The recent decision by the U.S. government to discontinue USAID support to Ghana should serve as a pivotal moment for the country to take full ownership of its development, according to Mavis Owusu Gyamfi, President and CEO of the African Centre for Economic Transformation (ACET).
Speaking in an exclusive interview on Channel One Newsroom on March 3, Ms. Gyamfi stressed that sustainable development cannot be achieved solely through foreign aid. She pointed out that while developed nations use a variety of financial tools to sustain their economies, over-reliance on external assistance is not a viable long-term strategy for growth.
“No country has ever developed purely on aid. We need to grow and transform our economies so that we have enough money on our own to continue to develop,” she asserted.
While acknowledging the financial strain the funding cuts will impose, Ms. Gyamfi sees this as an opportunity for Ghana and other African nations to build stronger, self-sufficient economies. She also highlighted the potential role of debt in economic transformation, arguing that borrowing, when strategically managed, can be a powerful tool for development.
“Debt is not a bad thing. Debt is a good thing if you use it well,” she noted, adding that Ghana must position itself to access capital markets and borrow effectively for growth.
Ms. Gyamfi urged policymakers to view the USAID cuts not as a setback but as a call to action.
“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 emphasized.
As Ghana navigates this transition, the focus now shifts to how the country will strengthen its domestic resource mobilization, attract investment, and implement policies that drive sustainable economic transformation.
