Prof Quartey eulogizes late Rawlings' decisions on economic reforms

The economic policies under the regime of the former president Jerry John Rawlings has played a pivotal role towards sustaining economic for Ghana.

This is according to the research director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey.

Prof. Quartey told the Citi Business News the massive influence of the now deceased head of state on the Economic Recovery Program and the divestiture of State-owned enterprises were very vital for economic growth.

“I recall vividly the Economic Recovery Program that in 1983/1984 was fashioned out to reverse the decline in economic activities and the many declines that we witnessed. And from 1984, we saw growth pick up, we saw businesses flourishing, since then we have recorded positive growth rates,” he said.

Prof Quartey continued, “If you look at the 70s and early 80s, the economy either recorded negative or very low growth rate. Some of them were attributed to coup d’états, but the reforms and political stability ensured that we recorded positive and increasing growth rates and that is very remarkable. When your economy is growing, businesses also flourishes, employment increases and people get income, and for me, that reform is very remarkable and very historic in the history of the country.”

“Within the same period, we saw the divestiture of state-owned enterprises. There were quite a number of SOEs that were not making profit but were heavily dependent on the public purse. There was the setup of the Divestiture Implementation Committee to look into that and some of them were taken off the books of government and that really helped,” he added.

Prof. Quartey further eulogizing the late president noted that the above mentioned implementations were very critical adding that, “the reforms to transform the economy from a negative or low growth rate to a positive one, as well as the divestiture of SOEs to make sure that State-Owned Enterprises become profitable. May His Soul Rest in Peace,”.

The death of the former president which sent the nation of Ghana into a sudden state of shock broke out in the early hours of Thursday, November 12, 2020, with sources indicating he passed away at the Cardiothoracic Centre of the Korle Bu Teaching Hospital.

The first President of the 4th Republic is said to have been battling ill-health for some time.