Ghana needs 500 years to equal South Korea’s economy

Even though Ghana and South Korea both began its journey for economic independence 50 years ago, the former’s (Ghana) economy has so deteriorated that its per capita income in 2008 was $1,430 as against Korea’s $28,120 the same year.

This means it may take Ghana some 500 years to equal the economic growth of South Korea if her economy should continue growing by an average ‘crawling’ rate of 20 per cent per annum since independence.

On the other hand, if Ghana’s economy should grow at seven per cent per annum achieved in 2008, then the country might just take 60 years to equal South Korea’s economic growth of $545 per annum achieved over the last 53 years.

Whether 500 years or 60, the country has a lot of catching up to do.

These intriguing figures and scenario were culled from the preface of Dr. Mahamudu Bawumiah’s new book – Monetary Policy and Financial Sector Reform in Africa, Ghana’s Experience which was launched in Accra, Tuesday.

Described as a “meticulous written piece of scholarship” by the chairman of the occasion, Prof. FT Sai, the 248 paged, blue-black coloured book, encapsulates Ghana’s economic data from independence till date.

Alhassan Andani, Managing Director of Stanbic Bank who is one of the reviewers of the book was apt in his description of the content of the book and its author.

The book has been so simplified, he said, more like an “economics for idiots.” “The author, well polished, well read academician.” “An accomplished researcher, technocrat and a budding politician,” he stated.

Another reviewer and one time Minister of Finance, Dr Osafo Maafo said with the launching of this book, the airwaves must cease with inaccuracies about the country’s economic data.
Assembly of NPP gurus

Dr Bawumiah in his crowning moment was modest in his achievement.

His book launch brought together all who matter within the New Patriotic Party. Ex-President John Kufuor; presidential candidate of the party, Nana Akufo-Addo; Dr. Addo Kufuor former Defence Minister; Alhaji Malik Yakubu Alhassan, former Interior Minister; Jake Obetsebi Lamptey, NPP chairman and Kwadwo Owusu Afriyie, General Secretary of the party.

Others include, Oboshie Sai Coffie former Information Minister; Hackman Owusu Agyemang, ex-minister of Water Resources Works and Housing as well as Abrose Derry deputy Minority Leader.

Dr PV Obeng who is the Chairman of the of the National Planning Commission and a member of the NDC was present at the launch together with the chairman of the PNC, Alhaji Ramadan.

The first book was auctioned to President Kufuor for an amount of ¢2,000 whilst Nana Addo paid ¢1,000 more than Mr Kufuor.

Ten other former ministers of state also bought the book for an amount of ¢2,000 each.

Source: JFM

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