Ofosu-Dorte argues that the chances of failure are higher for African countries that refrain from questioning theories or inventing new ideas.

“Where a society has people with no confidence to question the theories, they are made to believe in the audacity of new ideas. That society is deemed to retrogress.”

“We need to be asking ourselves whether the things we have always believed in [are effective]. Because it is what we believed that brought us here and if we want to get to the future in 2022, we ought to be thinking and doing the things we believe,” Ofosu-Dorte said at Citi Business Festival’s Cedi Summit.

Citing instances to support his claim, Ofosu-Dorte posited that African countries with the fastest-growing economies had been compelled to resort to the International Monetary Fund (IMF) for assistance after some years due to a lack of innovation.

“Every major African country we know that has been described as the fastest-growing economy in the world goes back to the IMF after five years. What has the fastest economy got to do with IMF?” he asked.

Ofosu-Dorte was speaking on the theme “The Global Trends, New Realities & Africa’s Future.”

He joined two other speakers, Prof. Peter Quartey, the Director of the Institute of Statistical Social and Economic Research (ISSER), and the Head of Research and Chief Economist at Absa Bank, Jeff Gable.

The one-day Economic Summit was organised by Citi TV in partnership with the Institute of Statistical, Social and Economic Research and Absa Bank Ghana, as part of the 2022 Citi Business Festival.