President Akufo- Addo has said that Ghana’s economy cannot be dominated by foreign companies and investors only.

However, Ghana’s economy is currently dominated by foreigners.

To curb this situation President Akufo-Addo has set up a 14-member Committee to enable the full implementation of the “Ghana Beyond Aid” agenda.

READ ALSO: Mahama shades Bawumia over Cedi depreciation

The committee is expected to develop policies and programmes that will ensure that Ghana does not depend on aid.

The Committee which is chaired by Senior Minister, Yaw Osafo Marfo is expected to present a written document that will be sent to Parliament for passage.

President Akufo Addo says Ghana’s dependence on aid is hindering the country’s development hence the bold step.

READ ALSO: Report indicates that 73% of Ghanaians work in vulnerable conditions

“If we are able to draw up a charter which set out timelines for us to able to achieve budgetary self-sufficiency, to be able to take the step will ensure that we have genuine control over our economy. Most of the chronical elements of our national economy are in foreign hands. The mines are in foreign hands; the oil company are in foreign hands, the banks are in foreign. All the key elements of our national economy are dominated by foreigners, that cannot be right.”

President Nana Akufo-Addo earlier announced the creation of the committee on May Day at May Day celebration at the Baba Yara Sports Stadium in Kumasi.

The Committee will have ten members comprising three members each from the Government (Ministries of Finance, Planning and Employment and Labour Relations), Organised Labour, and the Private Enterprise Federation.