16
MenuWallOpinions
Articles

Community-based economic development: The pathway to a new Ghana!

Read Article

Comment: I share this idea..well said

Author:
Kwabena NY
Date:
2019-01-15 12:22:28
Comment to:
Still looking for practical solutions

Thank you for the article. It is a laudable idea. I only hope that our leaders will embrace practical ideas such as this.

I will even go a step further to suggest a dramatic change in decades old fiscal and monetary policy of the country.

This is to say I have alway harbor the idea of regional central banking. And what I meant by that is complete decentralization of our current central banking system. Every one of our regions needs to have a branch of Bank of Ghana, with a fully staff financial, economic and statistical professionals that will man an independent regional economic agenda for each specific region.

These quasi independent BOG regional banks with their deputy governors will have an annual budget target for their respective regions and will be given specific competitive goals to accomplish over a period of time, preferably every fiscal year on which they will be evaluated. This has a better chance of experimenting with your community based economics idea and its inherent benefit of equitable distribution of economic resources.

I know people are going to argue that Ghana doesn't run a federal system government so such an economic system which is similar to what is currently ran in the US will not work and my answer will be..yeah, but you're wrong. We need to begin to be creative and invent our own social systems that are susceptible to our culture and current dispensation..to be continued..

This article is closed for comments.

Kwabena NY on Jan 15, 2019 12:22
I share this idea..well said