Corruption has long been a significant challenge for Ghana, resulting in the loss of millions of dollars through various corrupt practices.
Despite the intentions expressed by successive governments to address this issue, the problem persists, largely due to a consistent approach that has failed to yield substantial results.
In light of this, Dr. Mahamudu Bawumia, the NPP Flagbearer, has introduced an innovative strategy to combat corruption through digitalization, which has already curtailed numerous longstanding corrupt practices and saved the nation considerable funds.
During the recent launch of his manifesto, Dr. Bawumia reaffirmed his dedication and enthusiasm for continuing the fight against corruption. One of the key initiatives he has implemented to mitigate this issue is the Ghana Card program, which has effectively eliminated fictitious names from government payrolls.
In his manifesto, Dr. Bawumia outlined his comprehensive approach to tackling corruption, emphasizing the importance of transparency as a crucial tool in this battle.
Many corrupt activities are conducted in cash, and transitioning towards a cashless society not only offers economic advantages but also enhances traceability, thereby reducing corruption.
His vision is to expedite Ghana’s movement towards a cashless economy. The Bank of Ghana has already made significant strides in this area by establishing various systems and infrastructures, including mobile money interoperability, merchant interoperability, a Universal QR Code payment system, Gh-Link, debit cards, Ezwich, and GhanaPay. These initiatives lay the groundwork for Ghana’s transition to a cashless economy.
The Bank of Ghana has recently concluded a pilot program for a digital version of the Ghana cedi in Sefwi Wiawso. This initiative, referred to as central bank digital currency (CBDC) or e-cedi, is designed to function both online and offline, with an official launch anticipated from the Bank of Ghana in the near future.
The e-cedi is poised to be a significant tool in combating corruption, as it will enhance transparency and mitigate risks associated with fraud, theft, tax evasion, and money laundering.
Its design will facilitate the tracking of financial transactions and the identification of suspicious activities. Furthermore, the introduction of the e-cedi will accelerate Ghana’s transition towards a cashless or predominantly cashless economy.
In addition, we will incorporate blockchain technology and smart contracts to ensure secure data exchanges and promote transparent e-government services.
The utilization of distributed ledger technology will enhance both transparency and efficiency, ensuring that all government transactions are permanently traceable and resistant to alteration.
