Govt urged to provide solutions to ailing economy
A university don has appealed to the government to provide solutions to the country’s economic problems by tackling short term economic challenges such as the budget deficit and depreciation of the cedi
Prof Kodwo Ewusi, Dean of Graduate Studies, Methodist University College, said this at the 48th J.B Danquah Memorial Lectures in Accra, organised by the Ghana Academy of Arts and Sciences, on the theme “Human Capital and Economic Growth in Ghana: the future of Education, Health and Oil in the economy of Ghana”.
He said all the indicators about the economy pointed to the negative as there was budget deficit, cedi depreciation, high unemployment, negative balance of payment, increased external debt, reduction in growth, energy and water crisis.
He predicted a further depreciation of the cedi in 2015, saying that there was still more pressure on the local currency as well as a further reduction in growth to be caused by the energy crisis.
Prof Ewusi said it was important that the government put in the necessary measures to halt the negative economic indicators, including creation of jobs.
He said Ghana had the prospects of producing larger quantities of oil in 2016 as more discoveries are being made and it was important that the 2016 general election was based on who could manage the oil resources well.
Prof Ewusi said Ghana’s lower middle income status should be reflected in a higher level of industrialization, as the continuous importation of goods would not auger well for the economy.
On education, Prof Ewusi said, the sector was reform fatigued and it would be more necessary and prudent to concentrate on the financing of the sector.
He advocated a level playing field of all tertiary institutions, especially with regards to the students’ loan scheme which should be available and accessible to all.
He said payments of the National Health Insurance Scheme to service providers must be streamlined to help protect it.