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Government is Good at Intervening for Facilitation of Foreign Capital

Government is Good at Intervening for Facilitation of Foreign Capital, but Weak in Regulating Interests of Domestic Capital

Published on Wednesday, 24 March 2010 11:54

ACCRA, Ghana-TWN-Af-3 February, 2006--Dr.Yao Graham, Co-ordinator of TWN-Africa, has said that apart from Ghana facing "a unique challenge of how to undertake transition", because the models that regularly get cited did not make their transitions within an open political culture, there is "not a single economic model of transition which was based on a democratic model."

Commenting on President John Agyekum Kuffuor’s State of the Nation address on an Accra-based private radio station Joy99.7FM’s "Front Page" programme, he argued that the United State’s economy was based on slavery, the UK’s on colonialism, and as for the Asian tigers, there are "whispers of tyranny".

He said that the World Bank has only recently admitted that they misrepresented the South Asian model as being based on openness. He was also responding to comments that the Japanese and Malaysian models were something to be emulated in Ghana. Dr.Graham argued that the political economies of these countries are not the same as that of Ghana, and that even a country like China that has been heralded as an economic success has a "labour regime that is brutal".

Malaysia, often compared to Ghana as being a success over the country because both started off with the same GDP, has a political culture about which one would raise questions.

In his view, "one of the things that come out from the State of the Nation address is the conception of the role of a state more systematically interventionist."

Regrettably, one area that the government is good at is intervening for the facilitation of foreign capital, but weak in regulating the interest of domestic capital, workers and consumers, Graham argued that the country needs " more systematic way of intervening" For him, these are some of the more important issues that need to be discussed when we talk about the State of the Nation.

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