George Domfeh, a Development Economist, calls for a reassessment of Ghana’s economic strategy, advocating for a shift toward local production and manufacturing. He critiques the minimal benefits of macroeconomic growth for citizens and highlights ongoing challenges in agriculture and construction. Domfeh stresses the need for political unity to facilitate necessary economic reforms.
Development Economist George Domfeh has emphasized the urgent need for policymakers in Ghana to reevaluate the country’s economic development strategy. He advocates for a transition towards prioritizing local production and manufacturing, instead of relying heavily on macroeconomic growth metrics that have shown little benefit for the average citizen. Despite the reported 6.3% growth rate, Domfeh asserts that the tangible improvements in the lives of ordinary Ghanaians are minimal, necessitating a critical reassessment of current practices.
Domfeh stated, “We cannot continue to do the same old things that haven’t gotten us anywhere since 1957.” He pointed out that to effectively address the instability of the Cedi, it is crucial to prioritize local production in both the agricultural and manufacturing sectors. He warned against the detrimental practice of consistently relying on foreign currencies to import goods that could be feasibly produced domestically.
In his analysis, Domfeh highlighted the challenges facing the agricultural sector, particularly cocoa production, which has faced significant difficulties over the past two years. He noted, “Yes, the agricultural sector has been doing well, but cocoa has struggled in the past two years. This is where the poor are, so the focus should be on sustaining growth in these areas.” Thus, it is essential to direct efforts towards sustaining agricultural growth to benefit the broader population.
Furthermore, the economist expressed concerns regarding the construction sector, particularly the delays in payments to contractors. He remarked, “Government payments to contractors have been poor, and this has persisted for years.” Domfeh contends that for economic growth to have meaningful impact, it should be reflected in the real economy, particularly for those owed significant amounts of money.
Lastly, Domfeh pointed out that political divisions are interfering with Ghana’s economic advancement. He articulated a plea for unity, arguing, “We must put political antagonism aside and come together to identify real solutions. Our polarization is preventing us from making the changes we need.” This statement underscores the crucial role of cooperation in achieving effective economic reforms.
In conclusion, economist George Domfeh’s insights highlight the pressing need for Ghana to reform its economic strategy by focusing on local manufacturing and agricultural sustainability. He critiques the inadequate impact of current growth metrics on the populace and emphasizes the importance of addressing sectoral inefficiencies and political divisions. A united approach could foster meaningful change and stimulate long-term economic improvement.
Original Source: 3news.com
