Business News of 2014-01-26

Ghana’s economy hasn’t transformed – Llyod Amoah

A Lecturer at Ashesi University, Dr. Llyod Amoah, says government’s inability to implement the windfall tax regime in the mining sector proves that there has not been significant transformation in the country’s economy.

“The problem shows that in many ways, our economy has not been able to transition, and we are still very much a very primary commodity based economy.”

This, according to him, also sends a worrying signal that; “the country is still tied down to the old pattern of the ways in which the economy has been organised.”

His comments follow government’s decision to abandon the implementation of the windfall tax regime in the mining sector following threats from major players in the sector.

Speaking at a World Economic Forum in Davos, Switzerland, President Dramani Mahama said threats of massive layoffs by mining companies had forced government to put on hold moves to implement the windfall tax regime in the industry.

But speaking on Citi FM’s News Analysis Programme,The Big Issue, Dr. Amoah said the President’s address at Davos “only projected Africa as a continent that is still locked down to the old order of things.”

“At an international forum like that, one would have expected that the President would have attempted to project to the world the new polls of growth that we want our economy to be moving towards, the creative sector for example, where young people are making music, but he missed that opportunity,” Dr. Amoah added

In that regard, he advised the President to find new themes that will project Africa in a positive light to the European world.

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