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Dr.Nii Kwaku Sowa, Chairman of the Economic Policy Committee of the National Development Planning Commission (NDPC), stressed the need for stakeholders to engage in order to fund the country's development process.
Speaking at the 3rd National Forum on Development held in Accra under the theme "Innovative Financing for Ghana @ 100 Development Agenda".
He claimed that the lack of access to most sources of funding is due to the inability to meet the preconditions. "It is time for us to examine these inhibitory factors in order to have access to all available sources of funding."
Mr Sowa pointed out that the country had just weaned off the International Monetary Fund (IMF) program and openly declared that its next phase of development would be on the agenda of its Ghana Beyond Aid program.
"This is a radical change from what has been the norm for much of our economic history since independence, and we have been practically badisted since we were born as a country. the aid pipeline is running out quickly and we need to think of other ways to support the country's development, "he said.
He added that most of the aid received by the country in the past was aimed at stabilizing the economy and was never enough to "decisively stimulate" sustainable growth.
"Thinking Beyond Aid is a pan-African initiative led by the African Development Bank (AfDB) after the 2008 international financial crisis. Suppose we decide to take a trip from here to Kumasi, our choice of vehicle will determine the type of fuel use, we can not choose to go through a V8 Land Cruise Vehicle and fill up its fuel tank with the premix.It would also be advisable to buy a small amount of fuel only to stop somewhere in Nkawkaw with a gallon looking for a booster, stressed.
According to him, when the flow of external capital into the developing world slowed down considerably, some African countries showed a very impressive growth rate.
"We are going to focus on two broad categories of financing: fiscal and non-fiscal.Fiscal financing to support the national budget will include any other development finance: usually coming from banks, mutual funds, pension, etc. other national and external investors.
"While tax funding will be exclusively available to the government, non-tax opportunities will be open to both the government and the private sector," said Dr. Sowa.
He added that Ghana's external reserves amounted to more than 260 million dollars to independence. She was considered the star of Africa with a bright future.
"The Nkrumah government quickly attacked development, schools and hospitals were built, roads built and import-substitution industries created in no time, signs of development or modernization were observed" , he said.
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