By
Ken Sackey, GNA
Tokyo, Aug. 28, GNA –
President Nana Addo Dankwa Akufo-Addo has stated that Africa ought to emulate
the successful East Asian economic model, if the potential of the continent is
to be realised.
He indicated that
the pragmatic East Asian economic ‘miracle’ which saw the 23 countries of East
Asia registering tremendous growth from 1965 to 1990, was largely hinged on
their belief in the primacy of the private sector, and the critical support
they offered to ensure it survived and thrived.
President Akufo-Addo
stated this on Wednesday when he addressed the plenary session of the 7th
Tokyo International Conference on African Development (TICAD) in Japan.
The conference is to
promote high-level policy dialogue between African leaders and development
partners.
Japan is a co-host
of the conference, with the co-organizers being the United Nations Office of
the Special Advisor on Africa (UN-OSSA), and the United Nations Development
Programme (UNDP).
The President told
the conference that Ghana was taking steps to put the country on a similar path
the East Asian nations threaded.
His government over
the course of the last two and a half years in office, he said, had succeeded
in restoring fiscal discipline in the management of the economy, resulting in
the macroeconomic indices pointing in the right direction.
“We, in Ghana, are
taking steps to put our country onto a similar path. Maintaining a stable
macro-economy is fundamental to attracting private sector investment. ”
“We have restored
fiscal discipline, our macro-economic indices are pointing in the right
direction, we have implemented tax cuts and incentives to stimulate the rapid
growth of the private sector, and we are projected, according to the
International Monetary Fund, to be the fastest growing economy in the world
this year,” he stated.
Thus, the favourable
macro-economic situation prevailing in Ghana, the President noted, was a firm
indication of government’s commitment to the creation of a conducive business
atmosphere needed for the private sector to flourish.
This, the President
told his colleague heads of state and governments,led “to some of the world’s
largest vehicle manufacturing companies signaling their intention to set-up
assembly plants in the country, with global energy giants investing in the
development of our considerable oil and gas deposits, and the establishment of
the first Artificial Intelligence Centre in Africa by Google in Ghana. Their
decision to operate in Ghana is for good reason.”
Additionally, Ghana,
under his leadership, he said, was leveraging technology to help reform and
improve the country’s institutional and regulatory processes, to develop a
digital economy that is supporting sustained economic growth, and improving the
wellbeing of our citizens.
“We are embracing
fully the advancements made in the digital world to help drive growth and
increase productivity of our economy,” he added.
President Akufo-Addo
noted that the structural transformation of Africa’s economies can no longer be
postponed, if the aspirations and desires of Africa’s young populations for
jobs, progress and prosperity, were to be met.
“It is time we also
traded in the world economy, not on the basis of exports of raw materials, but
on the basis of things we make and grow”, he said.
With the future of
Africa and her economy going to be driven by the youth of the continent,
President Akufo-Addo was confident that “they are going to build Africa, and
we, in Ghana, are determined to provide them with the skills to do so. The
vision is to build a free, prosperous, self-reliant Africa, an Africa Beyond
Aid.”
GNA
