According to him, the digital property addressing system as well as the rolling out of the National Identification cards are all geared towards making this dream come true.

The average interest rate as at September 2017, was at 29% with banks citing the high risk of loan defaulters as a major factor contributing to the high interest rate.

South African banks charge an average of 10.25%, according to figures from their central banks.

[contextly_sidebar id=”QUQJoP51O4u8SzCjXTTgyToUiyDe9txd”]Speaking at the 21 st National Banking Conference, organized by the Charted Institute of Bankers, in Accra on Tuesday November 28, 2017, Vice President Bawumia explained that, Ghana has one of the highest mortgage-to- income ratios in the world, and high interest rates because of the largely informal nature of her economy, and the reforms being undertaken by the Nana Akufo-Addo government are meant to address this challenge.

Dr. Bawumia, who is a former deputy governor of the Central bank, said banks are unable to lend at low rates because of the risks associated with lending to an unknown quantity, hence Government’s decision to introduce measures such as the National ID card and the Digital Property Addressing system to make it easier to identify and trace borrowers and thereby reduce the risk premium.

“As bankers, we’ve always realized that high interest rates makes it difficult for customers to pay, and it makes the banking system very fragile. Banks face many problems. The risk that customers present: they come to you, you don’t know what their history is, there is no unique ID for an individual customer; you cannot tell. The credit reference system is not really robust so you don’t know exactly what their history is, how many banks they’ve taken loans from and they haven’t paid, whether there’s been a change of name in the middle; you are presented with an unknown quantity and sometimes somebody opens an account today and they want to borrow money that same afternoon.”

“The risk is quite high…because you are dealing with depositors’ funds, but you don’t know who they (borrowers) are, and you don’t know where they live, so we (government) basically said you need to at least put these fundamentals in place before you can really expect a sustainable decline in interest rates that can be driven by proper risk assessment through credit rating agencies and so on.”

He added that these problems among others, compelled government to employ technology in a bid to tackle the challenge.

“This is what is driving the issue of the national ID card. The National Digital Property Address System has also been launched. Preparations are underway for the mass issuance of the national ID card so that we can really trace customers, we can build a robust credit reference agency and together these will be very fundamental to reducing interest rates and strengthening the stability of our financial system and our banking system,” he added.

The Vice President urged banks to play a greater role in growing and strengthening Ghana’s economy, while assuring of government’s commitment to ensuring macro-economic stability.

“I challenge banks to be relevant to the economy by extending loans to the productive sectors particularly the Small and Medium Scale Enterprises. As a government, we are committed to improving the economy through the pursuit of prudent financial management policies.

“The future of banking is bright, but we have a lot to do together as key stakeholders in the industry. Let us pursue banking reforms and policies that will strengthen prudential and regulatory oversight to maintain a resilient banking sector.”

The 21 st National Banking Conference is under the theme “Building a Robust and Sustainable Banking System in Ghana”.

It is being attended by heads of banking institutions in Ghana, as well as current and former Governors of the Bank of Ghana.

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By: citifmonline.com/Ghana

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A visibly incensed Dr. Mahamudu Bawumia did not take kindly to the former President’s criticism, describing Mr. Mahama’s understanding of the system as laughable, and urged him to read wide about the system.

[contextly_sidebar id=”MF85Ef5hu2xQEIhRBCMXp7XTC1d1JuDd”]He said Ghanaians after experiencing eight years of the former president’s leadership as Vice President and President, know what a ‘419’ scam looks like.

“We know a 419 scam when we see one, and that unfortunately was the hallmark of the administration of former president Mahama. Ghanaians will find out more soon as people are held legally accountable. With the record that former president Mahama has in the area of governance, it is incredible that he would have the effrontery to talk about “419 scams.”

The Vice President, an avowed critic of the then Mahama administration, made these comments when he spoke today [Monday], about the importance of the digital property addressing system for farmers at the plush Peduase Lodge.

Speaking at an NDC unity walk in Cape Coast on Sunday, the former President accused the Vice President of embarrassing the government with the digital addressing system which in his view attracted a huge cost, when same could be accessed on Google Maps for free.

