Dr. Mahamudu Bawumia, vice president, has urged African nations to use technology to improve in order to meet current economic issues.
He claims that the Russia-Ukraine conflict and the COVID-19 Pandemic have shown weaknesses in the global economic and political system, which would have an impact on Africa’s efforts to achieve economic progress.
“If the continent does not act decisively to build more resilient technological industries to global economic shocks.” It is obvious that countries that rely primarily on primary industries suffer more severe consequences when the global economy suffers a downturn than those that have diversified their economies through higher technology inputs.
“The challenges that have beset the global economy may have been fuelled by temporary crises such as the COVID-19 pandemic and the Ukraine conflict. But these challenges are still a wakeup call to Africa that there are deep structural gaps in the global economic and political architecture that can frustrate its rise, unless serious concerted efforts are made to plug them,” Dr. Bawumia disclosed in his address at the high-level African Union-backed “BOMA” forum on Friday.
The Boma forum gathered global political and business leaders to discuss Africa’s progress toward Agenda 2063, the African Union’s timetable for transforming Africa into a global economic force.
Dr. Bawumia also stated that Ghana has begun to increase technological and digitization content in its development programs as part of its path to economic development.
Dr. Bawumia stated that “if the massive shifts currently underway, such as the rapid emergence of a new type of internet, are to benefit, rather than further marginalize, Africa, the continent must make the right investments now.”
“We are very aware of these potential pitfalls and are investing in both institutions and infrastructure that will enable us to both leapfrog our infrastructure and education system limits and rapidly advance the regulatory capabilities we need to deal with complex challenges such as balancing sovereignty and efficiency as we transition to a data-driven economy.”
“We have successfully developed new identity infrastructure that will transform credit scoring for SMEs, remove bottlenecks in e-commerce, and lay the groundwork for the modernization of business-supportive government services,” he continued.
“We have completely transformed the financial technology landscape and restructured our mobile telecom industry in order to capitalize on the 5G revolution and the internet of things as they accelerate.”
“No one who has followed our policy journey in Ghana can deny our complete dedication to the technological approach to development.”