Accra, Sept. 20, GNA - Panellists at a discussion on the economy on Friday, were of the view that the country cannot in the short-term break its dependence on donor funding to support programmes and projects. They argued that while reliance on external financial support was not in the best interest of the country's long-term development, such aid could not be done away with immediately.
The panellist, Dr Samuel Nii Ashong, Minister of State at the Ministry of Finance and Economic Planning, Mr Moses Asaga, Minority Spokesman on Finance and Squadron Leader Clend Sowu, a former MP were contributing to the topic: "The Ghanaian economy Under review: Prospects of Hope or Doom."
The forum was organised by the Akuafo Hall Junior Common Room of the University of Ghana to enable students share their views on national issues.
Dr Ashong said donor support was key to development since without it the country would find it difficult to carry out its programmes. He said internally generated funds were currently inadequate to support sustainable development, adding that, such funds and resources should be used efficiently to promote the country's development. Mr Moses Asaga said while the country cannot avoid donor funds, a strategy should be evolved to ensure that key sectors of the economy were financed from domestic sources.
He said the agriculture sector, which currently depends heavily on external support of about 70 per cent, should be financed more from domestic sources to ensure that there is no crisis when donors withdraw their assistance.
On the performance of the economy, Asaga said it is fragile despite some improvement in economic indicators.
He said the pursuit of prudent fiscal and economic management is crucial to rescuing the country from the woes that had long plagued it. Squadron Leader Clend Sowu said there is hope that the economy could be brought back on the path of sustainable growth if the right choices and decisions are made.
