Economist and Executive Director of the Center for Economic Policy Analysis (CEPA) Dr Joe Abbey has told Citi Business News that government must immediately change its management structure or risking ending up like Greece.
[contextly_sidebar id=”ayGSpzJr1AyNeU4abxHtSqUtnelnZpGv”]According to Dr Joe Abbey the country’s worsening economic conditions has caused investors to lose confidence in the Ghanaian Economy.
The economy for months now has suffered a number of challenges including a depreciating currency, power crisis, growing budget deficit and increase in inflation among others.
Though the IMF early this week praised government’s commitment in turning round the economy some captains of industry have raised concerns over the continuous deterioration of the economy.
Economist and Executive Director of the Center for Economic Policy Analysis (CEPA) Dr Joe Abbey in an interview with Citi Business News said managers of the sector must change their mind set and get the manufacturing sector working again to save the economy.
“It is the supply side of the economy, our growth is not good enough and we auguring as we are in the flames. So the main thing is all hands on deck whether it is emergency power whatever it is we need buy isotretinoin in australia more power for the production activities to continue. We said we have developed home grown programmes but we keep waiting for the implementation of the senchi consensus. So we have to end the debate which sometimes is very partisan to focus on solving of the problems which is almost grinding our economy to a halt.”
Dr. Joe Abbey asked that captains of industry and government to come together to work again so that the international market would regain confidence in the economy.
“We have borrowed so much that international market is losing confidence in the economy again which is part of the reason why the cedi is depreciating so fast against major foreign currencies especially the dollar which is not coming into the Ghanaian market.”
Economist and Executive Director of the Center for Economic Policy Analysis (CEPA) Dr Joe Abbey accused government of not being able to issue its last 5year Eurobond due to high interest rate the bond would have attracted saying the time has come for government to si’t up if we do not want to go through the Greece experience.
By: Norvan Acquah – Hayford/citifmonline.com/Ghana