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Kwesi Botchwey urges Ghana not to depend on natural resources to transform economy

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Dr. Kwesi Botchwey

Professor Kwesi Botchwey, a former Minister of Finance and Economic Planning, on Wednesday, noted that, the country would continue to be haunted by economic instability, if it failed to evolve conscious measures to structurally transform its economy.

He was of the view that, the natural resources led-economy of the nation will not be beneficiary to its growth but rather there was the need for a vigorous tax mobilization, among other prudent policies, to ensure micro economic stability.

He regretted that, the hang-over of tax evaders was overwhelming and called for measures to address that anomaly.

Prof. Botchwey was delivering the third and final part of this year’s Kwame Nkrumah Memorial Lectures at the University of Cape Coast (UCC) on the theme “the relevance of Kwame Nkrumah’s legacy in Ghana’s contemporary political economy”.

It was the ninth in the series to be organized since its inception in 1974 by the UCC in memory of the first President of the nation.

He stressed the need for the private sector to be developed to facilitate the growth of the nation’s economy and expressed concern that many entrepreneurs have been rendered bankrupt, due to their perceived political affiliation and stressed that, that sector cannot thrive without entrepreneurs.

He said there was the need for the country to build infrastructure to help develop the economy and regretted that Dr. Nkrumah’s vision of building the Tema Motorway through to the North had not been done, three decades after attempts were made for its continuation.

Prof. Botchwey also called for a rigorous public sector reform, where the human resource capacity base will be strengthened whiles the sector will be insulated from political interferences, to ensure the desired growth of the nation for it to achieve its Millennium Development Goals.

On the economic indicators on the African Continent, he expressed optimism that it would claim the 21st century if it addresses the “daunting challenges” like the building of infrastructure and putting in place better economic policies because the economic indicators had improved tremendously, compared to the early 1980s.

The Vice-Chancellor of UCC, Prof. Naana Jane Opoku-Agyemang described Prof. Botchwey as selfless, dedicated, humble and committed statesman who distinguished himself in his field of endeavour.

An honorary Doctorate Degree was conferred on Prof Kwesi Botchwey at a special congregation, making him the 34th person to receive the award.

The citation that accompanied the degree stated among others that Prof. Botchwey was a distinguished intellectual and statesman whose visionary leadership, dynamism and political acumen impacted positively on the country’s economy.

Prof. Botchwey, after receiving the award, expressed gratitude to the UCC authorities for the honour done him, adding that, he felt a surge of an intellectual rejuvenation.

Justice (rtd) Alexander Kobina Baah Ampiah, Pro- Chancellor, said Nkrumah’s significant contribution to the growth of Ghana and the entire African continent must be applauded by all.

He said the honorary Degree conferred on Prof. Botchwey, should serve as a beacon of inspiration for people to serve selflessly and carry out their assignment with diligence.

Source: GNA

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One comment

  1. building the Tema Motorway through to the North, this could have been easily been achieved if one mile is build every month. Ghanaians continue to depend on natural resources which often times ship overseas with less benefit to the economy. No added value and the taxes system in the country is eronous and a system with bad tax system with a lot of invaders. This need to change and the profitability of our energy companies. Why the government has to subsides energy while certain sectors of the economy businesses reaping huge profits.