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Addressing Ghana’s financial problems will be a daunting task – Baumea

The Vice-President, Dr Mahamudu Baumia, expressed concern about Ghana’s financial and religious situation, saying that addressing it would be a daunting task.

But he stressed that the government will embark on several strategies to find solutions to the current economic challenges facing the country.

Speaking at Standard Chartered’s Digital Banking Innovation and Fintech Festival in Accra, Dr. Paumia said there was a need to shift production to reduce dependence on imports.

According to him, the impact of various digitization initiatives, including the efficient delivery of public services in all ministries, departments and agencies is crucial in changing the country.

“The first and most important thing, which affects the confidence we have in economic systems, is to make sure that we have fiscal and debt sustainability capacity. This has been one of the areas where we are having discussions with the IMF about restoring fiscal sustainability… which is not I doubt it won’t be easy.”

It will require bold, difficult, but fair decisions. And I think that’s the kind of discussions we’ve had with the IMF.”

He added: “I am sure that once the negotiations are over, it will be clear that they will not be and things should not go as usual. He noted that we have to adapt to the new global and local realities.

He stressed the need for Ghanaians to change their behavior pattern and consume more local produce, a situation which he believes will reduce imports.

He believed that “we must change our production pattern, which will lead to less dependence on imports.”

Speaking at the same programme, the Deputy Governor of the Bank of Ghana, Dr Maxwell Opoko Avary, reassured players in the digital financial services ecosystem that the Bank of Ghana remains firm in its commitment to the cash-lean agenda.

“We appeal to all institutions to join the digital financial ecosystem as Bank of Ghana is committed to saving the country’s economy,” he emphasized.

Standard Chartered CEO Mansa Niti said the festival goes to the core of the company’s strategy of meeting the changing needs of customers in all markets.

The 2022 Fintech Festival will feature a series of plenary sessions that will explore co-innovation opportunities by industry players to embrace digitization and the extent to which platforms and payments currently create value and help industry players be agile amid the turmoil.

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