Business News of Monday, 6 November 2017Source: www.ghanaweb.comReliance on foreign aid hinders development – Professor Gyan Baffourplay videoProfessor Gyan Baffour spoke on behalf of the President, who could not make it to the eventThe President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo, has cautioned developing countries against relying on foreign aids as he asserts that it is a hindrance to development. “Commonwealth countries, particularly the developing ones, stand the risk of undermining the accelerated development of their countries if they continue to rely on aid from developed countries”, he stated. Using the ‘Ghana Beyond Aid’ policy as an example, the President charged developing countries to facilitate the mobilization of domestic revenue in order to fund their development. “That is why since assuming office in January this year, I have championed the policy of Ghana Beyond Aid. I believe it is time developing countries relied as much as possible on domestic revenue mobilization to fund their development”, he said.

Source: GhanaWeb November 06, 2017 15:56 UTC