Accra, Ghana//-A Civil Society Organization, Economic Governance Platform (EGP) has assessed Ghana’s economy for the past eight years and proffered solutions for its growth.
At a roundtable discussion on the report which was supported by OXFAM-Ghana under the theme “Assessment of the Ghanaian Economy 2012 – 2020” brought together Civil Society Organizations, the Australia Embassy in Ghana, Non-Governmental Organizations, and the media for the discussion.
The EGP as part of its activities on Citizen’s Action for Public Accountability initiated the research on the assessment of the Ghanaian economy.
According to the Platform, it has been observed that the progress of the economy of Ghana has been changing in the past decade.
In the opening address by the Programme Coordinator for EGP, Felix Ankrah underscored the effect of the coronavirus pandemic in affecting major economies around the globe which Ghana is not an exception.
He said the assessment by EGP is to give an in-depth on Ghana’s economy and also provide recommendations on the challenges that exited over the period under review.
Mr Ankrah stated that the assessment is also geared toward providing recommendations for a resilient economy and any shock that the Ghanaian economy may encounter in the future.
The Economic Governance Platform is fully committed to promoting and ensuring access to information on fiscal, monetary, and social development policies in the country.
The Platform’s overall focus is ensuring good governance, fiscal transparency, sound public financial management, and citizen engagement in the development process.
The Presentation delivered on the theme for the event was delivered by an Economist at the University of Cape Coast Department of Economics, Dr William Godfred Cantah.
He gave a number of reasons why the Ghanaians economy is facing the issue of job creation, revenue generation among others.
Dr Cantah said the National Identification should be pursued vigorously in formalising the Ghanaian economy.
The Economist recommended that leadership and policymakers should create a derivative related instrument and market for the agricultural sector, especially for farmers.
Dr Cantah disclosed that many Ghanaians workers do not pay a pension to the Pension Scheme adding that it is an area that can generate huge capital for the development and resolve other related pressing national challenges.
One other area he disclosed that has been neglected is the insurance sector which hampering the growth of the Ghanaian economy.
Touching of the financial sector, Dr Cantah pointed out that it is an area that can support businesses to grow unlike a bank which cannot give a long term loan, the financial sector can give over 10-years duration for payment.
“So if your financial market is not developing then you will have challenges developing new industries in your economy. You will always have to depend on foreign investment,” he added.
The Chairman for the roundtable discussion, Vitus Azeem also catalogued a few areas policymakers should tackle for a better living condition for the Ghanaians people.
“Employment response to growth has not been impressive. Associated with this weakness is an increasing inequality even-though poverty has been reduced over the last 30-years.
Today, Ghana is confronted with numerous economic challenges that require urgent policy attention.
At the macro, slow growth, high inflation, unstable exchange rates, and the rising debt levels have resulted in worsening unemployment, poor living conditions, and the high poverty rate among Ghana’s population,” he disclosed.
By Isaac Dzidzoamenu, African Eye Report
