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05.04.2007 General News

Ghana can’t achieve middle income status


A leading member of the Convention People's Party (CPP), Dr Kwaku Sarfo, has observed that, there was no way Ghana could reach middle income status by the year 2015 with the current annual economic growth rate.

He explained that if Ghana would get to the middle income status by 2015, then the country need an annual economic growth rate of between eight to 10 per cent.

Speaking in an interaction with media personnel in Koforidua, he said the perception that the country could attract foreign investors when the President and some large entourage travel round the world with “cup in hand” pleading for investors could not work.

Dr Sarfo said under such conditions, the best investors that the country could attract would be those who were interested in the extraction industry like the mines where the investors could recoup their investment in some few years.

He said the investment in the extraction industries does not promote the fast economic growth of the country if it was not backed by industrialization.

Dr Sarfo said Ghana could only attract more direct investment into the country if it could develop infrastructure and human capital well and not the situation that currently exists where power goes off irregularly.

He called for efforts at targeting local indigenous investors to support them to also invest in the country.

Dr Sarfo said despite the faults of Dr Kwame Nkrumah, he was one African leader with a vision for Ghana and Africa.

He said Dr Nkrumah's ideas on neo-colonialism are still valid and real in the current Ghanaian situation where the country could boast of a growing stock exchange yet the citizens of the country control less than 25 per cent of the stocks.

Dr Sarfo said a future government of CPP would promote an economic policy that would ensure that Ghanaians control a sizable portion of the economic portfolio of the country.

He said a CPP government would promote self-confidence in the Ghanaian and called for state support for the efforts of Apostle Kwadwo Sarfo.

Dr Sarfo said a future CPP government would heal the wounds of the country and help reduce the rivalry between the New Patriotic Party and the National Democratic Congress.

Source: GNA