Ghana's Vice President Bawumia Credits Ghana Card with Economic Formalization

Ghana's Vice President, Dr. Mahamudu Bawumia, has attributed the country's economic formalization to the successful issuance of the Ghana Card to 85% of the adult population. Speaking at a meeting with the Trades Union Congress (TUC) in Accra on Wednesday, May 29, 2024, Dr. Bawumia emphasized the significance of the national identity card in addressing the country's informal economy.

Dr. Bawumia highlighted that the Ghana Card has played a vital role in formalizing the economy, as it serves as a Tax Identification Number (TIN) and provides government agencies, banks, and telcos with the necessary data to include everyone. Additionally, the card has enabled financial inclusion, with Ghana ranking number one in Africa. The Vice President also revealed that the issuance of the Ghana Card number at birth to newly-born children has already begun.

Dr. Bawumia stated, "There was a need to formalize the economy to address these age-old challenges if we are to move forward." He explained that he had observed this need in a book he wrote before becoming Vice President and sought the President's permission to implement the Ghana Card project.

The formalization of Ghana's economy through the Ghana Card has significant implications for the country's development and growth. This could lead to increased financial inclusion, improved data access, and more efficient government services, benefiting the citizens of Ghana in the long run.

The Ghana Card has been instrumental in achieving financial inclusion, with Ghana ranking number one in Africa. The card is required for registrations to access services, including mobile money interoperability by banks and telcos. This has enabled government agencies, including the Ghana Revenue Authority (GRA), Ghana Health Services, and telecommunication companies to access data and include everyone in their services.

Dr. Bawumia's commitment to issuing national identity cards was driven by the need to formalize Ghana's economy, which had been largely informal as a result of the exclusion of several members of the adult population. By issuing the Ghana Card to a substantial proportion of the adult population, the country has made notable progress in formalizing its economy and promoting financial inclusion.

Dr. Bawumia remarked, "The Ghana Card has played a vital role in helping to formalize the economy. With the Ghana Card number also serving as a TIN number, it means government agencies such as banks, the GRA, Ghana Health Services, and the telcos now have the data to include everyone."

By highlighting the significance of the Ghana Card in formalizing the economy, Dr. Bawumia's statement emphasizes the importance of this national identity card in promoting financial inclusion and data access in Ghana.

Key Takeaways

• Ghana's economy formalized through Ghana Card issuance to 85% of adult population.
• Ghana Card serves as Tax Identification Number (TIN) and enables financial inclusion.
• Ghana ranks #1 in Africa for financial inclusion due to Ghana Card.
• Ghana Card issuance begins at birth for newly-born children.
• Ghana Card promotes data access and efficient government services.