Business News of Monday, 3 December 2018
Head of the Economics Division at the Institute of Statistical Social and Economics Research, ISSER, has called on the government to consider proper regional balance for the establishment of the 1D1F initiative which seems to be concentrated only in some regions.
According to Prof. Peter Quartey, an observation by the institute indicates that some regions in the country are yet to have a factory.
He was speaking at a post-budget forum organized by the ISSER to review the 2019 budget statement and economic policy of the government.
“Ultimately, every district will get a factory as the policy suggests but we would like to encourage the government to promote some level of regional balance.
Moreover, going forward, we recommend that for the district that is close to or hosting the oil and gas activities, the projects under 1D1F should have some forward linkages with the upstream oil and gas sector,” he said.
The government in the 2019 budget allocated GHs1billion to boost the industrialization programme.
About 79 projects are at various stages of completion throughout the country.
According to the Institute of Statistics, Social and Economic Research, only one of the 79 approved projects under the programme is located in the Western region where the upstream oil and gas activities are located.
Prof. Quartey in his presentation called on the government to spread the program for all ten regions.
He, however, lauded some interventions announced in the budget to deal with the country’s industrial sector.
“The 2018 growth rates and the medium-term targets for the various sectors appears to show that a more balanced and broad-based growth is being pursued.”
Prof. Quartey describes the 2019 budget as ambitious and inspires hope provided all the intentions are translated into outcomes to yield positive returns to the economy.