Implement sound economic policies – Duffuor

A former Minister of Finance & Economic Planning, Dr Kwabena Duffuor, has called on government to put sound economic management measures in place to save the country from disgrace.

Speaking at the launch of the Institute of Fiscal Studies (IFS), a non-governmental research organization yesterday in Accra, Dr Duffuor mentioned that “our economic management decision-making and choices are being shaped by political expediencies and not sound economic measures.”

Flanked by Dr S.K.B. Asante, a former diplomat and Alex Ashiagbor, a former Governor of the Bank of Ghana, Dr Duffuor stated that Ghana’s general economy has woefully under-performed despite the numerous resources in the country.

He pointed out that “Growth and development occur where there is sustained economic management,” adding that “management is more likely to happen where we have a well-informed group of management professionals to conduct relevant policy research and influence decision-making.”

Noting that the complexity of our situation requires attention of all stakeholders, the founder and president of IFS said Ghana’s general economic malaise since independence could be attributed to the lack of general integrity, frequent and sometimes political interference, corruption, external interest, as well as political interests.

He therefore called on everyone to work hard to save the country.

Professor Newman Kwadwo Kusi, Executive Director of IFS, in a speech, said Ghana was blessed with rich natural resources and highly-developed human capital, however since 1960, the country has had mixed macro-economic and fiscal progress and faced numerous financial challenges.

“IFS has therefore been set up with a vision to become an indispensable pillar in the economic and social transformation of Ghana. The institute’s mission is to contribute to the country’s fiscal management and macro-economic transformation. To this end, it undertakes innovative research into relevant policy issues, analyses public finance developments, assesses the implications of government economic policy and provides practical recommendations that put government finances on a sustainable path, among others.”

Dr S.K.B. Asante, in a remark, said officials and people in authority do not follow laid-down procedures.

“In spite of the technical competence in our state institutions, political powers that be ask technocrats to shut up on the reality of issues confronting the country.”

Founded in March 2013, IFS is devoted to the provision of economic policy advice, advocacy and world-class training based on practical experience and insights developed through quality research and analysis.