11th March, 1964 - Nkrumahs 7-Year National Development Plan: Mr. Speaker, as you know, we have already established many industrial projects and enterprises, as a means of securing our economic independence and assisting in the national control of the economy. I must make it clear that these State Enterprises were not set up to lose money at the expense of the tax payers. Like all business undertakings, they are expected to maintain themselves efficiently, and to show profits. Such profits should be sufficient to build up capital for further investment as well as to finance a large proportion of the public services which it is the responsibility of the State to provide. In every socialist country, state enterprises provide the bulk of State revenues, and we intend to follow the same pattern here. Our State Enterprises will be set yearly, financial and production targets so that they may work towards definite objectives and goals and thereby given every stimulus to operate efficiently and profitably. Hence, the managers of our State Enterprises, and those in charge of our State organisations and apparatus should be men trained in management; honest and dedicated men; men with integrity; men who are incorruptible. When we have succeeded in establishing these principles, Government will then be in a position to lower taxes progressively, to lessen steadily the burden of taxation on the people and eventually to abolish many of them, if not all of them.
Posted on: Sun, 28 Sep 2014 20:10:12 +0000
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