Technology could help Africa’s GDP grow by $300 billion in a year - Ofori-Atta

Technology could help Africa’s GDP grow by $300 billion in a year - Ofori-Atta

- Finance Minister, Ken Ofori-Atta, has argued that technology could play a key role in increasing Africa's GDP to about $300 billion

- He noted that technology could be used to enhance Africa's policies and programmes to boost economic growth

- Ofori-Atta added that Ghana is yet to reach digital maturity and for that reason, it is important to do more to get to that level

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The Minister of Finance, Ken Ofori-Atta, has predicted a likely $300 billion increase in Africa’s Gross Domestic Product (GDP) in a year by 2025.

According to him, it could be possible if the relevant technological tools are employed.

He added that it is important for African countries to speed up policies and programmes towards leveraging on technology for economic growth.

READ ALSO: Ghana's economy will contract by 1% in 2020 - EIU reports

Per a report by GNA, Ofori-Atta noted that "if we digitise as a continent, we can see 10% growth of our GDP because of technology. South Africa reduced cost by 22% and revenues picked up in Rwanda by 6% because of digital technology."

The Finance Minister passed the comments on the sidelines of the launch of an Integrated ICT System for Microfinance and Small Loans Centre (MASLOC) at the Jubilee House, in Accra. understands that the IT system is an innovative solution to address payment and settlement challenges facing MASLOC, in order to enhance transparency and accountability in the disbursement and recovery of loans.

Ofori-Atta took the opportunity to praise Vice President Bawumia for spearheading the government’s digitization agenda.

He, however, noted that Ghana has not reached digital maturity yet, and underlined the need to continue pursuing digital infrastructure to accomplish that agenda. earlier reported that the latest prediction from the Economist Intelligence Unit (EIU) shows that Ghana’s current account is expected to expand to 5% of its Gross Domestic Product (GDP).

EIU’s analysis also revealed that the economic fallout from the coronavirus will place significant additional pressure on Ghana's external accounts. has learned that cocoa production is also likely to decline because the industry is constrained by poor weather conditions and crop disease.

READ ALSO: Ofori-Atta urges China to support Africa with debt reliefs

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