“How can you launch a Google GPS system that is freely available on our mobile phone and say it is a national addressing system. It is such a pity. Why will you embarrass the president so much? You go and take a whole president to bring him to come and launch a system that is 419,” John Mahama said.

According to him, the addressing system is fraudulent, and that someone must be punished for misusing state funds to procure the system.

He thus called on the president to “show that he is serious about corruption” by holding someone accountable for the launch of the $2.5 million digital addressing system.

“When we talk about accountability, this is where the president should show that he is serious about corruption. Somebody must account for 15 million giving away free of charge. When I was in office, there was a bus branding incident, GH¢3.6m, a minister of state resigned because of GH¢3.6m,” John Mahama said.

He said Government indeed ensured value for money, and so cannot be accused of wastage or corruption.

He thus enumerated a number of initiatives that were known to have led to the siphoning of state funds under then President Mahama.

“The National Digital Property Address System:
• is not your 419 GH¢200 million SADA Guinea fowl and tree planting scam
• is not your 419 Smarttys Bus Branding scam
• is not your 419 $23 million runway at Kumasi Airport
• is not your 419 GH¢ 952 million GYEEDA scam
• is not the 419 $14 million mansion for the vice president
• is not the 419 GH¢657m Woyome, Waterville and other judgement debt scams”

According to the Vice President, other companies bid as high as GHS170 million for the project.

He said one of the most credible international companies that participated put in a bid for over GHS38million.

“The NDPAS is therefore value for money. Countries such as Ivory Coast, Nigeria and Mongolia are all implementing NDPASs similar to Ghana and none has opted for a free Google or other existing free mapping app. In fact, from the prices quoted by the international main supplier of the digital address systems all these countries have spent at least three times more than Ghana for their digital property address systems. For former president Mahama to claim that Ghana’s NDPAS and the accompanying GhanaPostGPS app is a 419 scam demonstrates a complete lack of understanding of the system. We have been witnesses to 8 years of his governance as vice president and president and we know what 419 scams look like.”

Mahama just engaged in parroting propaganda – Bawumia

Dr. Bawumia in response said, “I read that the former President described Ghana’s National Digital Addressing system as a 419 scam. When I read his reasoning for such a description, it became very evident to me that he has no clue about what he was talking about and was just engaged in parroting propaganda. I actually had a good laugh.”

Educating the former President and critics of the system, Dr. Bawumia explained that, the system is a “national database system that provides the digital address for every landed property in Ghana.”

“Basically every 5x5m property has a unique digital address on the grid with region, district and postcode. Under this system, 16.1 billion addresses have been generated for the whole of Ghana. It relies on surveyed data from Lands Commission and the Latitude and Longitudes to generate postcodes and addresses for every square inch of Ghana.”

He further pointed out that, the system is “independent of Google and any other mapping tool” adding that “Google will not give the postcode, region or district for a particular location for example. It will not give you a register of addresses for every user. Banks for example cannot confirm an address by going to Google maps, but they can do so through the NDPAS for registered users.”

Digital Addressing system will benefit Ghanaians – Bawumia

The Vice President stated that, the 2.5 million dollar system will be beneficial to Ghanaians and cannot be compared to the millions blown by the Mahama government in the bus branding, SADA scandals and others that rocked his government.

“We did not spend it on Akonfem, bus branding, over-priced mansions and contracts, ghost roads, etc. We have spent it on something productive. As a result, Ghana has an excellent digital property addressing system if former president Mahama would care to take some time and just read and learn about it. It was developed by Ghanaians and we should collectively take pride in their work and not try to pull them down.”

He warned that former President Mahama and his appointees will see what 419 really means when the claws of the legal system is unleashed on them.
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By: Ebenezer Afanyi Dadzie/citifmonline.com/Ghana

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According to her, Ghana Post, which has in the last several years struggled with numerous challenges despite its prospects, will now play a key role in the roll-out of the addressing system.

[contextly_sidebar id=”UElgxseIpyIdpBfAnsZV2M03a8WxXEf2″]“The inability to keep up with technological advances in the past, bedeviled Ghana Post and almost killed it. Ironically, the technological advances of today have become the salvation and rejuvenation of Ghana Post, and this is what we are about to witness today [Wednesday],” she said at the launch of the system in Accra on Wednesday.

