He said that the pandemic will change the way of doing business, a reason developing countries such as Ghana must take advantage of such developments.
He was speaking at the launch of MASLOC’s new Integrated ICT business solutions at the Jubilee House.
Dr Bawumia said he was optimistic that the electronic transitions will increase significantly even after COVID-19, to limit the movement of physical cash.
He said Ghanaian businesses must take advantage of the situation as the government automates all of its payment systems to enhance transparency in the public sector and reduce corruption.
“Yes, COVID-19 has been destructive in many ways of our lives, but destructive events can catalyze change for the better. We are witnessing an awakening of a new world order; businesses will not be as usual after the crisis. An obvious change after the crisis will be an increase in reliance and confidence in technology, online payment systems will be radicalized and institutions would have no option but to subscribe to digital service delivery,” he said.
The coronavirus pandemic saw countries using digital technologies to tackle several issues related to the disease.
In Ghana, for instance, the ban on social gathering, enforcement of social distancing measures, the three-week partial lockdown and other measures to curb the spread of the disease has led to an increase in the use of the internet.
Meanwhile, the Ghana Interbank Payment and Settlement Systems (GhIPSS) has revealed that the volume of transactions done electronically through its platform has increased by 81% in the first quarter of this year compared to the same period last year.