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Ghana needs stringent economic policies -Asumadu

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Dr. George Asumadu, Senior Lecturer, Kumasi Technical University

A Senior Lecturer at the Kumasi Technical University (KsTU), Dr. George Asumadu, has called for stringent economic measures to address the chronic challenges that have bedevilled the Ghanaian economy over the year.

According to him, the quest of the government of Ghana to seek a bail out from the International Monetary Fund (IMF) was a temporary measure to improve the economy, emphasising that Ghana must take stringent short-term, medium term, and long term economic policies to change the narratives of the Ghanaian economy.

According to him, the balance of payment should be a guide to improve domestic competitiveness to ease the demand for foreign currencies.

In an exclusive interview with The Chronicle, Dr. George Asumadu explained that political development was faster than economic development, and the two main paths of development could never be at par, hence there was the need for stringent economic policies that must be adhered to by our governments.

Citing the United State of America as a typical example, he noted that when there was a change of government, the economic policies of the State remain virtually the same, and that was why the former Federal Reserve Chairman, Mr. Alan Greenspan, was in office for about 19 years – a period where he served under both Republican and Democratic governments.

Dr. Asumadu also wondered why Ghana should import food in spite of her vast fertile lands. The KsTU academic was of the view that in order to improve the economic challenges, the country had to improve her domestic capabilities.

Part of the measures Dr. Asumadu noted was to know how to use what the country produces. This, he added, would curb the unbridle demand for dollars for importation of goods into Ghana.

The KsTU economist, however, argued that if Ghanaians do not create alternatives and even take advantage of the African Continental Free Trade Area (AfCFTA), it would be daunting to reverse the plight.

According to him, Ghana had all what it took to balance the economy, adding that the resources were available, but they were not being efficiently utilised.

Dr. George Asumadu further explained to The Chronicle that if Ghana produces a commodity and does not know how to use it to the advantage of her economy, the country cannot balance its economy.

On the agriculture front, Dr. Asumadu told The Chronicle that rice production in South-eastern state of Asia has been supported by the World Bank for their nationals and even export the excess.

This feat, he told this paper, could only be achieved by signing an agreement with the World Bank to provide inputs for credible Ghanaian farmers who meet the yardsticks.

RICHARD OWUSU-AKYAW

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