Ghana’s path to development hit the walls as a result of Coup d’état Dr. Kofi Amoah, an International entrepreneur, a business man and the CEO of Citizen Kofi has said.
Delivering the 3rd public lecture at the Regent University of Science and Technology (RUST) on the topic “Industrialization of Ghana; the way forward” as part of its 10th anniversary, mentioned that the first 7-year national development plan initiated in 1960 was on the path of development but squashed after the Coup.
Blaming it largely on the failure on the country to prioritize Agriculture, Manufacturing and Finance in today’s age.
He said, Ghana during a 7-year development plan ensured agriculture and livestock production, with subsidies in the provision of crops, cheap loans to farmers, among others whilst manufacturing of the production of radios, fridges , bicycle, machines were initiated .
In addition, housing, roads, power, health and education were embarked upon and created massive employment across the country.
He cited that with adequate support, with subsidies, loans and extension officers made small scale famers successful in the cocoa project making Ghana the world’s largest producer of cocoa earning significant exchange to support economic development.
But, 59years down the line after Ghana’s independent, the country has failed to realize the way to go in development, leaving it in a state of deteriorating.
With over 26million population and a high youth percentage, with abundant fertile land currently, Ghana spends about $1.5billion a year importing basic food items such as rice, tomatoes, oil palm, fruit juice etc.
He stressed that ‘our’ import-dependent makes the development policies outward-looking and not inward-looking, “degenerating the point that we are unable to understand and appreciate the intrinsic values in our natural resources” he added.
Picking the pieces to build a link from Independence to now, proposed agriculture, manufacturing and finance as the best of option.
Citing that, developed countries: including the UK, Americans, Germans, Japan/China/Korea among others maintained the tried and tested ‘Road to Success’ approaches that several different nations used to meander through the path of advancement.
Dr. Kofi Amoah argued that whiles not proposing that Ghana copies blindly, he maintained that it is a clear indication Ghana and Africa must pay heed to.
Financing farmers with cheap loans and subsidies, establishment of local manufacturing companies across the region, focusing on unique natural resources in a given area will increase farming output and be the catalyst for sparking economic development creating sustaining employment for the Ghanaian populace. He emphasized.