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Ghana is pursuing an “aggressive private sector-led investment drive” to fulfil a commitment by the government to reduce dependency on aid, Vice President Mahamudu Bawumia, has said.

The move “Ghana beyond aid” is being driven by President Nana Akufo-Addo, who wants the country to use its vast natural resources to fund its development.

“We are under no illusion that this is easier said than done,” the Vice President told delegates at the two-day Ghana Investment and Opportunities Summit 2018, held in London.

“But an even greater illusion is to think that we can build a sustainably good society on the inexhaustible charity of others.”

“History provides no such examples. And we cannot hope that our fortunes will be different”, he added.

He said, to achieve a Ghana less dependent on aid for its development, there would be a need to build “some long-term pillars”.

“We are clear in our minds that aiming for a Ghana beyond aid requires the mobilisation and leveraging of domestic savings and revenues, as well as our vast resources in a more effective and efficient manner to ensure development and create wealth for the people.”

“The vision to build a Ghana beyond aid should not be seen as mere rhetoric. Nor should it be seen as one of the many passing political platitudes in the past.”

Dr Bawumia said the President and his government were clear in their thinking about where they wanted to take the nation and the pathways of getting there.

“Judging from our history and our vision for the future, there is no doubt that we need to rethink how we develop as a country.

It has become obvious that we need to be more efficient and effective in managing our resources to ensure rapid economic growth and transformation to shift from over reliance on foreign aid.”

The Vice President noted that to be able to attract the right level of fair, mutually beneficial investment and trade, the local economy should be seen to be sound and business friendly.

“This has been a major pre-occupation of the government since coming into office in January 2017.”