By Ghana News
Copyright ghanamma
New Patriotic Party (NPP) flagbearer hopeful, Kennedy Agyapong, has outlined his vision to drive Ghana’s economic growth using what he describes as the successful “Asian model” of development.
Speaking about how countries like South Korea, India, and the UAE built strong, competitive economies after his vetting on Tuesday, September 23, the outspoken politician and businessman emphasised the importance of government-backed private sector development through strategic funding and accountability.
“The Asian model, what they did at that time, when they decided to compete with Europe and America, was that they identified potential talents and potential businessmen and funded their projects like Daewoo, Hyundai, Samsung,” Agyapong said.
He explained that governments in Asia made deliberate efforts to support promising entrepreneurs by offering structured financial backing, with strict checks to ensure that funds were used appropriately.
“They made sure, made conscious efforts to support them by giving them loans… The government then sends the money to the company manufacturing the raw materials… If you tell them the imports or your raw materials or whatever equipment you’re going to use will arrive in three months… they are there to inspect,” he added.
According to him, one of the biggest barriers to entrepreneurship in Ghana is the lack of access to capital. He believes that the government should play a proactive role in providing funding and then gradually stepping back once the business becomes profitable and self-sustaining.
“The most difficult part is the capital. So if the government supports you to get the capital and you run it well, you become a millionaire. This is how they’ve been able to expand their businesses,” he noted.
However, Agyapong stressed that financial support must be accompanied by strict accountability measures to prevent misuse.
“The government should be bold and also punish people who take the money,” he stated.
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