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A modern approach to allocating addresses within a defined space with the aid of the latest geocoding technology and expected to propel the ease of doing business, and increase financial inclusion in Ghana has been launched in Accra by the President, Nana Addo Dankwa Akufo-Addo.

The new system dubbed the National Digital Property Address System forms part of government’s drive to formalise the Ghanaian economy and a complete departure from the existing traditional addressing system.

Launching the event at the Accra International Conference Centre on yesterday, the President bemoaned the informal nature of the Ghanaian economy which he said has affected the nation’s ability to broaden the tax base, deepen and widen financial inclusion, and deliver services to those most in need and a major barrier to job creation.

“It is for this reason that we have over the last nine months, the period of my stay in office taken bold steps to formalise the economy and the way we conduct our everyday activities including the way government delivers services to citizens most in need”
The President noted that myriad of dimensions of possibilities that these system creates will see a new generation come up with sustainable business ideas.

“Access to financial services and credit facilities will be opened to a wider network of potential business owners which will in effect lead to the rapid development of our country”, he noted
To achieve this, he said government has begun implementing other initiatives- the implementation of the Nation Identity Card, the interoperable electronic platform for the payment of goods and services which is expected to be launched next month.

“We expect that these initiatives would help formalise and transform our economy and the way business is conducted in the country”

He was optimistic the new digital Address system would ultimately transform the way business is conducted in the country.
He recalled that the last time Ghana was mapped was in 1974 since then all efforts to develop a comprehensive address and post codes systems over the past few years have proved futile due to lack of technical capacity investment and political will.

He noted that under the erstwhile Kufour administration, funding was secured from the Danish government in 2007 to undertake the street and property identification exercise but said after the exit of that administration, the project was abandoned.

“The power to access information and the ability to do instant validation and verification will make many business ventures that were previously unviable, immediately viableand ultimately sustainable for the future “
He was confident that with the deployment of the new address system will open a new chapter for greater financial inclusion of most Small and Medium Scale Enterprises as they would be able to meet the very basic requirements of accessing financial services in the country.

“The property addressing system also means that the koko seller can now open a bank account as he or she will be able to meet the basic requirement to access loan facility from a bank. The koko seller and like many other small business can also grow his or her business”, he noted.

He added that the registration of properties in the country will ultimatelylead to the lowing of the cost of doing business. “Once your address can be located the risk premium charged by banks will be lowered”, the President argued
The President was optimist that through the new system, government can now move to strengthen the health and safety of the public.

“Law enforcement agenciescan easily access addresses 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 all security and emergency services responding to situations in efficient and timely manner “, he added
The President used the occasion to acknowledge the “outstanding work done by the Vice president of the republic Alhaji Dr Mahamadu Bawumia and his team in bringing the idea of the digital Address system to reality.