Prudent economic plans will make Ghana self-reliant – Finance minister

Mr Ken Ofori-AttaMinister for Finance Ken Ofori-Atta has stated that government has initiated a prudent economic action plan to ensure that Ghana becomes self-reliant in financing its economy.

He said the “Ghana beyond aid” policy strategy was the agenda government would use to achieve the desired goal.

“The agenda focuses more on how to use our own revenue mobilised to restore the economic fortunes of Ghana. But that does not mean government will reject international assistance.” he said.

The Finance Minister disclosed in Accra when he addressed the third Aliu Mahama memorial lecture on the theme, ‘Transforming Ghana beyond Aid: How we get there’ in Accra.

He said the government strategies outlined in the 2018 budget included the need to strengthen the capacity of indigenous banks to drive the country’s economic development, noting that a concerted effort was needed to improve the country’s financial sector to support the developmental agenda of government.

Mr. Ofori-Atta noted that for Ghana to take greater control of her economic destiny, a robust financial sector capable of financing the transformation agenda was needed.

He was optimistic of government’s commitment to make Ghana a multi-billion financial economy that would leverage Ghana as a financial hub in Africa.

“I think it is time we take deliberate steps to build the capacity of our local banks to become major participants in this assured multi-billion dollar money market right here in Ghana,” he said.

The Finance Minister announced government’s plans to build an integrated aluminum industry by establishing an aluminum authority, adding that a draft bill is being taken through the necessary process for its establishment.

He said Ghana could benefit between 2 to 10 billion dollars annually when it becomes operational.

“The Tema Oil Refinery which is currently faced with major challenges will be fully functional from the first quarters of 2018 to support the economy,” he said.

The Finance minister said, “About one trillion dollars was expected from the government Planting for Food and Job programme whilst plans are also far advanced to develop the country’s railway system to interconnect with farming communities.”

Mr. Ofori-Atta noted that the Ghana Railway Development and the Ghana Port and Harbour Authority were working on the roadmap to strengthen the country’s railway system.

BY BERNARD BENGHAN

 

 

 

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