General News of 2014-07-04

We are not short of experts to manage economy - Gov't reacts to Alan's suggestion

Government has insisted it has all the experts it needs to tackle economic challenges, rejecting a call by New Patriotic Party Presidential aspirant Alan Kwadwo Kyerematen for government to seek bi-partisan help.

Deputy Minister of Information, Felix Ofosu Kwakye, told Joy News, although government welcomed the attempt to suggest alternative approach to dealing with Ghana's troubled economy, "government is not short of experts to manage the economy."

Alan Kwadwo Kyerematen used the occasion of filing his nomination papers for the flagbearership position of the NPP to make this suggestion.

Government is in dire need of money to finance its development programmmes. Although the IMF has said it welcomed the help government may request from the Fund, several stakeholders have warned against going for a bail-out.

The opposition party has also criticized government of failing to tackle economic problems, principally, the depreciation of the Cedi and the erratic power supply. They have also pointed out, the governing National Democratic Congress has failed to tackle corruption.

Despite these criticisms, Felix Ofosu Kwakye is confident that Ghana's economic handlers are on top of their job.

He said Ghana's better days happened under the management of the same economic management team.

“It is true that we hit difficulties between 2013 and now but it is also true that most of the individuals within the economic management team were the same people at the helm of the economy when we witnessed one of the stable periods in our economic history between 2010 and 2012.”

GDP Annual Growth Rate in Ghana averaged 7.69 percent from 2000 until 2014, reaching an all-time high of 19.10 percent in the second quarter of 2011 and a record low of 2.20 percent in the third quarter of 2009. GDP Annual Growth Rate in Ghana is reported by the Ghana Statistical Service below.

Ofosu Kwakye also added that under government's watch, Ghana enjoyed single digit inflation for the longest period in the country's entire history under the NDC in 2011. Inflation stood at 8.55 percent for 18 months.

He noted that in view of the important feats chalked by government, there was no need to form any National Reconstruction Team.