Demonstrate credibility in managing resources for a robust economic growth-Gov’t urged
The Chairman of the Economic Policy Committee of the National Development planning Commission (NDPC), Dr. Nii Kwaku Sowa has called on government as part of its development agenda to establish credibility in managing it’s resources in all sectors of the economy in order to achieve a robust economic growth.
Speaking at the 3rd national Development forum in Accra, he said a well functioning system especially in the areas of law and order has a potential of attracting financial in-flows as a result of fair and efficient market.
he said ” finance flows where the market is fair and efficient. No investor will give up his or her funds where there are doubts about recouping the investment when it is due. It is important for government to establish credibility beyond doubt that it is managing it’s resources well.
” stressing that the goal of Ghana in attaining a high middle income country is attainable provided the country is able to satisfy basic institutional obligations”.
Dr. Sowah observed that even though Ghana can develop without aid, the country should look for alternative ways of supporting the country’s development. ‘various forms of aid received in the past were only intended for stabilising the economy and was never sufficient enough for a ‘big push’ into sustained growth.
He suggested one possible way by which Ghana can raise funds to support development is to improve its tax revenue mobilisation, mobilising remitances by Ghanaians abroad among others.
He emphasised ” In 2018, Ghanaians in the diaspora are said to have remitted home about $ 3 billion which is a huge flow of resources into the country”.
This he said, experts have suggested can be securitised as another valuable source of development finance.
Dr. Sowah further stated that for Ghana to effectively drive it’s development to the optimum, it should utilise it’s resources well citing examples of how various infrastructural projects has been abandoned costing the nation huge sums of money.
He noted ” if we cannot manage what is in our envelope it will be difficult to manage that which is outside the envelope, needless to say, that by mismanaging that which is in the envelope we incur deficits and then scramble around for financing.
The forum which was on the theme ” Innovative financing for Ghana @ 100 Development Agenda”) brought together development experts, civil society organisations, government officials, people in the academia among others.
By: Fiifi Ankomah