<<Print>>

“When principle shifts between opposites it’s no longer a question of objectivity but prostitution” (Author)
The Socialist Forum held a public seminar on private public partnership that is the new proposed approach to investment for economic growth and development in under-developed economies.

The chairman for the seminar was Dr David Pessey, a leading member of the defunct National Reform Party (NRP) that was a breakaway movement of the National Democratic Congress. The guest of honour was Mr. Kyeretwie Opoku, also a former member of the defunct party. The principal speaker was Mr. Pelpuo, the NDC Minister for Private Public Partnership at the Office of the President.

There is the need to point out to the Socialist Forum the issues of global competition for the acquisition of global resources, contribution of countries to global output and distribution of global incomes in the development proposition of private public partnership.

Others are ownership rights, capital inflow and outflow, the development of the productive capacity of national economies for international competition and international property rights.

The development concept of private public partnership is a derivative of the neo capitalist concept of globalization that justifies the acquisition of global resources by financial and commercial interests in the developed economies.

The facilitation of the seminar by the Socialist Forum raises questions about the ideological consistency and commitment of the Socialist Forum to national economic independence, a more equitable distribution of global incomes and Pan African approach to the development of the continent

The globalization of finance and deregulation of financial markets secure the use of the capacity and comparative advantage of financial and commercial entities in the developed economies in acquisition of global resources at the expense and to the detriment of domestic competitors in under-developed economies. The power and authority of the state provides protection and legitimacy to foreign acquisition of domestic resources in private public partnership.
Contemporary studies in distribution of global incomes and inequalities by economists such as Thomas Piketty have shown that investment outcomes are better when financed by domestic capital as in China and the Asian countries. Economic growth and the lifting of more than 50,000,000 people out of poverty were achieved in China alongside a capital inflow restriction policy.

Private Public Partnership engenders expropriation and capital flow out of the economy of the investment recipient country from the ends of income distribution disparities, ownership rights, the repatriation of profits, transfer pricing, charges for technology transfer, international property rights and unconscionable executive pay.

Studies of the United Nations and the IMF have shown that the per capita income of Africa is roughly 5% less than her per capita output. This is on account of the fact that 40 to 50 % of the continents manufacturing capital are owned outside the continent and higher in the sector of capital and financial markets.

In sum Africa barely owns its productive capital and the continent is as a result a net exporter of capital due to the expropriation of her productive resources and income distribution disparities. Africa in effect, is a victim of a process of impoverishment. The objective of the investment model of private public partnership is the promotion of this paradigm of African expropriation

The findings and insight of the current studies by no means recommend autarky but the necessity of national ownership of productive resources for an internally sustained economic growth and development for global competition. It is consistent with an acknowledgement that “we are no longer colonized people” and therefore duty bound to fulfill our independence mission statement to own and manage our resources and development for the prosperity of our people.
The Socialist Forum owes the centre left political divide and our country an explanation for the facilitation of the seminar and the relation between an obvious neo-capitalist exploitative production relation of private public partnership and the development confessions of its professed political ideology.

This is required to dispel our fears that theirs is not the case of the warning of Osagyefo Dr. Kwame Nkrumah of the Nkrumaist who have made common cause with neo- colonialist capitalism to “betray the people” and “wipe the state clean” either for personal gains or not.