Ghana must work to accelerate its own growth -Cofie

The Minister for Information and National Orientation, Hon. Oboshie Sai Coffie has said in Washington DC that Ghana must work to accelerate its own growth. She made this declaration during the delivery of her keynote address at the World Bank, on Monday November 5th 2007.

The occasion, themed, Ghana, the World Bank and the IMF – 50 years of Reliable Partnership was an event organised by the two institutions to commemorate Ghana and their relationship since 1957.

Hon. Sai Cofie said having been positively affected by these institutions in development and reconstruction, Ghana has demonstrated a central sense of the importance and need for social justice and equity in development at a time when the whole world is crying out for such leadership.

She pointed out that the World Bank and the IMF can only help Ghana in finding solutions to Ghana’s problems; “for, our predicament must be more our concern than theirs”, adding that Ghana’s partnership with the World Bank and the IMF has indeed been very fruitful and mutually rewarding.

Hon. Sai Cofie said Ghana’s achievement in reducing poverty, providing universal quality and affordable primary education for all, advancement in science-based and sustainable productive systems to support the utilization of the country’s natural human talents and resources among others surpasses our expectations. According to the Minister this is due to Ghana’s excellent governance.

The Minister however, explained that the macro economic stability of the country has set the stage to build a vibrant and a globally competitive Ghana that can only be sustained by encouraging more private-sector-led growth and a market economy that would generate more Foreign Direct Investment (FDI).

Earlier in his address, H.E. Ambassador Dr. Kwame Bawuah-Edusei commended the World Bank and the IMF for standing by Ghana during the challenging periods of its fifty years history.

He said Ghanaians do not only dream of what is possible but are striving to overcome poverty and create a wealthy nation in which all will prosper and be in good health and dignity. Ghana’s access to the Bond Market and the discovery of oil among others, he hoped, will form strong bedrock which will move the nation forward.

Ambassador Bawuah Edusei promised on behalf of Ghana that having been helped in the acquisition of debt relief, HIPC initiative and Multilateral Debt Relief Initiative, Ghana is hopeful that within the next fifty years it will also be in a position to contribute positively to solving poverty wherever it exists.

“Ghana is a country that any African should be proud of”. This statement was made by World Bank’s Africa Region Vice President Obiageli Ezekwesili in her contribution at the event. She lauded Ghana for being on the World Bank’s list of the topmost of the United Nation’s millennium Development Goals – halving poverty by 2015.

World Bank country Director for Ghana Mats Karlsson in his remarks also said though Ghana faced some ups and downs since its independence that got to its peak in the early 1980s economic crisis, it has steadfastly recovered at a remarkable rate with the decline of poverty from 52 percent to 28 percent in 2006.

The commemoration was highlighted with an exhibition depicting Ghana's journey with the World Bank and IMF.

The four days commemoration continued with discussions, dialogues and brainstorming on the way forward.