Why Mahama’s Economic Strategy Will Create Prosperity!

Why Mahama’s Economic Strategy Will Create Prosperity!
McKinsey & Company outlined a detailed strategy for growing emerging economies in their independent report “Lions On The Move II: Realising The Potential Of Africa’s Economies” (www.mckinsey.com/mgi). Of particular importance is the role that governments must play in driving and delivering this sustained economic growth.

The report defines several action points for governments to focus on:

Aggressively diversify the economy;
Accelerate infrastructure development especially power supply and transport
Encourage regional integration;
Create tomorrow’s talent with a greater investment in schools and vocational training
Ensure healthy urbanization
Utilise local funding including the encouragement of public/private partnerships;
The NDC Government’s track record under President Mahama over the past four years, and their clearly stated plan for the next four is clearly in alignment with these critical initiatives.

Let’s consider each of these individually – and we will see why JM’s Economic Strategy WILL create prosperity:

Aggressively diversify the economy
Ghana is a strongly Agrarian economy and been heavily dependent on its core cocoa exports for many years. Our initiatives have allowed us to diversify the crops we grow in this country, increasing our support of Shea Nuts, Cashew Nuts, Oil Palm, Rive, Coffee and Cotton.

We have focused on developing value added industries across this sector and others. Rice is being milled for local and export purposes. We have built and invested heavily in cement manufacture, sugar manufacture, shoe manufacture and fish processing to name a few.

Our innovative industrialisation plan will seek to further this diversification in the next 4 years.

We are pumping oil in 2 new fields and will grow this sector and related industries in the coming years.

This plan will create jobs, grow the economy and build long term sustainable prosperity for our citizens.

Accelerate infrastructure development especially power supply and transport
Many of our detractors have complained about our focus on infrastructure development. However, our strategy and implementation has been vindicated by the recognition of the international community, the stabilisation of the economy and the cedi and the clear signs of economy growth set for 2017.

Our infrastructure projects have created hundreds of thousands of direct and indirect jobs; as a result of these projects the World Bank has designated Ghana as the easiest place to do business in West Africa. The improved ratings by Moody’s and the projected growth rate of 8% projected by the World Bank are as a direct result of these projects.

Stabilising and ensuring energy security has had both significant short term impact of stabilising the economy as well as laying a strong foundation for our future economic prosperity. We will become a nett exporter of power to the region driving foreign revenues and diversifying the economy further.

Roads, railways ports are all connecting people to markets and opening Ghana’s industry to the world. All this creates jobs stimulates our economic growth and ensures the prosperity of our people.

Encourage regional integration
Ghana is now a major player in the Ecowas region and through JM’s strategy this year, the entire Ecowas market of 350 million people has been opened up to Ghana. No other government and statesmen has had as much impact and effect in regional integration and global participation as President Mahama.

Create tomorrow’s talent with a greater investment in schools and vocational training
Developing our educational facilities and ensuring all our children get the education they deserve has been the cornerstone of our development over the past four years.

We have built schools, improved educational facilities, trained teachers and supported a broad base of vocational programs. In the years to come we will do more, as we believe our citizens deserve a chance to impact the world in which they live, through education. Education is the foundation of ensuring the long term economic prosperity of a nation.

Ensure healthy urbanization
With our focus on building roads, electrification and water supply to the regions we are supporting the development of our regional urban centers. We must continue our investment in these infrastructure projects.

Healthy urbanization requires an increase in availability of affordable housing. The NDC built thousands of affordable homes over the past four years, and in the coming four years will ensure that MMDA’s will rationalise and expedite the planning process for housing development. We will ensure that our citizens have access to our urban centers, in recognition of the fact that mass transit is a critical requirement of healthy urban development.The recently inaugurated mass transit system in Accra is just one of the initiatives this government has undertaken to ensure thatwe effectively serve our urban citizens.

Utilize local funding including the encouragement of public private partnerships
Major projects are now being undertaken through Public / Private Partnerships, as a direct result of the NDC government’s creation of an enabling economic environment, which has encouraged significant direct foreign investment.

The next four years the NDC will be focusing on developing these relationships and this investment approach.

President Mahama and the NDC leadership have taken the tough decisions based on a long-term economic development strategy, that will see benefits way beyond President Mahama’s eight-year tenure.

It is this kind of statesmanship that modern economies need to reach the status of a middle-income nation, and to eliminate poverty, creating prosperity for all of Ghana.

President Mahama has clearly demonstrated his deep understanding of what it takes to ensure the long term sustainable economic prosperity for all Ghanaians. His vision is clearly endorsed by global benchmarks and he has demonstrated his ability to deliver.

A vote for John Dramani Mahama and the NDC is a vote for continued Economic Development.

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