By Ebi Kesiena
Pressure is mounting on the Ghanaian government to stop looking abroad for financial solutions, and instead harness the country’s own resources to fuel economic growth.
Senior Partner of AB & David, Dr David Ofosu-Dorte, has said that the Ghanaian government must look within the country to raise financial resources in order to develop the economy instead of relying on Foreign Direct Investment (FDI).
Speaking at the 13th Ghana Economic Forum in Accra, Dr Ofosu-Dorte said that the government had over the years focused on Foreign Direct Investment (FDIs) in creating jobs and raising financial resources.
“No country grows if it ignores its domestic investors,” Dr Ofosu-Dorte said.
Dr Ofosu-Dorte stated that the government should help build local investors and ride on that to attract FDI’s, saying, “local investment is a way to attract foreign investment.”
He emphasised that government should introduce incentives and measures to ensure that companies established under FDIs thrived to employ more of the unemployed youth in the country in order to address the growing unemployment problem facing the country.
According to Dr Ofosu-Dorte, most companies operating under the FDI’s space did not survive after entering the country.
He called for a fit-for-purpose policy to promote growth of businesses and a National Development Plan (NDP) to help promote the development of the country.
He said the NDP should be led by the National Development Planning Commission and should have a buy-in from all the political stakeholders and the media, adding that the NDPC should ensure the various political parties incorporated the NDP in their party manifestos.
Dr Ofosu-Dorte further urged the business community not to sit on the fence, but corporate and collaborate with the political actors and be bold to point out the flaws in the policies of the government.
