Friday, February 7, 2025
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Measures for Ghana’s accelerated development

By Mavis Paintsil, Accra

A global Business and Strategic investments advisory organisations, Future Trends international, has suggested measures to help the nation accelerated its socio economic development and turn it into an economic powerhouse.

According to them, they can be achieved through crowd financing a kind of pooling of resources through apps, private entrepreneurship, internal mutual investments between cities, drastic reduction of bank interest rates for loan to enterprise and issuing of official outbound debt to Europe, accompanied by a rigorous and elaborate inventory taking of tangible and intangible assets for effective monetisation domestically among others.

The delegation, in collaboration with Festac Africa Renaiss, offered its modelling and methodologies as a special gift to the nation and the new visionary leadership, to enhance their existing plans to uplift the fortunes of the people.

They said, the measures focus on transforming the country into a domestic wealth creation machinery and embarking on a domestic capital raising and capital formation strategy to help it move away from solely relying on foreign Direct investments and handouts to generate capital.

Dr Farzam Kamalabadi drawing on China’s meteoric rise from a poor country to an economic giant in three decades, said Ghana and the rest of Africa could leapfrog its economic development in a much shorter period due to its extensive resources.

The Doctor described it as unfair how an entire continent of 54 countries with a population of 1.5 billion people and vast resources could have GNDP of $3 trillion while only China with relatively the same population size and much fewer resources was worth at least five times.

According to him, time had come for Africa to abandon Agenda 2063, an African Union (AU) strategic framework for transforming the continent into a global powerhouse by 2063, he continued.

The AU intends to achieve Agenda 2063 by harnessing Africa’s resources, ensuring equitable growth and building strong institutions to achieve prosperity.

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