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Business News of Thursday, 14 June 2018

Source: citinewsroom.com

‘Economy cannot be dominated by foreigners only’ – Nana Addo

President Akufo- Addo has expressed apprehension over the dominance foreign companies and investors in Ghana’s national economy.

A 14-member Committee has been set up by President Akufo Addo to enable the full implementation of the “Ghana Beyond Aid” agenda.

The committee is expected to come out with policies and programmes that will wean off the country of aid dependence. The Committee which is chaired by Senior Minister, Yaw Osafo Marfo is expected to present a written document that will be sent to Parliament for passage.

President Akufo Addo says Ghana’s dependence on aid is drawing back its development hence the bold step.

“If we are able to draw up a charter which set out timelines for us to able to achieve budgetary self-sufficiency, to be able to take the step will ensure that we have genuine control over our economy. Most of the chronical elements of our national economy are in foreign hands. The mines are in foreign hands; the oil company are in foreign hands, the banks are in foreign. All the key elements of our national economy are dominated by foreigners, that cannot be right,” he said.

President Nana Akufo-Addo announced the setting-up the committee on May Day at May Day celebration at the Baba Yara Sports Stadium in Kumasi.

The Committee will have ten members comprising three members each from the Government (Ministries of Finance, Planning and Employment and Labour Relations), Organised Labour, and the Private Enterprise Federation.

Vice President, Dr Mahamudu Bawumia has indicated has that government’s desire and ability to mobilize and maximize domestic revenue is an integral part of President Nana Addo Dankwa Akufo-Addo’s vision of a Ghana Beyond Aid.

Outlining some measures government is implementing to strengthen the economy and boost domestic revenue growth, Vice President Bawumia said President Akufo-Addo’s vision of Moving Ghana Beyond Aid was “not mere rhetoric but a reflection of the reality.”