Dr. Gobind Nankani said, if the Government of Ghana can attain the middle income stakes by 2015 as enusage in its Policy document, than it requires a growth of seven to eight percent annually. Dr. Nankani suggests that Ghana can develop a growth strategy that draws on lessons from the growth of the “giants” and complement these with specific advantages. He said Ghana can position itself to catch up with the “giants” through what he calls a “natural resource plus strategy.
He said giant economic such as Malaysia, Singapore Botswana, China and others which have grown to become middle or high income countries was as a result of their visionary leadership and prudent macro-economic management.
Dr. Nankani mentioned some key thematic areas of a growth strategy, for instance, agriculture, mining and oil and education which he said are elements which will serve as the basis to make the transition to a manufacturing and services driven economy with emphasis on pragmatism and experimentation. He said agricultural growth in the last six years has been at a historical high rate of 5.2% but suggest that it has been driven by extending the land frontier and by favourable global market developments, than by growth in agricultural productivity.
He said Agriculture Productivity Growth is an essential early phase of development in many low income countries, as China’s experience shows a spectacular growth in the 80’s and 90’s. Dr. Nankani said Ghana is endowed with Mining and Oil and the recent confirmed oil find evident. He said natural resources can be a blessing if aggressively cumbered with education and knowledge.
