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.
In an exclusive interview on Channel One Newsroom on Monday, March 3, Ms. Gyamfi stressed that no country has ever achieved sustainable development solely through foreign aid.
She noted that developed nations rely on a mix of financial instruments to sustain their economies, with aid being just one part of the equation. According to her, well-managed debt can also serve as a vital tool for economic 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.
Ms. Gyamfi’s remarks come amid increasing calls for Ghana to prioritize self-sufficiency and strengthen domestic revenue generation for long-term economic transformation.
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.
