Wealth Accumulation Utilization and Retention
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Date
2000-04-27
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Publisher
University of Ghana
Abstract
The reduction of poverty has been the objective of many progressive Governments
all over the world. Althoughpoverty reduclion was not explicity pursued in the
early development strategies of Ghana, during the last l 0 years or so, it has been
directed that all projects and programmes should have a poverty reduction focus. Results from the Ghana Living Standards Survey indicate th.at the incidence of
Consumption poverty declined by 8.2 percent from 1992 to 1998. However, poverty
rates in rural savannah and rural coastal areas of Ghana have increased
Compared to 1992. Poverty reduction among the large number of food crop farmers
has been marginal. Nonetheless, about 29. 4 percent of Ghanaians are still
below the poverty line and cannot meet their basic nutritional needs. With these
Abysmal results, there must be a new approach to improving the livelihood of
pt1ople. This paper argues that if attention could be paid to the accumulation of
wealth and its utilization by individuals, there will be better chances of reducing
poverty considerably. Individuals should be encouraged to pursue wealth legitimately
to improve their well-being. The wealth should be used to the benefit of
society so that it will generate the necessary economies. Taking off from Adam
Smith Ghana should recognize and vigorously pursue the role of the private sector
as the engine of growth and the public sector as a catalytic factor. The paper
Advocates a sound macro-economic policy and consistent efforts by the public
sector to acC111'1ulate wealth in terms of foreign exchange reserves and physical
infrastructure through savings and investments. Wealth is treated in its broad
definition to include physical assets; human assets such as time, land; skills;
:social assets like health and education; and collective assets like common property
such as forests, grazing grounds, water bodies. The paper abhors laziness
and, therefore, discourages intervention programmes and remittances that give
hand-outs to able-bodied persons who do not want to do productive work
Description
An Inaugural Lecture delivered on Wednesday. April 27, 2000 at
The Amegashie Auditorium, University of Ghana, Legon