Dr. William Godfred Cantah, Economist, Department of Economics, University of cape coast has admonished the government of Ghana to pursue the National Identification Card initiative vigorously in order to formalise Ghana’s economy.
According to him, the National identification card must be treated as an emergency to help develop the economy.
“One of the key things that can help bring down the cost of borrowing in this country is a national identification card. I think the government should treat it as an emergency that will help the economy develop. And the formalisation of the economy largely depends on it, so it must be pursued vigorously”, he said.
He said these at the Economic Government Platform (EGP) roundtable discussion today in Accra on the theme: Assessment Of The Ghanaian Economy (2012-2020)”.
He added that the government should create a derivative related apparatus and market for the agricultural sector, especially for farmers.
Dr. Cantah disclosed that many Ghanaians workers do not pay a pension to the Pension Scheme adding that it is an area that can generate huge capital for the development and resolve other related pressing national challenges.
He mentioned the negligence of the insurance sector which hampered the growth of the Ghanaian economy, urging that the insurance sector must be taken seriously.
Touching on the financial sector, Dr. Cantah pointed out that it is an area that can support businesses to grow unlike a bank that cannot give a long term loan, the financial sector can give over 10-years duration for payment.
The EGP as part of its activities on Citizen’s Action for Public Accountability initiated the research on the assessment of the Ghanaian economy.
According to the Platform, it has been observed that the country’s economy of Ghana has seen consistent growth over the last 8 years.