A Professor of Finance at the University of Ghana, Prof Godred Bokpin, has welcomed government's decision to transform the economy through digitalisation.

According to him, the digitisation drive presents huge potentials from which the country can reap numerous benefits to put the nation at par with its global competitors.

Speaking on Joy News' Newsfile on Saturday, the economist suggested that concerted efforts must be made to ensure that the private sector and youth are not sidelined, especially in the African Continental Free Trade Area (AfCFTA).

"Nothing can replace digitisation; it's the way to go. Because of the huge informal nature of our economy, these are all steps trying to formalise the informal economy along a certain continuum."

"We need to scale up the digital capacity of the Ghanaian private sector and the youth to be able to take advantage from that," he said.

Prof Bokpin highlighted that the generation of tax revenue would be easier once the implementation of the digitisation reforms is completed.

He added that the government can generate data that will enable it to embark on proper risk assessments for develpment.

"This is not something that even government should take to itself alone. We are looking at broadening the digitisation and digitalisation agenda across private sector so that they can use that to take advantage of the Africa Continental Free Trade Area."

Speaking at a public lecture on November 2, 2021 at the Ashesi University, Vice President Dr Mahamudu Bawumia maintained that digitalising the economy is in the best interest of the country in addressing social and economic issues.

He underscored that Ghana would soon boast of digital and technology entrepreneurs who would help the government to drastically reduce the rate of youth unemployment.