Business News Fri, 30 Oct 2020

BizTech: Services and manufacturing sectors to revive 'ailing' economy - Economist

An Economist, Dr George Domfeh, has said the services and manufacturing sectors of the economy will be the driving force to economic growth in 2021.

This comes after the Finance Minister told legislators in Parliament on October 28 that economic growth for Ghana is projected to rebound at 5.7 percent in 2021.

In an interview on GhanaWeb's BizTech, Dr Domfeh explained that to achieve the projections, government must invest heavily towards the manufacturing and services sector.

In furtherance of achieving the growth projections, the Senior Researcher said government must reduce its expenditure and improve its revenue mobilisation efforts and other incomes generation streams.

Some economists have worried that Ghana’s borrowing levels is likely to balloon as a result of what they describe as high consumption levels by government.

Meanwhile, in 2018, the national debt of Ghana amounted to approximately 59.29 percent of the Gross Domestic Product, a figure that currently stands at over 65%.

Watch the video below:

Source: www.ghanaweb.com
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