A former Director General of the Ghana Health Service, Prof. Agyeman Badu Akosa\u00a0has also \u00a0blamed the 2007 redenomination\u00a0for the country\u2019s current economic challenges.<\/p>\n
According to him Ghana failed to sort out the fundamentals before the exercise was carried out. \u2018\u2019I think that the reality of the situation is that if you don\u2019t fix the fundamentals of your economy you cannot under any circumstances guarantee the stability of your currency,\u2019\u2019 he said.<\/p>\n
Professor Badu Akosa\u00a0added that \u00a0\u2018\u2019the micro underpins the macro and if the micro is wrong, the macro cannot be right.”<\/p>\n
Speaking on the Citi Breakfast Show,\u00a0 Badu Akosa also\u00a0 stated\u00a0that government has not done enough to reduce its spending. He noted that reducing one ministry is not enough to cut down government size.<\/p>\n
\u201c\u2026We can cut government size radically; I think that reduction of one ministry for me just doesn\u2019t satisfy me. We can prune down serious government spending,\u2019\u2019 he said.<\/p>\n
Prof. Akosa further stated that he expects the legislature like the executive to reduce\u00a0salaries. \u2018\u2019We have a legislature that somehow believes that because they make the laws they write themselves into every law in this country; anything that comes at a statutory reduction they must get \u00a0a certain bit of it\u2026,\u2019\u2019 he opined.<\/p>\n
He concluded that until that is done organized labour cannot be held to account.<\/p>\n
A senior Economist at the Institute of Economic Affairs (IEA), Dr. J. K Kwakye on Tuesday attributed Ghana\u2019s challenge of controlling inflation to the redenomination of the cedi.<\/p>\n
Dr. Kwakye made the comments while delivering the IEA\u2019s 2014 mid-year economic review of the country.<\/p>\n
He said the decision to redenominate the\u00a0cedi was rather politically motivated.<\/p>\n
He attributed the decision to government\u2019s intention to \u201ccreate the impression that Ghana\u2019s currency is of a very high value\u201d<\/p>\n
\u201cGovernment\u2019s intent to make the cedi stronger at that time was an illusion,\u201d he stated.<\/p>\n
<\/p>\n
By: Evans Effah\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
A former Director General of the Ghana Health Service, Prof. Agyeman Badu Akosa\u00a0has also \u00a0blamed the 2007 redenomination\u00a0for the country\u2019s current economic challenges. According to him Ghana failed to sort out the fundamentals before the exercise was carried out. \u2018\u2019I think that the reality of the situation is that if you don\u2019t fix the fundamentals […]<\/p>\n","protected":false},"author":14,"featured_media":7453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,38],"yoast_head":"\n