Ghana’s economic independence is indeed within reach, but it requires prudent governance and effective resource management.
According to Dr. Thomas Anaba, Member of Parliament for Garu constituency, reducing unnecessary expenditure and investing in revenue-generating initiatives are key to decreasing reliance on external support.
Ghana has a rich economic history, dating back to the thirteenth century when it was drawn into long-distance trade due to its gold reserves. The country has experienced various economic phases, including the trans-Saharan trade, the Atlantic slave trade, and colonial rule. However, Ghana’s economic growth has been hindered by factors such as corruption, debt, and weak commodity demand.
To achieve economic stability, Ghana needs to focus on self-sufficiency and effective governance. This can be achieved by:
Reducing Unnecessary Expenditure*: Implementing cost-cutting measures and optimizing resource allocation to minimize waste and maximize efficiency.
-Encouraging Private Sector Growth*: Fostering a business-friendly environment to attract investments, create jobs, and drive economic expansion.
Investing in Revenue-Generating Initiatives*: Focus on projects that can generate income and stimulate economic growth.
By adopting these strategies, Ghana can move closer to achieving economic independence and reducing its reliance on external support.
Story by: Ohemaa Adusi-Poku
