There’s no stigma in adopting a modified version of the Chinese economic model – Citizen Kofi
Dr. Kofi Amoah, Founder and CEO of Progeny Ventures International, believes the time has come for impoverished nations, particularly in Africa, to make a serious commitment to adopting a modified version of the Chinese economic model that has given them so much success over the previous three decades.
China, like many African countries, went through a lengthy era of turmoil during which underdevelopment and unemployment ravaged its youth and economy.
However, during the previous three to four decades, careful actions and great leadership have enabled the Asian Tiger to turn its fortunes around and become a worldwide market participant in global geopolitics.
The country is billed as having the world’s second-largest economy, after the United States of America. The predictions are that it is only a matter of time before China becomes the world’s economic superpower.
The Asian Tigers, including Hong Kong, South Korea, Singapore, and Taiwan, have witnessed huge upsides in their economies powered by exports and fast industrialization, and have achieved high levels of economic development since the 1960s.
In an interview with GhanaWeb, Dr. Kofi Amoah, an economist and astute businessman, stated that the time has come for African countries, including Ghana, to carefully assess which economic model, when tweaked, will turbocharge their economies for true advancement.
He stated that the possibilities are capitalism from the United States or a Centralized Planned Economy from China that can be tailored to the needs of various countries.
He stressed, “I have longed maintained and declared publicly that CAPITALISM (USA) is presently the #1 economy in the world; the #2 economy, China, with its CENTRALIZED PLANNED ECONOMY, will soon overtake the US.
Poor countries, especially in Africa, must now carefully determine which system modified appropriately will work and turbocharge their development. There’s no longer any stigma in talking about adopting the Chinese model, modified.”
Ghana’s economy has been in upheaval for many years, and the government claims that the advent of the COVID-19 epidemic, along with the Russia-Ukraine war, has undermined the slight improvements gained in 2017.
For some time now, Ghana’s economy has been plagued by high unemployment, brain drain, protests, and widespread despair, prompting the government to seek a bailout from the International Monetary Fund, or IMF.