'Dumsor' could weaken growth prospects – Asiedu-Mantey

Former deputy Governor of the Bank of Ghana, Emmanuel Asiedu Mantey, has cautioned government to find an immediate solution to the current power crisis as it can potentially weaken the country’s growth prospects in 2015 and beyond.

Mr. Asiedu-Mantey, who was speaking at a public forum organised by the Chartered Institute of Bankers (CIB) in Accra, said the current erratic power situation has put the country’s key economic growth triggers—the services and industry—sub-sectors in jeopardy and that the situation must be reversed as soon as possible.

“We must find an immediate solution to the power current power crisis as it can put the growth of the country’s key sectors including the services and industry sub-sectors in jeopardy.

“These are key sectors that contribute significantly to the country’s Gross Domestic Product (GDP). There will be serious implications if the situation is not reversed.

“For instance, there will be loss of employment opportunities which will ultimately increase the pressure on the economy and this can weaken the country’s growth prospects for this year and beyond,” he said.

The maiden edition of the public forum held at the Best Western Premier Hotel, was on the theme: “Monetary Policy Stance and the National Budget: Implications for Businesses in 2015.”