Economists and financial analysts have proposed new economic models for Ghana to end the current hardships being experienced by Ghanaians as well as preventing a recurrence.
This follows recurring depreciation of the cedi and its effect on an import driven economy like Ghana, vis-à-vis the huge budget deficit.
Economist and Business man, Dr. Kofi Amoah at Citi FM’s roundtable discussion on Tuesday proposed a three-prong approach to solve some of the key problems.
According to him Agriculture, Manufacturing Industry and Finance are the key sectors that can turn the nation’s economy into a robust one.
Dr Amoah proposed a 1 billion dollar development fund to back his 3-pronged approach. Specifically on agriculture, he suggested a regional development approach.
“I am calling for a one billion dollar development fund to back this three-legged sensible, doable strategy of development; to energize our rural areas and do it from the regional approach, not to sit the money here in Accra.’’
“…if we are to even divide the money equally, forgetting about population density every region will get 100 million dollars to support these activities that I am talking about,’’ he added.
He also argued that an import substitution industrialization will push Ghana to massive development.
Economist Kwame Pianim on his part challenged government to create customized economic policy for country, that will suit the people and the country.
“We need to move forward but we have to cut our coat according to our cloth…’’
Mr. Pianim also argued for a stable macroeconomic environment and challenged the private investor to stand up for their interest and lead in the development of the economy.
“Our private sector is meek, they don’t stand for themselves; I am sure that the Bank of Ghana policies are unconstitutional, they are illegal. You cannot change the contract between me and my bank, has anybody opened their mouths,’’ he quizzed.
According to Mr Pianim because the private businesses overly depend on the state, nobody can challenge the government.
The Citi FM roundtable discussion was under the theme, ”A New Economic Paradigm for Ghana”.
By: Evans Effah/citifmonline.com/Ghana