Nduom calls for new national economic policy

Kumasi, Nov.14, GNA - Dr. Paa Kwesi Nduom, the 2008 CPP presidential candidate, has called for a new national economic policy that will place the management and greater control of the domestic economy firmly in the hands of Ghanaians.

"I believe that this is the time to find a way to enable Ghanaians to gain control over the domestic economy and adopt nationalistic policies in the management of the nation's development agenda", Dr Nduom emphasized. Dr. Nduom was speaking at an entrepreneurship seminar organized by the Kwame Nkrumah University of Science and Technology (KNUST) School of Business Graduate Students Association (KSBGSA) in Kumasi on Saturday on the topic: "entrepreneurship; key factor for national development". He said it was time the country re-discovered industrialization and put the private sector at the centre as an important player, with the active and sustained support from the government.


Dr. Nduom said the time had come for a deliberate effort to provide stimulus package to Ghanaian businesses to thrive in the face of the global crisis.


He, however, said his kind of stimulus package was not to be like those provided by the Americans and other European countries to their businesses. "I am not asking us to copy the American, British, Japanese, French of Chinese stimulus. I am calling for a homegrown Ghanaian solution. The kind of stimulus package I am calling is one that will give the commanding heights of the economy to Ghanaians. 'Domesticate' the economy and create productive, sustainable jobs", Dr Nduom explained.


He said the government could make the 'buy locally produced goods crusade' a national one and enable it to gain solid foundation by aggressively buying and hiring products and services of local entrepreneurs.


He observed that one inexpensive way to enable local producers to find their feet in the market, "walk and then run" was for the government to ensure that the taxes collected from the people went to fund local enterprises.

He said the nation needed to be bold, innovative and comprehensive in its approach to adding value to local raw materials through an industrial base upon which the foundation and sustainable increase in the standard of living of the people would occur.


Dr. Nduom said the global economic crisis coupled with the current local economic difficulties such as high inflation rate, weak currency, low lending rate and others, had made it difficult for enterprises, especially the small ones to survive.


He said prospective entrepreneurs needed to prepare to face some of these challenges and manage themselves well to sustain their businesses. Dr. Nduom called on university graduates to imbibe good morals and self discipline in their business dealings.


Professor Merlyn L.K Mensah, Dean of Students at KNUST, said leadership was critical in the nation's quest for speedy socio-economic development. He said entrepreneurship served as a catalyst for economic growth and there was the need to nurture young people to take up the challenge.


Mr. J.M Frimpong, Dean of KNUST School of Business, said plans were underway to set up an incubator schemes and consultancy services for entrepreneurial growth and development, especially among students. Mr. Patrick Fiagbe, President of the Graduate Business Students Association, said the seminar aimed at serving as an opportunity for members to network and share ideas with captains in the industry and equip themselves with modern entrepreneurial skills. 15 Nov. 09