Election 2024: Bawumia explains link between digitalisation and economy

The relationship between digitalisation and the economy has taken a centre stage in this year’s electioneering campaign.

Former President John Dramani Mahama, the Flagbearer of the National Democratic Congress (NDC), have criticised Vice President Mahamudu Bawumia, the Flagbearer of the New Patriotic Party (NPP) of abandoning discussions on the economy for digitalisation.

In an indirect response to that criticism, Vice President Bawumia, while launching a digital ride-hailing platform, “Go Ride” for local taxi drivers, in Accra, explained the link between digitalisation and the economy.

Dr Bawumia said the role of digitalisation in modern economies was pivotal towards achieving economic advancements, noting that countries that failed to embrace digitalisation risked being left behind in the global digital revolution.

He highlighted how digital innovation was transforming economies globally and called on Ghanaians to embrace the digital revolution because it had direct link to economic prosperity of nations.

“Sometimes people don't quite get what we are doing. They say oh the Vice President is launching an app and question what that has to do with the economy?”

Dr. Bawumia compared the value of global digital giants to Ghana's economy, illustrating how a single app or platform could generate value far exceeding the entire national economies of nations.

“When you look at a company like Uber, which is an app for ride-hailing, what is its value? I checked yesterday—the most recent value for Uber is $163 billion. That's twice the whole of Ghana’s economy, which is $75 billion,” Dr Bawumia explained.

Vice President Bawumia noted that Apple was worth $3.5 trillion, which was 46 times more than Ghana's total economy.

He said fintech companies in advanced nations were creating apps that the world economies were using, and underscored the need for developing countries to create their own apps.

“Even Airbnb is worth $85 billion, more than Ghana's economy, from just one app,” the Vice President pointed out.

Dr Bawumia, who has been spearheading digital initiatives in the country, called for the adoption of digital infrastructure like the digital property address system, Ghana Card (identity system), QR Code, Ghana.gov, mobile and money interoperability for Ghana to participate fully in the global digital economy.

“In this Fourth Industrial Revolution, you must understand the link between digitalisation and the economy and so the digital infrastructure we established were foundation for us to leverage digital technology for economic growth and development,” Dr Bawumia emphasised.

The Vice President Bawumia noted that countries that failed to develop their own digital tools were at risk of becoming mere users rather than creators.

“So, as you enter the Fourth Industrial Revolution, you're either going to be developers of these apps or users of these apps, and we have to make that choice,” he noted.

“If you want to empower your local economy and be a full participant, you have to be developing many of these apps.”

Reflecting on Ghana’s digital journey, Dr. Bawumia said he was proud to have contributed to advancing the nation’s digital infrastructure.

“This is the thinking behind Ghana Card, mobile money interoperability, digital addresses, Ghana.gov, e-health, and everything else we're doing.

“We're going to make sure Ghana is not left behind in the digital revolution and needs to see more local empowerment in this space,” Dr Bawumia stated.

GNA