Concerted effort needed to address economic challenges – Economist

An economics lecturer, Dr. Agyapomaa Gyeke-Dako, says all hands must be on deck in a bid to resurrect the country’s deteriorating economy.

In her view, such contributions will help transform the economy from its present state which has brought about unprecedented hardships.

“We need a consented effort and everyone has a role to play,” Dr. Gyeke-Dako said during Metro TV’s Economic Dialogue Series under the theme “Fixing the Cedi; Key to Sustainable Growth” in Accra on Tuesday, November 8, 2022.

According to her, successive governments seem to focus on populist policies and neglect the important initiatives that will build the economy and make it resilient.

“I think that we have been speaking so much about trying to get ourselves into the export-based economy and that for some reason hasn’t been able to materialize properly,” she said.

Dr. Gyeke-Dako said she was optimistic the One District, One Factory social intervention will transform the economy and help in export earnings.

“I haven’t seen so much. I haven’t seen what that [One District, One Factory] has been able to do to our economy and we’re rather focusing on the many things I am not saying are not important. Still, we’re putting some things before these things I think are very essential in propelling the economy,” she stated.

The senior economics lecturer at the University of Ghana Business School also said the government should consider investing in the agricultural; sector.

“We have not been able to transform properly the normal sequence of transformation for every economy, especially the Hungarian economy is like Ghana, is for us to move and develop our agricultural sector.

Doing so, Dr. Gyeke-Dako intimated the economy will, “move from manufacturing and then services. But what are we seeing in terms of our contributions to GDP? We are seeing that the service sector is actually leading our growth in the economy so our structural transformation has not taken place the way we want it.”

The Economic Dialogue Series was under the theme; “Fixing the Cedi; Key to Sustainable Growth”

The dialogue diagnosed the root causes of Ghana’s chronic economic challenges and discussed the political and regulatory perspectives in managing Ghana’s economy.

It also recommended tough decisions that government and citizens must take and implement in the short and long term to spur Ghana’s economic transformation.

The Economic Dialogue Series featured founder and Executive Chairman of LVSafrica, Chief Alhassan Andani, Dr. Sam Ankrah (Senior Research Fellow, Institute of Chartered Economist, President – Africa Investment Group International), Joe Jackson (Director of Business Operations – Dallex Finance), Dr. Hazel Berrard Amuah (CEO Prudential Life Insurance Ghana), and Edward Kareweh (General Secretary, General Agricultural Workers Union (GAWU)),

Senior Economics Lecturer at the University of Ghana Business School (UGBS) Dr. Agyapomaa Gyeke-Dako, Dr. Joseph Obeng, Dr. Patrick O. Asuming, and Dr. Adu Owusu Sarkodie (Economics Lecturer, University of Ghana) were also on the panel.

 

By: Bernard Ralph Adams | Metrotvonline.com | Ghana

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