Finance Minister is IMF Captive
Ken Ofori-Atta, Chairman of Databank Ghana Limited says one of the main reasons this nation is still unable to make progress in economic development, is because economic managers of the country, particularly the Finance Minister, rely too much on foreign prescriptions instead of finding internal solutions to the country’s economic malaise.
According to Ofori Atta, currently foreign donors provide only 40 percent of Ghana’s total revenue annually, while Ghanaians provide the remaining 60 percent. Yet, Finance Minister, Yaw Osafo Maafo, spends 80 percent of his working time consulting IMF and World Bank officials while he spends only 20 percent of time available consulting Ghanaians for suggestions to solve the economic problems of the country.
Ofori Atta therefore appealed to the IMF/World Bank to release Osafo Maafo from captivity so that he could spend much time consulting Ghanaians for local solutions to the socio-economic problems of the country.
He was contributing to the Development Dialogue Series co-sponsored by the World Bank Country Office in Accra and the Center for Democratic Development (CDD) with the Institute of Financial and Economic Journalists (IFEJ) and the Ministry of Information and Presidential Affairs as collaborators. The first in the series was held on Tuesday, March 18, with the theme: Empowerment for Development.
After years of Economic Recovery and Structural Adjustment programs, the World Bank itself has discovered that fighting poverty requires a multi-dimensional approach; that is empowering the poor and investing in their assets. How to expand the capacity of the poor to monitor institutions that determine their future and how to accelerate the decentralization program to bring development to the door steps of the vulnerable formed the thrust of the one-day discussion. ''The donors have to release our public officials from captivity, so that they can concentrate on local issues'', the Databank Chairman emphasized.
He said one of the biggest hurdles blocking Ghana’s development is the inability or the unwillingness of Ghanaians to engage the best brains and the utilization of the unlimited social capital across the country.
Source: Weekend Agenda