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Economy Ghana beyond aid mantra is more than a mere rhetoric - Bawumia

“Third, is to pursue a more transparent, prudent and accountable use and management of public resources."

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Dr. Bawumia play

Dr. Bawumia

The Vice President, Alhaji Dr. Mahumudu Bawumia has stated that President Akufo-Addo's mantra of "Ghana Beyond Aid" is more than a mere rhetoric but a call to wean ourselves of foreign aid.

He said, in order for Ghana to attain the status we want, we have to critically look at securing our future beyond aid.

Dr. Bawumia was speaking at an ongoing Conference in Accra on Moving Ghana Beyond Aid – Revenue Mobilization in Accra.

He said, "Judging from our history and our vision for the future, there is no doubt that we need to rethink how we develop as a country. It has become obvious that, we need to be more efficient and effective in managing our resources to ensure rapid economic growth and transformation."

READ ALSO: Nation Builders Corps to be launched end of April - Bawumia

Alhaji Bawumia also used the occasion to outline the five pillars behind Ghana Beyond Aid. He said, "“For now, Ghana Beyond Aid is resting on five pillars: First, and most obvious, is to enhance domestic revenue mobilization. And we must do so in ways that do not undermine productive activities, or distort private incentives for work."

Dr Bawumia play

Dr Bawumia

 

“Second, is to encourage higher private savings as a source of loanable funds to support domestic credit and capital market, and expand financial inclusion."

“Third, is to pursue a more transparent, prudent and accountable use and management of public resources."

READ ALSO: Government has reduced robbery attacks – Bawumia

“Fourth, is to leverage our resources that are buried deep in the ground for development in more innovative ways than the conventional model of royalty and tax regimes."

“Fifth, is innovative mobilization and use of external resources in the emerging development finance landscape."

He admonished participants to come up with new ideas and new and better ways of improving revenue collection.

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