Economist, leader and presidential aspirant hopeful, Dr Sam Ankrah has schooled Ghanaians at Inclab Talks’ ‘Fourth Revolution Leadership’ Conference held at the Kwame Nkrumah University of Science and Technology in Kumasi.
According to him, the natural resource wealth of a country is a significant factor in determining its overall economic success and prosperity, which was exemplified in the success story of Singapore.
He said whereas many countries with abundant natural resources have faltered, Singapore has excelled in terms of economic growth, foreign exchange reserves, and competitiveness.
“Despite being a tiny nation with a landmass of only 729 square kilometres and a population of just 5.5 million people, Singapore has managed to achieve remarkable development and growth. Its GDP of over US$400 billion puts it among the top 5 countries in the world in terms of economic performance, while its literacy rate stands at an impressive 98 per cent.”
“Singapore also boasts of being one of the world’s most successful countries in terms of housing and living conditions for its citizens. The country’s homeownership rate of about 90 per cent is one of the highest in the world, while it has also placed first for seven consecutive years as the country with the most ease of doing business.”
“In contrast, Ghana, a country with a much larger land size, a population of about 33 million and natural resource wealth far exceeding that of Singapore, has a GDP of only about US$78 billion. Ghana’s poor economic performance, despite its abundant natural resources, highlights the importance of proper management of a country’s resource wealth.”
“The success story of the UAE also exemplifies how efficiently managing natural resource income can drastically improve the socio-economic lives of a nation’s citizenry. Since the discovery of oil in the late 1950s, UAE has been able to quickly transform its economy from a nomadic one to a world-class modern nation, with one of the highest standards of living in the world.”
“Despite being a diversified, resource-rich nation, Ghana’s over-reliance on tax revenue has become a burden for businesses and individuals alike. The excessive taxes imposed in Ghana end up crippling businesses and companies, making it almost impossible for them to thrive.”
“The natural resource wealth of a country is indeed a significant factor in economic growth and development. However, proper management of such wealth is paramount for a nation to maximize its benefits and achieve sustained growth.”
Dr Ankrah says the success story of Singapore and the UAE provides valuable lessons for resource-rich countries like Ghana to devise effective strategies to manage their resources better to realize their full potential and benefit their citizenry.
