Accra, Sept. 20, GNA - Vice President Alui Mahama on Thursday launched Ghana's 2057 budget that seeks to define the road map for opportunity for real economic growth for the next 50 years. The document, which is composed of ten sessions include world economic development and outlook, development and outlook in the African economy, macro economic framework for the medium term, sectoral performance and outlook for 2057, policy initiative and implementation challenges.
Vice President Mahama, who launched the document during the 50 years celebration of Ghana's cooperation with the Bretton Wood Institutions in Accra noted; "The 2057 Budget is a document that ought to inspire our youth to take the future into their own hands." "The youth of today with self-belief and the willingness to try, backed by the expertise and capacity building of the World Bank and the International Monetary Fund (IMF) can rise above the challenges of Global warming, the digital divide, skilled labour migration, threat of terrorism and cross border crime, to reach the heights of development that the 2057 budget predicts."
Vice President Mahama said in 50 years, Ghana expected fair trade from the International Community, an Inter-modern transport project, including tunnels from Dodowa to Kwamoso and Nkawkaw to Abene, a thriving agro industrial complex and the skilled gender balanced population.
He said with careful management, the resources to invest will be available, adding that, the Bui Dam, discoveries of oil and other improvement in the energy sector would offer exciting possibilities. "Distinguished friends of Ghana, these targets are possible. Other countries have planned 100 years ahead."
Vice President Mahama described Ghana's relationship with the Bretton Wood Institution as eventful with ups and downs. He said after years of waiting for the economy to take off, the ruling New Patriotic Party was compelled to seek debt relief, stressing; "I need not recall the passion and intensity of public involvement at the time."
"His Excellency President Kufuor's focused vision and tenacity of purpose has been rewarded with the distinction of having the road to his residence renamed Heavily Indebted Poor Countries (HIPC) Initiative Junction by acclaim."
Vice President Mahama said government had insulated the economy from so-called external shocks to the point where inflation, interest rates and exchange rate are stable enough for the private sector to be able to predict and plan with certainty.
"Today, we have positive credit ratings from Reputable International Financial system with the commencement of off-shore financial services and the movement to issue Cedi denomination sovereign bonds on the International Market."
Vice President Mahama said Ghana must be proud of itself, whiles the World Bank and the IMF deserved to share in that pride. Mr. Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning said since 2000, government had pursued an economic strategy that focused on macro-economic stability and poverty reduction. He said the International Development Agency is supporting the agenda by scaling up its support to Ghana to an average of 370 million dollars a year, over the next four years as contained in the Country Assistance Strategy document.
Mr Joseph Henry Mensah, Chairman of the National Development Planning Committee said Ghana's relations with the Bretton Wood Institutions had not yielded the necessary fruits, hence the need for the nation to redefine development perspective and policies. He expressed regret that for over 50 years, no African country had been able to transform its economy to a second world status and said that goal must be the challenge for the Millennium. Ghana signed the World Bank Article of Agreement in 1957, becoming the 64th bank group member.
Fifty years on, over five billion dollars in loans and grants have enabled Ghana to advance development and reforms in all spheres of the national economy with the assistance of the Bank's first loan to Ghana. 20 Sept. 07
