Abbey On the Economy

Skepticisms have been raised by sections of the academia and some economists that the President's promise that the country would have a per capita income of $1,000 by 2010 would not be realized judging from the current growth rate and developments.

According to Dr. Joseph Abbey of Centre for Economic Policy Analysis (CEPA), at the current pace at which the country is growing, if nothing changes, then that would not be achieved. "If nothing changes, then obviously, we won't reach there," he stated.

Dr Abbey made these revelations to The Chronicle in an interview last Thursday after he had presented a statement on the review of the performance of the economy and businesses under the 2003 budget in the country at a luncheon organized by the chamber of commerce and industry.

He noted that for the economy to reach that stage, agriculture must be modernized and made to grow at a faster rate. "The largest sector that can show us where we are going is the agriculture sector. It is the agriculture sector that attract most people including educated and professional people."

Dr. Abbey said the modernization would create jobs and produce quality raw materials to feed manufacturing industries. "If we don't get our agric right, we would always be importing our raw materials."

The CEPA boss said there was also the need to provide good infrastructure, especially building of bridges, roads, feeder roads and storage facilities.

He noted further that the government to help farmers produce more must subsidize agriculture.

Touching on the launching of the Eco, he said even if the currency was launched July 1st this year, it would take another one and half years before the currency would be available.

He said the currency would be at a tremendous advantage to the Eco zone and asked the people involved to warm their paths with knowledge.