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Opinions of Wednesday, 1 October 2014

Columnist: Fiagbeto, Yao

Is the Ministry of Foreign Affairs performing its role (Part II)

For a long time in the history of Ghana, developed and some lower income nations enter into diplomatic relationship with Ghana to have an in-debt understanding of Ghana’s economic opportunities. After accomplishing that, government and private partnership are encourage to take monies out of their countries and invest it in Ghana’s economy with the sole purpose of high returns and increasing foreign currency reserve.

Even with this remarkable act, Ghana disreputably either ignorant, bad leadership or lack of courage adamantly refused to embark on the above strategy which could reduce Ghana’s reliability on the IMF.

If government adapts to the above policy Ghana’s future foreign currency needs to purchase advance technology and other needed equipment to affect developmental projects could easily be available.

In other words, Government must review the working relationships with other domestic economies of the world. Establish a task-force with savvy business mandate to penetrate western and other local markets with a clear policy focus of investment and repatriation of windfall profits to Ghana.

Foreign nationals especially non-Africans receive enormous financial support from their home governments to finance foreign research market penetration, profit and non-profit organizations.

Western nations and governments pay explicit attention to their foreign operations, due to the fact that domestic economic growth relies heavily on successful international investments. Therefore, it becomes an absolute policy focus to find a niche in engaging profusely with other nations for bigger chunk of their domestic markets.

This attitude is exactly what is missing in Ghana’s finance and foreign affairs agenda. The foreign strategy operation of the West is guarded by resolutions; procedures and step by step formula in advocating and supporting exploitation of other nation’s domestic resources. It is one of the surest way nations increase their foreign currency portfolios. Ghana can do same.

God bless our leaders in taking bold decision in promoting Ghana’s growth and sustainability.

Yao Fiagbeto

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