Business News of 2014-05-09

Gov’t begs for economic solutions

It appears President John Dramani Mahama is at his wit’s end with regards to the management of the country’s economy two years into his mandate.

The first gentleman of the land, who has on numerous occasions ignored expert advice from economic pundits and reacted sternly to criticisms in the media, is currently ready to solicit advice on economic management after exhausting all recommendations of his economic advisors.

Almost all measures that have so far been instituted by Government appear to have failed to improve the situation. It is for this reason that Government has set Tuesday, May 13, 2014 for a National Economic Forum.

The event, according to a government release issued Wednesday, is slated for Akosombo and would be devoid of partisan sentiments. Felix Kwakye Ofosu, Minister for Information and Media Relations, stated that participants and major contributors at the forum would include former finance ministers, former Governors of the Bank of Ghana (BoG), eminent economists, political parties and parliamentarians and business leaders.

Also the four-day event aims at achieving consensus on policies, strategies and measures to accelerate Ghana’s transition from a lower-middle income economy to upper-middle income one.

The event, which is themed, ‘Changing the Narrative: Building a National Consensus for Economic and Social Transformation,’ seeks to come out with ideas for a “sustainable path of development that guarantees improvements in the quality of life for all Ghanaians.”

Also to be invited to the event are economic policy makers, representatives of trade associations, development and social partners, civil society organisations, members of academia and senior citizens. The country’s public wage bill continues to rise despite measures put in place to address it.

BUSINESS GUIDE has learnt that Government would have to retrench public sector workers if it finally decides to go to the IMF bail out.