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News from Sunday, April 14, 2019
Source: dailymailgh.com
2019-04-14
Vice President Dr. Mahamudu Bawumia
Vice President Mahamudu Bawumia believes that African countries can make enormous economic progress by taking advantage of technological innovations.
Speaking at the 16th African Economic Forum of Columbia University, Friday, April 12, 2019 in New York, Mr. Bawumia said that technology was the bulwark of industrialization and that the continent should therefore invest in it to make progress economically.
"The debate is not about the goal of industrialization, but about the way forward," Dr. Bawumia said of the theme: "Technology vs. Industrialization: The Way Forward".
He added, "And for us, taking advantage of technological innovations to shape our industrial path will be the future of our economic progress and, I will add, of the Africa we want."
The vice president argued that technology and industrialization are not incompatible tools of Africa's economic progress.
"There is and will remain a difficult balance for governments across the continent to pursue and adopt technologically relevant policies and initiatives alongside the promotion of policies to create an industrial base for their economies" underlined Dr. Bawumia.
The Vice-Chair pointed out that Africa's problems are unique and that exceptional measures must be taken to remedy them and that they can not be subjected to conventional discourse.
"The fact that African policymakers even have a debate about technology or industrialization is troubling in itself, not because it's irrelevant, but because the challenges we face, catch up with delay, let alone exceed other economies, require disruptive strategies and unconventional pathways not addressed by conventional discourse, "noted Dr. Bawumia.
"We are witnessing how the orthodoxies of economic development have not always produced the desired socio-economic results. Governments fail, as do unmediated markets, particularly in the areas of the environment and natural resource governance.
"The global recognition that the market, without an intermediary, is not always the most desirable means of equitable development has led to the proliferation of studies and policy offerings in the area of inclusive development. As noted by the World Economic Forum in 2017, "In recent years, a global consensus has emerged on the need for a more socially inclusive approach to generating growth. economy, "he said.
Mr. Bawumia therefore suggested a mix of the two technologies – technology and industrialization – "to expand the boundaries of opportunity for African economies".
The vice president said the concept of "leapfrog" was necessary for Africa's sustainable development as a development theory that would accelerate growth, with Ghana in the lead.
"Ghana sought to answer the question that was popping up in three unique ways: first, by normalizing the economy by taking advantage of technology, innovation and digitization. Secondly, through an inclusive development strategy implemented through large-scale human development and investments in local infrastructure, at the district level; and third, through industrialization by adding value to and exploiting our natural resources.
However, he said that governments should play a "crucial role not only in planning the application of technology to meet our development challenges, but also in facilitating and promoting technological efforts at the national level. # 39; s business ".
He added: "We believe that a supportive government role is needed for the development of technological capabilities in our quest for industrial sectors. The question may be how to do it to create opportunities for innovation to accelerate the growth of the industry. "
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