Business in Ghana

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Posts Tagged ‘China’

Pragmatic and Effective Market Oriented Reforms, Key to China’s Economic Growth: Prof Bala Ramasamy

Posted by Business in Ghana on May 22, 2014

From Ben Ofosu Appiah, Japan

Through pragmatic and effective market oriented reforms, China has been able to lift over 300 million of its people out of poverty in the last 30 years, an economic achievement no other country has accomplished in the past. This was disclosed by Professor Bala Ramasamy, professor of Economics at China Europe International Business School (CEIBS) in an evening of Strategic Conversation on the topic: Enter the Dragon: Policies to Attract Chinese Investment, at the CEIBS Africa Auditorium in Accra, Ghana on Monday 19th May, 2014.

On how China was able to do this, Prof Bala referred to the famous saying of the former Chinese Premier Deng Xiaoping, the architect of Chinese economic reforms, “crossing the river by feeling the stones” to describe the gradual , experimental way reforms were implemented. These reforms according to the professor were aimed at balancing growth  with social  and economic stability. A mix of fiscal, administrative and employment creation policies were introduced  and local government officials were rewarded for delivering on key reform goals: growth, Foreign Direct Investment (FDI), employment and social stability. Read the rest of this entry »

Posted in Ben Ofosu-Appiah, Politics | Tagged: , , , | Leave a Comment »

Waiting To Analyse The Economy

Posted by Business in Ghana on September 26, 2011

By Sydney Casely-Hayford,

Should we follow in Nigeria’s wake and hold part of our reserves currency in Chinese Yuan?  The question has come up in business news more than once in recent weeks.  I first commented on this on a Joy Business Trends program and I said an emphatic yes!  Not just because Nigeria has done so, but also because they are ahead of us in analyzing and making the decision.

Deciding what currency to hold in foreign reserves is not a very complicated analysis when you have all the data.  When asked, other analysts and ministers in Government cautioned that we should take our time, tread gently and make the decision hesitatingly.  As they claim, we are a small country with too much to lose, we must take care and ensure that we make the right decision.  Then one day this week on BBC World Service the African proverb was, “people who have nothing, fight over nothing”.

Last month the World Bank released project evolution figures on Ghana’s portfolio.  A clear representation of where we are.  $1.5 billion in awarded contracts and we have only performed 23% of the work required to release funds.  Facilities are about to run out for key interventions, which we are complaining about.  Roads, water, education, sanitation. Read the rest of this entry »

Posted in Financial Services, Sydney Casely-Hayford | Tagged: , , | Leave a Comment »