E-cedi will be the ultimate weapon in fight against corruption - Bawumia

The flagbearer of the New Patriotic Party (NPP) has outlined his ambitious plans to promote transparency, accountability and creation of a cashless economy to fight corruption.

Dr. Mahamudu Bawumia who is currently the Vice President of Ghana emphasized the pivotal role of transparency in combating corruption, stating, “One of the most potent weapons against corruption is transparency.”

His vision includes transitioning Ghana towards a cashless economy, citing the literature that highlights the correlation between electronic payments and reduced corruption.

Dr. Bawumia revealed progress made by the Bank of Ghana in establishing infrastructure for a cashless society, such as mobile money interoperability and the Universal QR Code payment system.

He also stressed on the completion of a pilot for a digital version of the Ghana cedi, known as the e-cedi, designed to enhance traceability and accountability in financial transactions.

“The e-cedi, with appropriate privacy protections, will be the ultimate weapon in our fight against corruption,” remarked Dr. Bawumia, during his address at UPSA on Wednesday February 7, 2024 underscoring its potential to mitigate fraud, robbery, tax evasion, and money laundering.

To incentivize the adoption of electronic payments, Dr. Bawumia pledged to abolish taxes on digital transactions, including the contentious e-levy.

Additionally, he announced plans to enhance transparency by publishing details of all public contracts online for public scrutiny.

Transparency International’s latest report, which maintained Ghana’s corruption score at 43 for the fourth consecutive year, ranking 70th out of 180 countries, has attracted lots of criticism against the government for the lack of progress in the fight against corruption.

Ghana loses over $3 billion annually to corruption.

The country lost approximately GHS5 billion in cash through the payment of bribes to public officials in 2021, according to the Ghana Integrity of Public Services Survey (GIPSS).

Reflecting on his political aspirations, Dr. Bawumia reiterated his commitment to serving the nation and addressing societal challenges. “I entered politics to serve the nation. My passion is solving problems,” he affirmed, emphasizing his track record in implementing anti-corruption measures through digitalization.