By Edward Acquah
Accra, Jan. 15, GNA – The Future Trends Africa Manifesto, a policy document aimed at transforming Africa’s economy, has proposed several measures to boost Ghana’s economic self-reliance.
Key recommendations include the establishment of a “domestic wealth generation machinery” and activation of “domestic capital raising and capital formation” to address economic challenges.
Dr. Farzam Kamalabadi, the author of the Manifesto, shared in a policy brief with the Ghana News Agency that these goals could be achieved through crowd financing, domestic capital collection, and the creation of conglomerates.
“There should be drastic reduction of bank interest rates for loan-to-enterprise, rigorous and elaborate inventory taking of all the tangible and intangible assets, including formation of mineral, agricultural, energy, and water resources banks,” he said.
On January 7, 2025, President John Dramani Mahama was sworn in as Ghana’s new leader, with a commitment to revitalize the country’s struggling economy, create sustainable jobs, and set the nation on a path to growth.
Ghana is currently participating in an International Monetary Fund programme and has received US$1.9 billion as part of a 3-year US$3 billion Extended Credit Facility arrangement since May 2023.
Dr. Farzam Kamalabadi, author of the Future Trends Africa Manifesto, argued that relying on Foreign Direct Investments alone would not solve Africa’s economic challenges.
He emphasized that the policy measures in the Manifesto could potentially expand Africa’s economy from US$3.2 trillion to US$60 trillion within a decade.
Dr. Kamalabadi said there was the need for African countries to invest in one another and “raise the consciousness of the countries to work collectively.”
He said micro-economic policies were “cosmetic” and could not help African countries to tackle pressing economic problems sustainably.
“Africa with its abundant resources is the giver and not the receiver. Africa must create wealth internally,” he said, and added: “wealth is not given as donation, wealth is generated.”
GNA