The Senior Partner of AB & David, Dr David Ofosu-Dorte, has said that the Ghanaian government must look within the country to raise financial resources in order to develop the economy instead of relying on Foreign Direct Investment (FDI).
Speaking at the 13th Ghana Economic Forum in Accra, Dr Ofosu-Dorte said that the government had over the years focused on Foreign Direct Investment (FDIs) in creating jobs and raising financial resources.
“No country grows if it ignores its domestic investors,” Dr Ofosu-Dorte said.
Dr Ofosu-Dorte, who was the keynote speaker, stated that the government should help build local investors and ride on that to attract FDI’s, saying, “local investment is a way to attract foreign investment.”
He emphasised that government should introduce incentives and measures to ensure that companies established under FDIs thrived to employ more of the unemployed youth in the country in order to address the growing unemployment problem facing the country.
Dr Ofosu-Dorte, who spoke on the theme of the programme, said that most companies operating under the FDI’s space did not survive after entering the country.
He called for a fit-for-purpose policy to promote growth of businesses and a National Development Plan (NDP) to help promote the development of the country.
He said the NDP should be led by the National Development Planning Commission and should have a buy-in from all the political stakeholders and the media, adding that the NDPC should ensure the various political parties incorporated the NDP in their party manifestos.
Dr Ofosu-Dorte further urged the business community not to sit on the fence, but corporate and collaborate with the political actors and be bold to point out the flaws in the policies of the government.
He noted that if the economy becomes broke, the government would introduce new taxes to raise additional revenue and that normally hurt businesses.
Additionally, Mr Ofosu-Dorte entreated the participants and speakers to come out with practical and workable solutions to help address the economic challenges facing the country.
According to local media report, the Thursday’s programme, organised by the Business and Financial Times, an Accra-based newspaper, was on the theme ‘Unlocking Opportunities: Re-Engineering Ghana’s Economic Model for Sustainable Development.’
It added the event brought together Chief Executive Officers, captains of industries, representatives of private organisations, development institutions, international organisations and members of the diplomatic corps to discuss sustainable measures to promote economic growth and accelerate the development of the country.
GIK/APA