Ghana has a major challenge in domestic revenue mobilization with a tax-to-GDP ratio at 14.3%, compared with 27% for a peer country such as South Africa and 34% in advanced economies, Bawumia said. That has led to the implementation of a national ID card, which serves as the tax identification number and has increased the taxable adult population to 86% from a low of 4% in early 2017, he said.

Africa’s biggest gold producer has also started the process to launch a central bank digital currency next year, “The E-Cedi is a digital form of the physical cedi in circulation, it is a legal tender issued and backed by bank of Ghana,” Bawumia said.