During a Tertiary Education Institutions Network (TEIN) alumni connect event held at the Kwame Nkrumah University of Science and Technology (KNUST) on Saturday July 8, 2023, Mr Bernard Oduro Takyi, a chartered certified economist, reassured businesspeople and Ghanaians that a future National Democratic Congress (NDC) government led by John Dramani Mahama would not cause the collapse of indigenous businesses and then seek a bailout from the International Monetary Fund (IMF).
In his presentation on the topic ‘Financial Economy and Entrepreneurship’, Takyi emphasised that the NDC is a true social democratic party with a strong foundation in freedom, social justice, and solidarity.
He contrasted the NDC’s approach with that of the ruling New Patriotic Party (NPP), stating that the NDC is a center-left political party with a firm belief in a social market economy, often referred to as welfare capitalism.
Takyi further emphasised that the NDC’s commitment is not against wealth accumulation but rather supports financial success based on integrity and hard work, as opposed to what he called the “kakistocratic” approach of the NPP.
He assured that an NDC government would strive to build a strong economy founded on egalitarianism, probity, accountability, and transparency.
According to Takyi, the NDC is dedicated to democratising financial opportunities without discrimination based on one’s background, unlike what he claimed to be the NPP’s approach.
He criticised a specific group within the NPP, referring to them as the “Akyem sakawa group,” and accused them of excessive talk without taking meaningful action.
Mr Takyi’s statement highlighted the NDC’s commitment to an inclusive economy, financial integrity, and the democratisation of opportunities, while criticising the NPP’s approach and certain factions within the party.
Below is the full statment:
The NDC is truly a Social Democratic Party with strong foundation in; Freedom, Social Justice and Solidarity/Comradeship.
We are Centre-Left political with non-negotiable believe in Social Market Economy which others refer as Welfare Capitalism.
This preamble is to reaffirm the commitment of the NDC that we are not against wealth accumulation but we are for wealth and financial muscles that are built based on Integrity and Hardwork NOT through Kakistrocatic manner of the NPP fraternity that is done through the deliberate collapse of the economy, negative political entrepreneurship, clanism and worst of it all empty sloganeerism.
The NDC in building a strong financial base of the Country believes in;
ii. Probity, Accountability
The NDC simply is an epitome of a Party/Congress that stands for the Democratization of Financial Opportunities with no recourse to your backgrounds like YAANOM.
The NDC stands for Ghanaians not any few AKYEM SAKAWA GROUP with needless pride of NO ACTION BUT TALKING ONLY DNA.
My mission is to touch on Finance and Entrepreneurship.
This is an interesting topic to me because I naturally love to talk about Money/Finance because MONEY BY NATURE STOPS ANY KIND OF NONSENSE.
To build a successful financial base of every economy, the political leadership needs to demonstrate ‘’an overdose of Common sense and Hardwork.
To understand the Financial Economy of Ghana, it is important to consider the following in no order of importance.
1. Gross Domestic Product (GDP): Assessing the GDP helps determine the size and value of a country’s economy. It reflects the total value of all goods and services produced within a country in a specific period.
2. Unemployment rate: Understanding the percentage of the population that is unemployed provides insights into the labor market and the overall health of the economy.
3. Inflation rate: Monitoring the rate at which prices are increasing helps gauge the purchasing power of a country’s currency and the stability of its economy.
4. Interest rates: Analyzing interest rates indicates the cost of borrowing money for individuals, businesses, and the government. It affects investment, consumption, and inflation rates.
5. Trade balance: Evaluating a country’s exports and imports provides insights into its competitiveness in global markets and whether it has a trade surplus or deficit.
6. Government debt: Examining the level of government debt highlights the fiscal health and stability of a country’s economy.
High levels of debt can lead to economic instability.
7. Exchange rate: Monitoring the value of a country’s currency relative to other currencies helps understand its competitiveness in international trade and impacts import/export activities.
8. Financial markets: Assessing the performance of stock markets, bond markets, and other financial indicators provides insights into investor sentiment and overall economic confidence.
9. Political stability and Economic indicators: Analyzing the political situation and stability of a country helps understand the potential risks to the economy, including policy changes, social unrest, or geopolitical conflicts. Again, consumer spending, business investment, industrial production, and business sentiment can provide a comprehensive understanding of the overall economic performance.
10. Regulatory environment: Assessing the legal and regulatory framework of a country helps understand the ease of doing business, protection of property rights, contract enforcement, and overall business environment.
To appreciate Entrepreneurship is just simple; Entrepreneurship is about wealth creation with foundation in; ‘’Integrity, Knowledge, Experience (Trial and Error), Ideas, Passion and most importantly a strong capital base’’. Entrepreneurship is about making Champions: Champions are BORN or MADE.
It is a field of Determinism and Possibilism.
Entrepreneurship is not a popular field and not palatable from the onset. It is about accepting to do the 3Ds- Difficult, Dangerous and Dirty.
Pythagoras said ‘’the beginning of every Government starts with the education of our youth’’.
I strongly want to suggest that the next NDC Government must seriously consider the introduction of Entrepreneurial Education/Entrepreneurship as a Subject/Course of Study right from Elementary Level to the University.
Entrepreneurship has to be a home-grown one; ‘’Indigenous Entrepreneurship’’.
There is one thing stronger than all the armies of the world and that is an idea whose time has come-Victor Hugo. In the words of H.E Donald J Trump, Former President of USA, ‘’there is always the possibility of failure but there is a greater chance of success if you actually try to do something versus doing nothing’’.
This is the true definition of Entrepreneurship.
It is a journey of failing to learn more mistakes just to gain real life experience to create wealth.
Money is on the Street not in books and once you can understand this well enough, you are on your way to becoming a great Entrepreneurship.
Per my experience working with the Commonwealth Secretariat Youth Division with focus on promoting Youth Entrepreneurship in all the 18 Commonwealth Member States in Africa per me to share brief Key Policy Directions on how to make Entrepreneurship very attractive for the Indigenous;
i. Formulating a workable National Youth Entrepreneurship Strategy – YES FUND of the NDC was a game changer.
ii. Put in place a deliberate/conscious Regulatory Regime/Environment just to promote Indigenous Entrepreneurship.
iii. Make Entrepreneurial Education/Entrepreneurship a compulsory course of study with practical linkage between the academia and the industrial world remember you cannot learn to ride a bicycle by only reading its manual.
iv. Facilitate Technology Exchange and Innovation example Accra Digital Center of the NDC.
v. Improve Access to Cheap Capital/Funding
vi. Promote communal awareness and networking to make Entrepreneurship the talk of the day.
In Conclusion: In the real world of politics, we pay people to talk but in the real world of Finance and Entrepreneurship, figures don’t lie. Entrepreneurship is about results and interestingly RESULTS TALK LESS.
The next NDC Government must be deliberate to build more ENTREPENEURS than REAL TALKERS.
Thank you, 3Y3 ZU…