Accra, Best Western Premier Hotel – The President of the Chartered Institute of Bankers (CIB-Ghana) Mr Clifford Duke Mettle, has expressed sentiments about the poor economic performance recorded by the country over the past years, and its impact on industrial growth and development.
He said: “Indeed the current economic growth has not really made a difference to the livelihoods of millions of Ghanaians,” although it was expected that the country would continue to record decent rates of growth over the coming years, there were many potential risks to the sustained growth.
He cited challenges such as the volatile global situation, the limited diversification of the country’s productive structures and associated dependence on commodities, as well as the many barriers to competitive economies such as the large infrastructure deficit and leadership and skill shortfalls.
Mr Mettle expressed these sentiments in a forum at Best Western Premier Hotel-Accra organised by the CIB-Ghana on Thursday.
The forum which was on the theme: “Monetary Policy Stance and the National Budget: Implications for Businesses in 2015”, brought together economic think thanks, government officials, business executives and policy makers to discuss topical issues that inhibits efforts of improving the economy and quality of life of citizens.
Mr Mettle said the CIB forum focuses on issues that were key to unlocking Ghana’s potential and sustaining high economic growth rates.
These, he said, include strategies to accelerate investments in infrastructure and agriculture, building resilience, strengthening partnerships for growth through investments, enhancing technological innovation, managing natural wealth, nurturing leadership, and creating strategies to enhance jobs and skills, among other pertinent issues.
Dr Tony Oteng-Gyasi, Managing Director of Tropical Cable and Conductor Limited, who chaired the forum, said it was unexplainable that although the managers of the economy were all excellent professionals, yet things were heading for a fall.
He encouraged all professionals to stand by their ethical standards rather than yielding to pressures to do what was wrong, saying such attitudes have contributed to the current messy state of the economy.
Mr Oteng-Gyasi also explained that overspending led to high inflation rates which the Central Bank often tried to mop-up by tightening its Monitory Policy Rates as a means of leveling such spending.
On his part, Professor Felix Amkomah Asante, Director, Institute for Statistics, Social and Economic Research, called for structural changes in the economy to help reduce imports and enhance exports which would reduce the demand of foreign currencies and improve the macroeconomic challenges.