Former Chairman of the Inter-Ministerial Committee, Prof. Kwabena Frimpong-Boateng, has expressed concern over the dissipation of wealth in the country.
In an interview on JoyNews' The Pulse on Wednesday, July 24 he emphasized the need for a shift in focus from merely spending wealth to creating it, lamenting the longstanding issue of wealth dissipation since Kwame Nkrumah's tenure ended 58 years ago.
“We have to create wealth but we are not creating wealth. Everything we are doing is to dissipate wealth in this country,” he said.
Prof. Frimpong-Boateng criticized the current practice of borrowing money for projects such as roads, schools, and markets, arguing that while such projects are necessary, they do not necessarily contribute to sustainable development.
He advocated for projects with "horizontal and perpendicular linkages," which have long-term benefits and can foster more development over time.
"For example, if we embark on a project, we know that in five years, we will be in a position to build more of such projects initially, but we are not doing that in this country," he stated.
He stressed the importance of involving universities and research institutions in development projects to ensure they are sustainable and beneficial in the long run.
"We have knowledgeable people who have the solutions in this country, but we don’t need them ... if we continue to do that, this country will never develop. We will create problems for ourselves because if we borrow now to do projects, we will need money to maintain and build more next time. Where are you going to get the money from?" he questioned.
Prof. Frimpong-Boateng underscored that the key to sustainable development lies in creating wealth rather than merely spending it.
He called for a strategic approach to development, leveraging the expertise of local professionals and institutions to create projects that would generate ongoing benefits and reduce the reliance on borrowing.
Credit: Emma Ankrah