Renowned Ghanaian businessman Anthony Oteng-Gyasi believes that the International Monetary Fund (IMF) and World Bank can guide Ghana and other African countries from poverty to economic prosperity.
During the 2023 Alumni Lecture at the University of Ghana, Oteng-Gyasi highlighted the success of China and other Asian Tigers, asserting that these economies flourished under the guidance of the two international financial institutions.
Oteng-Gyasi debunked the common belief in Ghana that “no country has developed under the watch of IMF and World Bank.”
He argued that this notion is clearly untrue. He emphasized that while many countries diligently adhere to recommendations of international institutions, Ghana and other African nations, influenced by pride and indiscipline, approach such advice with less commitment, resulting in limited economic growth.
The Managing Director of Tropical Cable and Conductor Limited credited the IMF and World Bank with playing a role in developing the Asian Tigers. He acknowledged the valuable policy advice from these institutions, ranging from the free zones concept to technology centers and tax policy guidance, which, if embraced, could contribute significantly to national development.
Oteng-Gyasi's thought-provoking lecture covered topics such as economic development, policy formulations, public sector procurement, rent-seeking, and other intellectually stimulating subjects. He attributed Ghana’s historical underperformance in manufacturing to the absence of a pragmatic manufacturing promotion policy, the lack of established value chains, and the allure of easier profit through importation.
The Chairman of the Board of the Ghana Revenue Authority highlighted that the International Finance Corporation faced challenges in identifying viable manufacturing projects in Ghana. He noted that a significant number of the nation’s top talents were more inclined to pursue lucrative public contracts for imported goods and services, rather than investing in and developing manufacturing industries.
Oteng-Gyasi emphasized that the lax enforcement of laws, particularly regarding import duty regimes and local content rules, has favored traders and importers over local producers.
This imbalance, he argued, has transformed the nation into one dominated by traders, resulting in the loss of quality manufacturing jobs that traditionally supported the middle class. The situation influences political strategies focused on appeasing the majority through low prices and free social programs to secure and retain political power.
Latest Stories
-
Boeing strike ends as workers accept new contract
37 mins -
GAF will not relent in its quest to counter external threats – GOC Southern Command
41 mins -
Election 2024: Bawumia reiterates commitment to promote sustainable mining practices
42 mins -
Ensign Global College promotes health and community well-being at Ngmayem Festival 2024
44 mins -
Bobrisky reveals reason for leaving Nigeria
1 hour -
Tiwa Savage discloses ‘craziest thing I’ve ever done for love’
1 hour -
US states worried about election unrest take security precautions
2 hours -
Modi condemns violence after Canada temple incident
2 hours -
Barcelona hit by new flood as rescuers search Valencia basement car park
2 hours -
Labadi Beach Hotel pays over GH¢16m as dividend to SSNIT
2 hours -
Elon Musk can keep giving $1m to voters, judge rules
2 hours -
Election must not divide us, government will protect each citizen – Akufo Addo
3 hours -
Novel way to beat dengue: Deaf mosquitoes stop having sex
3 hours -
Trial begins over beheading of teacher who showed Prophet Muhammed cartoon
3 hours -
‘See you soon’ – Bobrisky jets out of Nigeria
3 hours