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Tony Oteng-Gyasi, a Ghanaian industrialist and former President of the Association of Ghana Industries (AGI), has challenged the commonly held belief that the International Monetary Fund (IMF) and World Bank hinder Africa’s development. Instead, he argued that Africa’s underdevelopment is primarily due to internal factors like pride and indiscipline.
Oteng-Gyasi suggested that the IMF and World Bank possess the expertise and resources to guide African nations out of poverty and toward economic prosperity. However, he emphasized that this can only be achieved if African countries diligently adhere to the policy recommendations of these institutions.
During a lecture at the University of Ghana
, Oteng-Gyasi countered the claim that no country has developed under the supervision of the IMF and World Bank, citing the impressive growth trajectories of Asian economies, including the Asian Tigers. He maintained that these nations followed the guidance of the IMF and World Bank, embracing free trade zones, technology hubs, and sound tax policies.
In contrast, he lamented Africa’s tendency to disregard the advice of the IMF and World Bank while aspiring to achieve the same level of economic success as the Asian Tigers. He likened this approach to wanting to emulate the strength of a lion without taking the necessary steps to build muscle.
Oteng-Gyasi urged African nations to embrace the guidance of the IMF and World Bank, recognizing that their expertise and resources can play a crucial role in propelling the continent toward sustainable economic growth. He emphasized that shedding pride and embracing discipline are essential prerequisites for Africa’s economic transformation.
Source:omanghana.com
