Business News of 2014-07-29

UN hails new economic concept

The United Nations (UN) has hailed efforts by the Omanhene of New Juaben Traditional Area, Daasebre Professor (Emeritus) Oti Boateng, to lead a dynamic development initiative by introducing a new theoretical and practical model to determine the basis for a new global economic development.

This was at the formal presentation of the concept paper dubbed the Root-Based Economic Development (r-BED) Model to Mr Kingston P. Rhodes, Chairman of the UN’s International Civil Service Commission (ICSC) in Rome, where the Commission is holding its 79th Session.

A statement mailed to the GNA in Kumasi from the office of Omanhene said the presentation was part of moves to garner worldwide support.

Daasebre Oti-Boateng, himself a member of the ICSC, first introduced the initiative at the World Forum of Academics in Cambridge University, England, in August, 2010 and later that same year to the UN Secretary-General to influence a new global development order.

It said the initial presentation received the endorsement of high-profile institutions across the world as a bold attempt to register an African creative intellectual footprint in global development.

The expectation is that the r-BED concept, which embodies multiple models and planning framework for implementation is going to attract major global attention upon its promotion.

According to the statement, it would be piloted as Ghana’s home-grown economic development model to incubate community-led, entrepreneurial lessons for Africa and the rest of the developing world.

The statement quoted Daasebre Oti Boateng as saying “there is a global consensus for change in the direction of development from the expert-led economic growth paradigm in favour of a mass-oriented grassroots economic development regime, particularly in the African Region."

The r-BED model, he notes “is an African intellectual response to a critical global development need”.

Mr Rhodes said he was personally impressed with Daasebre Oti-Boateng’s industry and enthusiasm to make a global impression from the African perspective and urged the Commissioners to promote the new model as the new theme to introduce change in the existing growth-development order.

He pledged the support of the Commission and invited major stakeholders in Ghana to equally embrace it to make a statement for the rest of the world.

The President of the International Fund for Agricultural Development (IFAD), Mr. Kanayo F. Nwanze, also welcomed the initiative at a reception hosted by IFAD at its headquarters in Rome.

He said in many respects the r-BED model would support the work of Fund, which invests in people and in the transformation of rural space.

Dr Evelyn Anita Stokes-Hayford, Ghana’s Ambassador to Italy and permanent representative to Food and Agricultural Organization (FAO), World Food Programme (WFP) and IFAD, also gave it her approval, saying at another reception hosted by the United States (US) Mission in Rome that, it has great potential for Africa and the developing world.

The r-BED model is a joint intellectual effort by Daasebre Oti-Boateng and Mr Nyaaba-Aweeba Azongo, a development expert.

The model is currently being promoted under a new institutional establishment called, Oti Boateng-Azongo Development Institute (OB-ADI).

It is a systemic integrated communal development model utilizing time-tested indigenous institutions of governance and internalized community support systems to build self-secured local economies.

Source: GNA
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