Bawumia outlines 10-point plan to solving unemployment
Dr Mahamudu Bawumia, NPP’s running mate to the presidential candidate, has argued that the first key to creating the needed jobs and transforming the Ghanaian economy is formalising the economy.
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He noted that no developed economy could have reached their current status without formalising their economies.
In his view, a comprehensive national identification database with unique identifiers for each person and a well-functioning property address system were some of the pillars to formalising the economy.
10-point Plan
He said this when he outlined a comprehensive 10-point plan to boost job creation and end the massive joblessness that affected millions of the Ghanaian youth yesterday .
Dr Bawumia laid out this plan during a lecture on the topic – ‘High Graduate Unemployment and the Employment Embargo, What is the Solution’ to students at a public lecture organised by the Economics Students Association in Kumasi.
He stated that the goal for now was to build the most people friendly and most business friendly, globally competitive economy in Africa.
Data Revolution
He said a Data Revolution was critical to Ghana’s development and indicated that such a revolution would involve linking databases across institutions such as DVLA, Police, Courts, Immigration, Revenue Agencies, etc.
“All modern economies are all formalised. Formalisation makes the collection of taxes, discipline and job creation easier. The keys to formalising an economy are the existence of a national ID System and a functioning Property Address System. The benefits of a national ID system or a unique identification number for residents and a well-functioning Property Address System are significant. Activities of residents with regard to taxes, loan applications, crime, job applications, housing, insurance, health, etc. are uniquely identifiable”, he said.
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Dr Bawumia also identified the movement from cash to electronic payments using mobile and other ICT platforms as another pillar to formalising the economy.
Dr Bawumia also mentioned the need to spur financial inclusion, diversify export base and develop the property market and develop the mortgage market as some of the key considerations.
He further mentioned favourable policy framework and economic stability as well as creating macro-economic stability and debt sustainability as very critical.
Four other critical keys to creating an economy of jobs, which Dr Bawumia explained, were increasing infrastructure investment to match growth in economy and to support production; addressing corruption, the cost of which was borne ultimately by businesses and citizens, prioritising agriculture and ensuring value addition to raw materials and investing in skills training and research.