Lydia 5 months ago

How to Reduce Dependency on foreign financial support

Ghana is capable of being self-sufficient in the production, distribution, and consumption of many goods and services. We can generate funds internally to meet our budget. The over-reliance on

foreign sources of financial support have adversely affected our

development. Our economy is weak and susceptible to external pressures and shocks.

We can reduce over-dependence on external sources of funds through the following

bar ways:

1. By patronizing made-in Ghana goods (products):

We must eat what we grow and grow what we eat. We will be able to save foreign

exchange when we grow and eat what we have produced locally.


2. By increasing production and export:

please We must put in place policies to help farmers, fisher folks, firms, and businesses so

ainu that they can increase production. This will break the vicious cycle of poverty that

has worsened our financial predicaments all these years after independence. As

we grow more, consume more, and export more, the nation can secure foreign

exchange to help meet our budget. For example, the mass spraying of cocoa over

creased production which has also increased foreign has over the years has resulted in the insert to exchange to the nation.


3.By adding value to our exports commodities:

We must stop exporting raw crops, lumber, and unrefined minerals. We should

process our raw materials into finished products. Cocoa beans can be processed

into cocoa powder, flavor, chocolates, oils (butter), and cakes before they are

exported. This will earn the country more foreign exchange compared to the raw

cocoa beans that are exported. The same can be done to our gold, diamond,

bauxite, and manganese when refineries are established for them.


4. By developing our human resources:

There is the need to restructure our educational system to give more technical,

lumen vocational and scientific training to our people. Our human resources must be

trained to meet our needs as a people. They should serve as the basis for the

industrial take-off of this country. When this is done, we can get the needed human

effort to improve the economy, and can even export professionals to other

woo foreign countries. Sports development must also be considered so that we can

157 unearth more sporting talents to feature in our national teams in the future.


5. By using local expertise in solving our problems:

eBay The nation must look within to address most of our economic, political, and

technological problems. Consultancy services and contracts in various fields can

be given to local professionals to help them improve on capacity building.


6. By improving revenue collection for the state:

The revenue collection institutions of states like the Internal Revenue Service (IRS),

Value Added Tax Service (VAT), and Customs Exercise and Preventive Service

(CEPS) must be well equipped to enable them to perform their functions with

dispatch and efficiency.

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