Akufo-Addo who quoted figures from the Institute of Statistical, Social and Economic Research (ISSER) said the country lost about GHc618 million in economic activity in 2014 alone which he said is “equivalent to 2 percent of GDP.”

“Thus the four years of dumsor cumulatively led to a loss of more than $3 billion in economic activity and in the process thousands of Ghanaians lost their jobs,” he said at the second National Policy Summit on Trade and Industry held in Accra on Monday.

He also said the Ghanaian industrial sector was drastically suffered within the period.

“Regrettably the industrial sector has suffered one of the most significant setbacks in our history over the past few years. In 2014 for example, industry which in 2008, the last year of the government John Agyekum Kufuor, former president of the Republic had grown to 15.1 percent slumped to 0.8 percent in 2015 to -0.3 percent and further down to -1.4 percent in 2016. In 2015, manufacturing recorded a negative growth of 0.3 percent.”

He lamented that “a signification number of small, medium and large scale operators were all brought to their knees as a result of four years of dumsor induced by the mismanagement of the energy sector.”

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By: Godwin Akweiteh Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post Ghana lost $3bn under Mahama over dumsor –Akufo-Addo appeared first on Citi 97.3 FM - Relevant Radio. Always.

This according to a former Vice Chancellor of the University of Ghana, Professor Ernest Aryeetey, is because the sector has the potential of solving the frightening unemployment rate that has bedeviled the country.

The Ghana Labour Force Survey Report by the Ghana Statistical Service, projected Ghana’s current unemployment rate at 11.9%.

[contextly_sidebar id=”Y8ueytJMigSgyJocOXgcUeBFR6Ymv6nV”]Professor Aryeetey, while speaking on the Citi Breakfast Show on Monday, explained that there would be more job opportunities for most graduates if there is a comprehensive plan to improve the manufacturing sector.

“My view tends to be that, we are interested in employment; you cannot afford to create these jobs by overlooking manufacturing. So I will strongly advocate that we pay attention to the link between agriculture and manufacturing, and of course with services.”

“Manufacturing is one that traditionally has created modern sector employment. Manufacturing is what is going to absorb all the young men and women leaving your polytechnics and universities,” he said, adding that, “If we are not able to create jobs in Ghana today, it’s because our manufacturing has not performed well.”

Ghana not service driven economy

The Professor, who is an economist, further dispelled claims that Ghana is gradually becoming a service driven economy.

“I always argue that, Ghana has not followed the traditional pattern of progression. Traditionally, you would have expected an economy that was dominated by Agriculture to move to manufacturing. That’s what economic history teaches us. As a result of changes in technology available to the world, driven largely by globalization, we’ve made a transition from agriculture into services, but let’s not deceive ourselves into calling the economy of Ghana a service driven economy, it is not. It is only partially so.”

Prof. Aryeetey would today [Monday], launch a book he co-authored with a British trained economist, Ravi Kanbur, titled: “The economy of Ghana; 60 years after independence.”

Ravi Kanbur is a British trained economist and an international professor of applied economics and management.

Click here for the full interview:

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By: Godwin Akweiteh Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post Manufacturing sector holds key to job creation – Prof. Aryeetey appeared first on Citi 97.3 FM - Relevant Radio. Always.