An Economist and Senior lecturer at the University of Ghana Business School (UGBS), Professor Lord Mensah has described the 24-hour economy policy proposed by John Dramani Mahama as the most sellable policy ahead of the 2024 General Election.
According to him, the policy will drive production locally and will help to stabilise the cedi when properly implemented.
“Our economy is fully dollar-denominated. How do we reduce it? We need production. We need an economy that can produce and bring in more dollars and the 24-hour economy should be targeted very well in certain key areas.
“It should be able to bring us more inflows and that will stabilize the currency. The 24-hour economy is the best sellable policy as we speak now if you look at the current state of the Ghanaian economy,” Prof. Lord Mensah said.
The Economist was speaking at a public lecture organised by the National Youth Commission of NDC Professionals Forum (PROFORUM) at SDA College of Education, in Koforidua in the Eastern Region.
Speaking on the current state of the Ghanaian economy, Prof. Lord Mensah said the truth is that the economy is in debt.
He said the declining inflation is partial and does not speak to the true state of the economy.
“The true state of the Ghana economy is an economy that is in debt, is an economy that all the inflation numbers that we are recording are partial not the true state of the Ghanaian economy. The reason why I am saying this is that we have suspended our external debt payment. Since 2022. It means we are fixing the exchange rate. The reason is that the government will demand the dollar to go and pay for the debts but you are not paying so you have suppressed demand for the exchange rate,” Prof. Lord Mensah explained.
