Development & economic growth choices for Ghana, Nigeria, India & Brazil.

Changing political parties in democracies represent, changing development goals.

In developed countries, matured businesses can lobby whichever political party is in power to advance their interests, In developing countries, industries have to be developed, therefore there is a need in developing countries to have organisations tasked with development and economic growth continuity, such organisations should have political support and more importantly the freedom and independence to carry out their mandate of delivering development and economic growth.

The East Asian economic model has showed that, development and economic growth can proceed rapidly when there is amongst other things continuity in economic development and economic growth policies.

Japan facilitated its take off with MITI (Ministry of International Trade and Industry), ensuring the continuity of economic development and economic growth policies.

South Korea facilitated its take off with EPB (Economic Planning Board) ensuring the continuity of economic development and economic growth policies.

Singapore facilitated its take off with EDB (Economic Development Board) ensuring the continuity of economic development and economic growth policies.

Taiwan, China, Indonesia and others, all had an organisation responsible for the continuity of economic development and economic growth policies.

In today’s developed countries/regions such as the US, UK, Japan and the EU, central banks are mandated with ensuring the continuity of economic growth through monetary policy.

After the 2008 financial crisis, to ensure continuity economic growth through monetary policy, the Federal Reserve of the US provided credit for failing businesses, mainly banks.

The European Central Bank purchased assets of businesses to ensure continuity economic growth through monetary policy.

The Bank of England after 2008 and Brexit engaged in asset purchase of businesses to ensure continuity economic growth through monetary policy.

The Central Bank of Japan’s asset purchase program after 2008 is another example of a central bank mandated to ensure continuity economic growth through monetary policy.

Developed countries understand the importance of continuity of economic development and economic growth policies.

Thus, developed countries such as the United States, United Kingdom and Japan have created independent Central banks to provide continuity economic growth through monetary policy.

Yet, today’s developing countries are engaged in “democratic musical chairs” which results in development and economic growth discontinuity after a change of government.

The way forward for democratic developing countries such as Ghana, Nigeria, India and Brazil to ensure continuity of economic development and economic growth is to give Trade, Industry and Commerce ministries such as MOTI in Ghana, FMTI in Nigeria, NIC in India, MDIC in Brazil independence and economic power.

These organisations should have:

• A mandate to achieve economic growth targets.
• A mandate guaranteed by the constitution.
• Independence from political parties
• Power to implement economic growth policies without interference from politicians

The creation of such independent organisations will allow politicians to focus on politics, to develop the political systems of their countries or remain corrupt if they choose to, development and economic growth can be handled by development economists, bureaucrats, entrepreneurs, investors and non political actors/people with the sole aim of developing the country.

Please join in the discussion with your comments.