Accra. Oct. 18, GNA - Vice President Dr Mahamudu Bawumia, on Monday, said government would mobilise domestic and regional resources to close the infrastructure gap and other national needs in view of the dwindling overseas development aid to Ghana.
He said sourcing international aid had become volatile because taxpayers of development partners had become apprehensive to continuing providing aid to the country and other African countries.
Vice President Bawumia said this in a keynote address delivered at the “Ghana beyond Aid” Conference organised by the Embassies of Denmark, the Netherlands and Norway, in partnership with the Ministry of Trade and Industry and Ghana Investment Promotion Centre in Accra.
He therefore urged Ghana and other African countries to instead pursue trade and partnerships as well as leveraging the resources of the private sector to accelerate economic growth.
Ghana beyond aid, the Vice President explained meant mobilising and leveraging domestic resources and revenues and transparently expanding financial inclusion, public services and private financing through local markets and currencies for development.
“It means investing in people and building the capacity of the next generation including access to quality education, training and jobs and building their overall capacity for innovation and knowledge, encouraging entrepreneurship, businesses, investing in infrastructure as basis for future productivity and public-private partnerships as well as building connectivity for data to share information,” he said.
The forum is aimed at leveraging the private sector and entrepreneurship as the main engines for economic growth.
It also aims at assessing the commitment of the government and other development partners, to move from “aid to trade”, examine lessons learnt from private sector partnerships and future steps that should be taken towards moving Ghana beyond aid and thus, make the country the most business-friendly nation in Africa.
Vice President Bawumia said government, this year, had rolled out policy interventions to enhance financial inclusion of the national economy, improved macroeconomic stability and fiscal discipline and debt sustainability in view of the lack of fiscal space for borrowing.
He noted that government was investing in physical and digital infrastructure such as the National Digital Addressing System, National Identification System and Interoperability of the payment system, as well as ensuring electronic procurement and paperless port processes.