Business News of Thursday, 7 September 2017
Senior Minister, Mr. Yaw Osafo-Marfo, has stated that Ghana is pushing towards a radical industrialization agenda to exploit and develop its core natural mineral resources such as iron ore, magnesium, and bauxite.
He said different financing arrangements for the projects are being considered including resource swaps which “we have applied successfully in the past in a limited way”
He said part of the industrialization agenda involves the “One District, One Factory” which is being financed through innovative funding arrangement.
Mr Osafo Maafo was speaking at the 26th Annual Meeting of the Board of Governors of the African Capacity Building Foundation (ACBF), which was under theme, “Enhancing Access To and Absorption of Development Resources in Africa”
The Senior Minister, also pointed out that Africa is a rich continent and that Domestic Resource Mobilization should become part of the strategies of governments.
“We need to block loopholes and leakages which deny us the needed revenue and cut down on wastage in the use of public funds. Governments should broaden the tax base in a way that encourages production in order to expand the economy,” he said.
Mr. Yaw Osafo-Marfo, also stated that tackling the challenge of inadequate capacity is crucial if we want to ensure that Africa achieves its socio-economic transformation and become a more prominent global player.
“That is why Ghana as country, prioritized the need to build holistic capacity as a catalyst for national development even before attaining independence. The establishment of the University of Ghana was the fruition of long years of struggle by our fore fathers to establish a center of excellence to build capacity of people from the Gold Coast and other colonies in West Africa.
“When we talk about capacity, what do you really mean? Simple education and the right type of education” He said African Capacity Building Foundation has brought together a rich cream of experts with diverse expertise to discuss how we can strengthen capacity to mobilize capital for development,” the minister added.