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Therefore, the challenges that confront Ghana’s economy emanate directly from the economic policies that we are pursuing. The economic policies that have led to unbridled liberalization of the economy, made imports trade super lucrative, penalizes domestic production and reduced the economy to buying and selling. Added, to these are the regime of investment rules that favour foreign investors over domestic investors, caved strategic sectors of the economy for foreign capital and grants them mouth-watering incentives, which we are not prepared to give to domestic producers. These bad economic policies have been made worse by a number of domestic challenges including widespread corruption in high and low places, cronyism, incompetence and extreme partisanship.
Ladies and Gentlemen, the sad aspect is that our policymakers and politicians continue to play ostrich, focusing on red herrings. They are pointing to GDP growth when they know that growth isn’t creating decent employment. They are pointing to our middle income status when they know that we have come into middle income with all the characteristics of a lower income country; paying the lowest wage rate and with deteriorating social indicators. Suddenly, the public sector wage bill has become the cause of all the difficulties; the evidence does not support it. Instead of addressing the many challenges that face domestic industry we are busy creating platforms for 21st century Lugards to lecture Ghanaians about the virtues of free trade and Economic Partnership Agreements when in fact all analyses show that, that agreement will constitute a major stumbling bloc to national development.
These provide a summary of our views on the economy and with these, let me officially declare this forum opened and welcome our distinguished speakers. I thank you for your attention.
Story by Ghana | myjoyonline.com
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