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Economic model of World Bank, others never worked for us

Postby Minister of Finance » Fri Jul 22, 2011 9:50 pm

Economic model of World Bank, others never worked for us – Otumfuo

http://www.ghanabusinessnews.com/2011/0 ... 3-otumfuo/

he Asantehene, Otumfuo Osei Tutu II says most of the economic models of international finance institutions which African countries depend on for help, have never worked for the people on the continent.

According to the Asantehene, economies of most African countries are still tied to the Western countries because many produce raw materials without any value addition.

“The economic model of the world economic institutions never worked for us,” Otumfuo Osei Tutu II told Ambassador Dr. Richard Sezibera, Secretary General of the East African Community (EAC) when both held talks at the EAC Secretariat in Arusha, Tanzania on July 15, 2011, the body says.

According to EAC, Otumfuo and his eight-man retinue, who were on an official visit to Tanzania at the invitation of retired President Benjamin Mkapa, were accompanied by Mkapa himself and Arusha Regional Commissioner Hon. Isidori Shirima when they visited the secretariat.

He therefore implored the partner states to strengthen the economic bloc as one of the strategies to reduce dependence on the World Bank and other international finance institutions.

The Asantehene, therefore challenged the EAC officials to ensure the bloc delivered to the expectations of its 130 million citizens and urged them to bring unity in the region.

“I urge you to implement your plans and bring this unity to fruition,” he said.

On his part Ambassador Sezibera, said he foresaw a prosperous future for the bloc and affirmed the belief that the Community would not suffer disintegration as was the case in 1977 adding “the region was on course to realize its ultimate destiny of a political union as planned.”

Ambassador Sezibera said intra-regional trade had risen by over 50 per cent in the last five years, an indication of the growing economic links in the bloc of five member countries; Tanzania, Uganda, Kenya, Burundi and Rwanda.

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