The distinguished scholars of Africa on Wednesday launched a program dubbed, “Greatest Economic Gift to the World” at STEPRI in Accra.
The program saw the launch of the seminal paper on economics by distinguished fellow and lawyer Nana Oppong presented the Authority as the 5th and important factor of production in economics.
The colorful event was chaired by Professor Martin Gyambrah, President of the University of Applied Management, and attended by dignitaries, including Jacob Osei Yeboah, former independent presidential candidate, among others.
The upshot of the program was that if understood and applied properly Authority will help Ghana and Africa end poverty.
Authority has been discovered in Ghana as the most important factor for economic production. Today is a great day for economics and for a new dawn in Ghana and beyond.
According to Nana Oppong, Authority is more valuable than the other four factors of production combined.
He added that nations that have no access to or any control or influence over authority, therefore, are running economies without a head, blinded, and seriously handicapped.
“Authority has the power to create and the power to destroy economies. It all depends on the character of those in the lead. The absence of African and poor nations in the global “Houses of Lords” is, therefore, a great contributor to the continuing failures and poverty of the economies of the African and poor nations and a dangerous phenomenon.
“No amount of capital raised, or no quantities of natural resources deployed can save the economies of those nations that have no share in the global economic authority,” he retorted.
In his estimation, the economies of Africans and of the poor nations are like ‘rickety bamboo houses on sands or as busy feet without brains’’.
The legal luminary further urged the nations, including Ghana to adopt “learned actions to create their authorities to run their economies or in the very least it is time to wisely demand a proportionate share of authority to run their economies.
He said, “Until the poor have sufficient authority to run their economies in the pursuit of their destinies, their economies will always underperform and be incapable of lifting the people from devastating poverty”.
If understood and applied correctly this theory of authority will end poverty for all Ghanaians. Let’s take pride in the fact that the smartest economist ever is a Ghanaian and a black man.
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