Foreign aid alone won’t develop Ghana

President and Chief Executive Officer of the African Centre for Economic Transformation (ACET), Mavis Owusu Gyamfi, has described the U.S. government’s decision to discontinue USAID support as a wake-up call for Ghana to reclaim ownership of its development agenda.

Speaking in an exclusive interview on Channel One Newsroom on Monday, March 3, Ms. Gyamfi emphasized that no country has ever achieved sustainable development solely through foreign aid.

According to her, developed nations rely on a range of financial instruments to sustain their economies, with aid being just one component. She further argued that debt, when managed properly, can be a beneficial tool for growth.

“We need to grow and transform our economies so that we have enough money on our own to continue to develop. Debt is not a bad thing. Debt is a good thing if you use it well,” she stated.

While acknowledging that the funding cuts are unfortunate and will have a severe impact, Ms. Gyamfi believes they serve as a necessary wake-up call for African nations to take charge of their own progress instead of depending on external assistance.

“We all borrow. If we can get back on track, we can get to the market, borrow, and go even further. So for me, the cuts are sad, and the impact is going to be harrowing, but it is a wake-up call. Stop handing over your development to the rest of the world and do it yourself in-house,” she added.

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