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"This will have to come largely from domestic and foreign private funding.
The government will need to put in place the political, regulatory and institutional environment that makes Ghana attractive for private investment and business, "he said.
Mr. Ofori-Atta addressed the National Development Planning Forum organized by the National Development Planning Commission (NDPC) on "Ghana @ 100: A Program for a Strongly Developed Nation" in Accra last Wednesday .
The forum was organized to engage the public in the country's development policy and build consensus around national priorities and aspirations.
National investment
The finance minister said the government would also have an important role to play in achieving strategic public investment in human and physical capital by carefully selected interventions to catalyze and help the private sector to do business. venture into new technologies, new fields of production and new foreign markets. .
"To do this, we need to significantly increase government revenues and the efficiency of public spending," he said.
He said the country needed to double its domestic savings rate from less than 10 percent of GDP to more than 26 percent.
Mr Ofori-Atta emphasized that Ghana's vision beyond aid was very ambitious and required profound changes in the fundamentals of the economy. He said the country needed a very fast economic growth, about 9% on average over the next ten years.
New initiatives
He said the Ministry of Finance is working on a number of initiatives to further strengthen the sector in order to increase national savings and facilitate access to finance, particularly in the area of finance. long-term financing for businesses.
Mr. Ofori-Atta discussed some of the initiatives aimed at strengthening the pension system, strengthening the EXIM Bank, launching a loan guarantee scheme to encourage bank lending to agriculture and creating a new dynamic development bank providing long-term loans to agriculture and manufacturing; and a mortgage financing system to accelerate the development of the housing market and facilitate access for Ghanaian workers to decent housing.
"In parallel with these initiatives, we are also working on a plan to make Ghana a dynamic financial center of the West African sub-region and thus attract significant external private capital to help us accelerate our progress towards the continent." Ghana we want, "he said. I said.
Ofori-Atta said the recent consolidation of the banking sector, led by the Bank of Ghana, had already laid a good foundation and that the Ministry of Finance would take advantage of it to transform the economy.
Ghana @ 100
In his keynote address, NDPC Chair Professor Stephen Adei said that at the age of 100, Ghana must be a solidly developed country and beyond the aid.
He said a long-term plan was needed to realize Ghana's 100-year national vision.
"Ghana will be 100 years old in 2057 and at that time, the country must be solidly developed, this should be the vision to which we must anchor our hopes, aspirations and efforts.
"I believe that the Ghana Beyond Aid document and the 40-year long-term plan project provide the key elements for doing so and that the NDPC intends to work with the Presidency and Parliament for this purpose. 39, here at the end of 2019, "he added.
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