More investment needed in quality data — Dr Amin Adam
The Minister of Finance, Dr Mohammed Amin Adam, has said that the availability of high-quality and timely data is a major enabler for developing countries to leapfrog.
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He, therefore, called on governments and development partners to scale up investment in data for accelerated development. “I will like to use this occasion to call on policymakers to prioritise investments in data systems as that is the way to go if we have to fast-track our development ambitions,” Dr Amin Adam said.
In addition to the above, he stated that it was equally important to establish robust data governance frameworks to ensure quality and security, and promote open data policies to enhance transparency and accountability.
The Finance Minister was speaking at a World Bank Partnership Roundtable on the theme: “The Power of Data - Unlocking the Data Dividend”, on the sidelines of the 2024 IMF-WB Spring Meetings in Washington DC.
The programme brought together policymakers, development partners and practitioners to discuss and promote the development and use of data. He reiterated that quality and timely data were “key raw material” for development, essential for addressing developmental challenges such as climate change, emergency response, poverty, inequality, health care, education, decent jobs, debt sustainability, macroeconomic stabilisation, growth and good governance.
Return on Investment
Dr Amin Adam further underscored the return on investment in data, saying that recent research indicated an average return of $32 for every dollar invested in data systems, and called on the private sector and development partners to scale up their support for data systems.
“As we forge ahead, it is critical that we remain committed to leveraging the power of data to address pressing challenges, drive innovation and create a better future for all.
Together, with a clear vision and a strong commitment to data-driven policymaking, we can chart a path towards prosperity and resilience for generations to come,” he emphasised.
The minister, who is also the Member of Parliament for Karaga, gave an overview of what the government has been doing to strengthen Ghana’s national statistical systems.
These include the National Data Roadmap to improve tracking of the Sustainable Development Goals (SDGs), developed in 2017; passage of the Statistical Service Act (ACT1009) in 2019, operationalisation of the National Statistics Advisory Committee and the Harmonising and Improving Statistics in West Africa, in addition to a number of others supported by development partners such as the High Impact Initiative on the Power of Data.
“The strides made by the Ghanaian government, in collaboration with development partners and international organisations, underscore a collective commitment to harnessing the power of data for the betterment of society.”
Dr Amin Adam, therefore, called for more investment and collaboration to harness the power of data and to close the big gap both globally and at the country level in timely generation of high-quality data to support developmental efforts.