequisite for rapid development.

Speaking at the opening of the regional ministers’ conference in Kumasi on Friday, Dr. Bawumia said most of the programmes being embarked on by will soon reflect in the livelihood of Ghanaians.

He said “The Akuffo-Addo administration has worked arduously to lay the foundation for rapid development of our dear country by rolling out programmes such as the Digital Property Address system which is aimed at formalizing the economy.

He reiterated next year land titled registration will also go digital in addition to the Ghana Card – National ID card – which will also be rolled out soon. Dr. Bawumia said “Since independence there has been tremendous effort by successive government towards the development of the nation.

Ghana is currently classified as a middle-income country based on certain economic indicators, such as the country’s per capita income, Gross Domestic Product (GDP), Gross National Income (GNI) among others.

“However, all these indicators of economic growth will continue to remain meaningless to our people for as long as they do not reflect in the livelihood of our people who lack basic social infrastructure at the local communities is of significant concern.

He added: “It is against this backdrop that, Government, under the leadership of H.E President Nana Addo Dankwa Akufo Addo has worked arduously to lay the foundation for rapid development of our dear country.

Our primary vision, to which we are highly committed, is to chart a sustained course to economics growth that will reflect effectively on the well-being of every Ghanaian; an economy that our children look back 6oyears from now and utterly proud from on.

“We need, therefore to identify and redefine our priorities in the most effective and efficient manner in order to attract trade and investment as two key drivers of social and economic growth.”

Source: Thepublisher/Business