The Deputy Prime Minister Hon Davis Steven and Minister for Youth, Religion and Community Development Hon Wake Goi officially launched today the first National Informal Economy Audit Report initiated by the Department for Community Development and Religion.
Hon Davis Steven stressed that Prime Minister Hon. James Marape has recently launched very important Policy on Integrated Community Development (PICD) that promotes a whole-of-government approach in serving the needs of people of PNG.
“And I am privilege to launch this evidence-based first Global Informal Economy Audit Report also initiated by the Department for Community Development in partnership with National Planning, CIMC, UN Women and EU.
“My commitment as the chairman of Social, Law and Order Sector is to surround the community development and the work they are doing in taking back PNG.
He said this in relation to the theme ‘Taking Back PNG by Empowering the Informal Economy’ yesterday at Sir John Guise Indoor Complex in Port Moresby.
Minister for Youth, Religion and Community Development said that the informal sector has a greater potential in providing food for families and employing many of our unemployed population.
“We want to strengthen and empower the sector with proper policy guidelines in connecting the missing links between formal and informal sectors,” said Minister Goi.
The Audit survey was conducted in 2018 within 8 provinces and 17 districts from the 4 regions of PNG.
The report indicates that the informal sector;
- employs 80 percent of the adult population
- provides 90 percent of household income, and;
- contributes 60 percent of non-resource GDP.
Secretary Anna Solomon in giving an overview of the report said, there is K12 billion circulating in the sector annually unbanked, and this is a huge amount of money.
“If we built the capacity with skills and technology, participants in the sector will be protected and empowered to meaningfully contribute to the growth of national economy,” she added.