The launch of the digital addressing system is part of government’s grand plan of promoting effective governance through the adoption of modern technology.

Ursula Owusu remarked that, the digital addressing system will unlock a new window into the area of modern technology for the country.

She added that, the launch of the system will also help the country in the identification and registration of lands in the country, while banks will find it easier to locate their clients and borrowers.

Ursula, who had indicated at her ministerial vetting that her outfit will make the Ghana Post a profitable business, expressed her delight that the system, known as the Ghana Post GPS, is a partnership between a Ghanaian firm Vokacom, and the Ghana Post.

Ghana Post is a national communication and financial agency with nationwide coverage that has served its purpose for more than 5 decades.

In spite of its previous successes and dominance in the communication sector in the past, the company is currently struggling for relevance due to competition from private telecom companies, courier agencies and internet service providers.

Digital Property Addressing System will be sustained – Nana Addo

Meanwhile, President Akufo-Addo has said his government will commit all the necessary resources to ensure that the country’s digital property addressing system is sustained.

He said this after the launch of the project today [Wednesday].

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By: Farida Yusif/citifmonline/Ghana

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[contextly_sidebar id=”2sNT9qbAPgoHyAxQ6vLlRnW5fEP85HhT”]Speaking at the launch of the Digital Property Addressing System,  code-named Ghana Post GPS in Accra on Wednesday, Nana Akufo-Addo said the introduction of the technology will promote effective governance and enable government agencies in security and health to promptly respond to Ghanaians when called upon.

“Law enforcement agencies can easily access address more effectively in order to deal with crime. Health, fire and ambulance services can effectively identify property locations in order to save lives at a faster rate. We should soon enjoy the advantage of having all security and emergency services responding to situations in an effective and timely manner to provide critical security and first aid… I can assure all Ghanaians that my government will provide the leadership necessary for such innovation to be sustainable,” he said.

The system, known as the Ghana Post GPS, provides a unique address database of a precise location of properties to make finding locations easy.

Akufo-Addo said the system will help in the government’s implementation of the National ID card which takes off in November.

“One cannot obtain the Ghana card without an address. When the registration commences in November, it is my expectation that all individuals and [properties will be able to obtain their own unique addresses as we strive to build a credible national address register,” he said.

“Today marks the end of an era and the beginning of a new one. We are launching a solution to our locations and addressing problems…This will ultimately, change the way we do business. The project born from a partnership of the Ministry of Communications and Ghana Post, will give the country a trustworthy database of addressing,” he added.

The Digital Property Addressing System, which was designed by Ghanaian information technology firm, Vokacom at a cost of $2.5 million, will provide an effective means of addressing every location and place in the country, using an information technology application.

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By: Jonas Nyabor/citifmonline.com/Ghana

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He is therefore urging governments in West Africa to establish trust with their citizens so that individuals with information on terrorist hideouts and activities will come forward.

“If we win battle of hearts and minds, there will be victory in the fight against terrorism.”

ECOWAS heads of state have agreed to unite and fight terrorism which is rapidly gaining roots in the sub-region.

Nigeria and Mail have been victims of terrorist acts for some years now which are causing fear and panic among their citizens.

Citizens in other West African countries have expressed fears about the possible infiltration of terrorist groups into their countries.

But ECOWAS has indicated it will immediately implement the anti-terrorism strategy to salvage the situation.

Speaking to Citi News on the side-lines of the emergency ECOWAS meeting which took place in Accra on Friday, Mr. Afoko alleged that there are individuals within Nigeria and the sub-region who know the whereabouts of the over 200 abducted girls and members of Boko Haram.

Mr. Afoko is however of the opinion that battling the terrorist groups with force and arms alone “won’t do the trick.”

The NPP chairman cautioned ECOWAS citizens to note that “all of us are in the same boat because terrorists will always pick the softest targets to be able to create fear and panic in the society.”

Mr. Afoko further charged West African leaders to as a matter of urgency, implement the anti-terrorism strategy but also urged them to understand that “it is not just the force of arms that is going to win this battle.”

According to him, Boko Haram is taking its activities across the borders of Nigeria, therefore; ECOWAS should be tactful in fighting them.

By: Efua Idan Osam/citifmonline.com/Ghana
Follow @osamidan

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