Rethinking Ghana’s Economic Strategy: A Call for Local Production and Unity

Ghana’s Development Economist George Domfeh has urged a reevaluation of the country’s economic strategy, advocating for a focus on local production and manufacturing. Despite a 6.3% growth rate, he highlights the minimal impact on ordinary citizens and stresses the need to address challenges in agriculture and timely payments to contractors. Domfeh calls for political unity to drive necessary economic reforms.

Development Economist George Domfeh has called upon Ghanaian policymakers to reevaluate the nation’s economic strategy, advocating for a greater emphasis on local production and manufacturing. While Ghana achieved a notable economic growth rate of 6.3%, Domfeh asserts that this figure has had little tangible effect on the lives of ordinary citizens. He emphasizes the need to move beyond outdated practices that have failed to yield substantial progress since the nation’s independence in 1957.

Domfeh argues that to address the root causes of the Cedi’s instability, it is crucial to focus on enhancing local production in the agricultural and manufacturing sectors. He warns that continuing to import goods that could be locally produced will perpetuate economic issues. He also highlighted the challenges within the agricultural sector, particularly cocoa production, noting its struggles in recent years that directly impact the poorer segments of society.

In addition, Domfeh raised concerns about the construction sector, pointing out the persistent delays in government payments to contractors. He noted that this issue has hindered meaningful growth and that those owed billions of Cedis deserved better financial management from the government.

Finally, Domfeh emphasized the detrimental effects of political polarization, urging a collective effort towards practical solutions that could advance Ghana’s economic interests. He believes that overcoming political divisions is essential for implementing the necessary reforms to stimulate economic growth.

In summary, George Domfeh advocates for a strategic shift in Ghana’s economic approach to enhance local production and manufacturing. He underscores the inadequacy of current growth figures to effect real change in citizens’ lives and emphasizes the importance of addressing underlying issues in agriculture and construction. Domfeh calls for bipartisan cooperation to overcome political divisions and implement effective economic solutions.

Original Source: 3news.com