Nduom Proposes New Economic Policy

Dr. Paa Kwesi NduomDr. Paa Kwesi Nduom, the 2008 Convention People’s Party (CPP) Presidential candidate, has called for a new national economic policy that will place greater control of the domestic economy firmly in the hands of Ghanaians.

“I believe that this is the time to find a way to enable Ghanaians to gain control over the domestic economy and adopt nationalistic policies in the management of the nation’s development agenda,” Dr Nduom emphasized.

He made this known at an entrepreneurship seminar organized by the Kwame Nkrumah University of Science and Technology (KNUST) School of Business Graduate Students Association (KSBGSA) in Kumasi on Saturday.

The seminar was on the theme: “entrepreneurship; key factor for national development.”

Dr Nduom said it was time the country re-discovered industrialization to put the private sector at the centre, with the active and sustained support from the government.

He said the time had come for a deliberate effort to provide stimulus package to Ghanaian businesses to help them survive in the effects of the global economic crisis.

He however said the kind of stimulus package was not to be like those provided by the Americans and other European countries, adding, “I am not asking us to copy the American, British, Japanese, French or the Chinese stimulus but calling for a homegrown Ghanaian solution.

“The kind of stimulus package that will give the commanding heights of the economy to Ghanaians who would ‘domesticate’ the economy and create productive and sustainable jobs.”

He noted that the government could make the ‘buy locally produced goods crusade’ a national one to enable it to gain solid foundation by aggressively buying and hiring products and services of local entrepreneurs.

He observed that one inexpensive way to enable local producers to find their feet in the market was for the government to ensure that the taxes collected from the people went to local enterprises.

He said, “The nation needed to be bold, innovative and comprehensive in its approach to adding value to local raw materials through an industrial base that would improve the standard of living of the people.”

Dr. Nduom explained that the global economic crisis, coupled with the current local economic difficulties such as high inflation rate, weak currency, low lending rate and others, had made it difficult for enterprises, especially the small ones to survive.

He called on prospective entrepreneurs to prepare in order to address some of the challenges to sustain their businesses.

Dr. Nduom urged university graduates to imbibe good morals and self-discipline in their business dealings.

Source: GNA