Business News of 2014-02-04

Dr. Kofi Amoah: Ghana does not have an economy

Ghanaian entrepreneur, Dr. Kofi Amoah says the country's economy risks remaining in the doldrums as long as it continues to depend on imports.

He said the economy is in such "circuitous mess" because, its handlers have failed to learn vital lessons from how other countries came out of similar situations. He indicated, learning from others will serve as a roadmap to help "navigate the proper policies for us".

"If we do not become a nation of producers...then it means we don't have an economy," Dr. Kofi Amoah said on the Joy FM Super Morning Show, Tuesday.

Dr. Amoah is proposing for the nation to adopt three cardinal economic principles -agriculture, industry and finance- to turn the fortunes of the economy.

The business mogul believes it is time the country built on its natural resources- mass land that is left uncultivated and a large number of unemployed youth who loiter the streets searching for non-existent jobs.

"Agriculture should be accepted by our leaders as the starting point to regenerating the economy of Ghana," he said.

He appealed to government to support domestic technology to help add value to what is being produced locally.

"We need to understand resources we have and learn how to leverage these resources... with new technology that will make us strong in the global economy. "Until we have the capacity to produce what we currently live on... our currency [Cedi] will continue to suffer," he noted.