Economy has run aground, policies no longer sustainable - Kwesi Pratt

Kwesi Pratt 2 Kwesi Pratt Jnr Kwesi Pratt Jnr.

Mon, 27 Jun 2022 Source: www.ghanaweb.com

High debt rate creating huge hole in the economy, Pratt Jnr

Certain level of deception in the whole arrangement of 1D1F, Pratt

Ghana urged to create industries for dependency

Managing Editor of the Insight Newspaper, Kwesi Pratt Jnr., has noted that Ghana’s policies to strengthen the economy have proven unsustainable.

He noted that the economy is in dire economic hardships that need urgent attention.

According to him, Ghana’s rising debt issues have put the country in a position where it has to go back to colonial masters for aid.

“The economy of this country has been run aground to the extent that even the policies which were announced are no longer sustainable,” he said in an Asaase News interview.

Pratt added, “Now, think about the current situation where we’re having to spend 128% of total national revenue on debt servicing, debt repayment, and public sector emoluments; a huge hole in the economy."

"If you are spending 128% of your total national earnings on these three headline items, what is left to build gutters, construct roads, improve the educational system, etc? so then we get back into the vicious cycle of having to go to the colonial metropolis to look for loans and grants and get more seriously entrapped into the neocolonial arrangement.”

Kwesi Pratt stated that Ghana should strive to implement policies that will ensure it becomes independent and non-reliant on foreign aid.

“There is a certain level of deception in the whole arrangement [1D1F]. Are we implementing a policy of import substitution? If we are seeking to embark on a policy of import substitution, what are we producing to substitute for what? It’s a critical question that we need to answer."

“I think what we need to do now is to build industries which enable us to overcome our current dependency on imports which lead us to the path of national self-reliance. I don’t see that happening.”


Source: www.ghanaweb.com
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