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Business News of Wednesday, 7 March 2018

Source: www.ghanaweb.com

Corruption, high fiscal deficit the ‘symbols’ of Ghana’s economy – Akufo-Addo

President Nana Akufo-Addo has reiterated that Ghana cannot attain economic freedom and transformation unless the country moves beyond aid.

According to the President, the economic transformation of developing countries do not come through the aid they get from developed countries, hence the need for Ghanaians to embrace the “Ghana Beyond Aid” agenda.

Speaking on the theme for Ghana’s 61st independence celebration which was “Ghana Beyond Aid” at the Black Star Square in Accra Tuesday March 6, he said, “The change in our fortunes will only happen when our economy improves. Since I became President, I have been advocating a Ghana, indeed, an Africa Beyond Aid, and I am keen to have the support of all of us in this enterprise.

He added, “Nobody needs to spell it out to us that the economic transformation we aspire to, will not come through Aid. We have been on this trajectory for most of the past sixty-one years and it has not happened.”

President Akufo-Addo held that even though Ghana is blessed with many natural resources, the country continues to live in poverty and depends on aid because corruption, high fiscal deficit and mismanagement have become the symbols of the economy.

“Ours is a country that is well endowed with many natural resources such as gold, bauxite, iron ores, diamond, oil, natural gas, timber, cocoa, fertile lands, etc. The truth is that the state of our nation does not bear out that we have these natural endowment. Poverty continues to be our lot, mismanagement, corruption and high fiscal deficit have become the hallmarks of this economy,” he stated.

To this end, President Akufo-Addo is upbeat the Ghana Beyond Aid mantra will be key to restoring Ghana’s lost glory and changing the country’s destiny for the better.

He held that, “The Ghana Beyond Aid is a prosperous and self-confidence Ghana that is in charge of her economic destiny. A transformed Ghana that is prosperous enough to be beyond needy aid that engages competitively with the rest of the world through trade and investment. It is possible.”