Nii Moi Thompson: International trade will propel Ghana beyond aid

Dr. Nii Moi Thompson, Chairman of the National Development Planning Commission, stressed that international trade is crucial for Ghana to overcome its reliance on foreign aid.

Speaking on the Citi Breakfast Show on Citi FM, he cited China, South Korea, and Japan as examples of nations that transformed their economies through trade rather than aid.

He noted that every developed country, including China and Japan, has historically benefited from foreign aid. For example, Japan borrowed about $10 billion after WWII to invest in strategic industries such as steel, highways, and power plants, which laid the foundation for its industrial growth.

Dr. Thompson cautioned that while aid can be attractive, it must be used strategically, as donor motivations may distort development priorities, a concern underscored by the poor quality of Ghana’s loan books.