"Sheer Bravado" Required To Attain GDP Target - Botchwey

Dr Kwesi Botchwey, a contestant for the National Democratic Congress (NDC) Presidential slot, says it would require "sheer bravado" for Ghana to attain the envisaged 7-8 percent Gross Domestic Product (GDP) for the next 15 years without the support of the World Bank and the International Monetary Fund (IMF).

Dr Botchwey, who was the country's Finance Minister for 13 years, was answering questions at a news conference at Ho on whether the country's development vision could be achieved without the influence of western donors. He said domestic savings are too low and that large doses of foreign direct investment, official development assistance and other forms of support are needed to be able to attain the type of economic strength that would divest the country's economy of external influence.

Dr Botchwey said at the threshold of the new millennium, there is much greater space than before the period of the Economic Recovery Programme (ERP) for countries to develop alternative policies for national development, which the two international financial institutions a re ready to accommodate. He said civil society's criticisms of the World Bank and the IMF have made them recognise that national policy ownership is necessary for successful economic performance.

On the state of the economy at the time he quit as Finance Minister, Dr Botchwey said it was in a much better shape than he inherited it. He said he quit the then administration to re-energise and give others the chance to make their contribution.

Dr Botchwey also commented on his relationship with ex-President Jerry John Rawlings, saying that there is no bad blood between them. He explained that at the time he called on the elders of the party, the former President was out of the country, hence their inability to meet. He assured the gathering that before long the ex-President and he will be shaking hands.