Dr. Maxwell Opoku-Afari
Dr. Maxwell Opoku-Afari, First Deputy Governor of the Bank of Ghana (BoG) has advocated for enhanced efficiency of public spending, expenditure rationalisation and value for money projects to promote inclusive growth, drive development and help alleviate poverty.
He made these remarks at a public lecture organised by the University of Ghana Business School (UGBS) on the topic, “Re-thinking Development Financing: Macroeconomic Management when the Love is Gone”, where he enumerated the developmental challenges Ghana was likely to face when external sources of financing from official and bilateral sources cease.
The lecture focused on three critical areas relating to macroeconomic management in Ghana. These comprised a historical overview of Ghana’s relationship with her external donors, Ghana’s transition from donor flows to domestic and other revenue sources to sustain the development efforts and a discussion on re-thinking development financing and how domestic resource mobilisation could be enhanced to support the country’s development.
Dr. Opoku-Afari, in his presentation, explained that the response of the international donor community to increase the level of aid and other external flows into Africa in the 1980s during the continent’s economic crisis supports the evidence that policy inconsistency and domestic economic mismanagement contribute to the region’s economic troubles.
He noted that though Ghana benefitted substantially from the Structural Adjustment Programme introduced by the international donor community to address economic imbalances, restore macroeconomic stability and support economic growth, the country needed to ‘graduate’ from such reforms. To be able to do that efficiently, Dr. Opoku-Afari said it requires paying attention to two key concepts – resources and competencies - which is in tandem with President Akufo-Addo’s Ghana Beyond Aid Agenda initiative which is targeted at financing infrastructure and human capital development.
Dr. Opoku-Afari shared some policy measures that could help raise additional funding locally to support infrastructural development or fund social intervention projects to ensure improvement in the living standards of Ghanaians.
In her remarks, the Acting Vice-Chancellor, Prof. Nana Aba Appiah Amfo, who chaired the lecture, commended the University of Ghana Business School for distinguishing itself within the academic community by engaging and leading conversations which shape the national discourse for policy reforms. While thanking Dr. Maxwell Opoku-Afari for sharing his knowledge on macro financial management, Prof. Amfo noted that the lecture had pointed out lessons the nation and even institutions must adhere to by paying attention to domestic revenue mobilisation. She also announced that the lecture had provided the roadmap for reviving face-to-face scholarly lectures in the University, with strict adherence to the Covid-19 protocols.
Prof. Nana Aba Appiah Amfo
Earlier in a welcome address, the Dean, UGBS, Prof. Justice Bawole, disclosed that the School, as part of its strategies to enhance students learning experience, had teamed up with top policy makers, industry players and accomplished business people to interact with faculty in order to contribute to the practical aspect of teaching.
Prof. Justice Bawole
University officials present at the lecture included Mrs. Emelia Agyei-Mensah, Registrar; Mrs. Elizier T. Ameyaw-Buronyah, Director, Public Affairs; Directors and Deans as well as faculty, staff and students.
Group Picture of UG and BoG Officials
Also present at the lecture were Dr. Ernest Addison, Governor, BoG, Board members and staff of BoG, the general public and the media fraternity.
Cross-section of Audience present at the lecture
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