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News of the Sunday, July 7th, 2019
Source: Ghananewsagency.org
2019-07-07
Sir Paul Collier
Professor Sir Paul Collier, a renowned economist, advised the government to invest the country's oil resources in production infrastructure rather than in consumption.
According to him, the current generation of leaders should be able to pioneer and exploit the country's oil resources to create a better future for their children.
Professor Collier gave his opinion during his address at the President's breakfast in the Parliament in Accra.
The forum, attended by Parliament's leaders and members, was dedicated to the theme "New Opportunities for Development in Africa".
Professor Collier also said that while investment in education is very important, more attention needs to be paid to creating jobs for young people.
He said Ghana needed good and altruistic leaders to fight corruption in the system.
He said that Ghana, being a pioneer of the independent struggle of Africa, could set an example to others on the continent.
Professor Collier also instructed the NDC and the NPP to bury their parochial political interests in order to chart a common path for the future.
Professor Collier further stated that, while China offers opportunities for investment in economic infrastructure, China was a great opportunity, but the contracts for the projects had to be transparent.
He added that most of the time, the Chinese were looking for their interest and that Ghanaian officials who had signed a contract with them had to be diligent and look out for Ghana's interests.
He also advised Ghanaian leaders to look closely at their contracts with these Chinese companies, which should benefit the people.
Joseph Osei-Owusu, the first vice-president who spoke at the forum, said opportunities for Africa should be managed by the legislative branch of government.
He added that while the African continent was facing many challenges, it had the opportunity, including the potential for growth and use of resources to get better revenues and use them for the future. 39; future.
He admitted that trade in Africa was weak, however, with the pbadage of the African Continental Free Trade Agreement, would help trade in the region to develop.
Mr. Osei-Owusu also said that African leaders had at present shown the wish to deepen regional trade, as it was the surest way to transform the continent and improve the lot of population.
He added, however, that the continent's leaders should work to complement institutional arrangements with cross-border infrastructure to support trade initiatives.
He said Africa was known to hold huge natural resources that could accelerate its development. It is estimated that 70% of sub-Saharan Africa's export earnings were related to revenues from oil, metals, minerals and natural resources.
Mr. Osei-Owusu further stated that the demand for resources was an opportunity for Africa to mobilize long-term investments in infrastructure, agriculture, education, services, including banks, financial services, information technology and telecommunications.
He said that it would be useful to take advantage of the infrastructure built by natural resources as part of the establishment of development corridors for agriculture, as well as others. objectives to connect the regions and even the countries of Africa.
He said the resource revenue management framework for Africa to guide the spending and investment of global governments was also critical, adding that Africa would be well placed to manage natural resources in a more sustainable manner.
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