According to him, the initiative will spur the economy and also aimed at making local contractors vibrant and highly competitive against their international counterparts.

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The initiative is part of efforts by the government to make local contractors globally competitive.

He made this known at the Ghana Economic forum in Accra on Monday. Dr. Bawumia said "The whole mindset will need to be re-oriented in building a strong economy.

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"As far as government’s contracts are concerned, we are making sure that at least 70 percent of taxpayer-funded contract are awarded to local entities and that will really help us in the Ghanaian ownership of the economy."

"You also want to build an economy that encourages investment." Dr. Bawumia added.