Dr. Samuel Worlanyo Mensah, an Economist has urged the Finance Ministry and the Bank of Ghana to channel more resources towards developing more resilient homegrown policies and programmes to save the country’s weak economy.
Ghana’s inflation for August 2022 rose to 33.9 percent, the highest in about 21 years.
“Bank of Ghana, Finance Ministry should be able to channel resources towards developing more resilient homegrown policies and programmes. For instance the government’s agenda of one district-one factory, one district-one warehouse, one village-one dam, I think those are policies and programmes that really overturn the crisis of a dependent economy.”
According to him, the Central Bank has failed woefully in many instances that they proffer injecting billions of dollars into the economy as a way of stabilizing the cedi depreciation rate against the dollar.
“I think the Central Bank has woefully failed in many instances that they proffer injecting billions of dollars into the economy, I continue to advise them that it’s really not going to work. If it works in other jurisdictions, the basic structures that we have as a country will not allow such measures to have it stands.”
Dr. Mensah made the comments in relation to the county’s high inflation rate records. He spoke on the Day Break Upper Show on A1Radio.
According Dr. Mensah the major reason for the high inflation figures is the cost of production and no amount of dollars pumped into the economy can sustain it for up to two weeks.
“You realize that for every economic decision there’s an automatic kind of adjustment or inflictions on citizens. And so once the government fails to be able to channel resources towards these productive areas, definitely you’ll become more of an import-led economy and that will lead you to have unfavourable terms of payment. I think that is contributing towards our crisis as a country; so no amount of dollars that will be pumped into the economy, it can never even sustain the economy for up to two weeks,” Dr Mensah added.
Source: A1radioonline.com|101.1MHz|Osuman Kaapore Tahiru|Ghana