Development Economist George Domfeh calls for Ghana to rethink its economic development strategy. He emphasizes a shift from macroeconomic metrics to local production and manufacturing. Despite a 6.3% growth rate, many citizens feel minimal impact. Key issues include struggles in cocoa production and contractor payment delays. Domfeh urges unity amongst political factions to achieve effective change.
Economist George Domfeh has called for a reassessment of Ghana’s economic development strategy, stressing the importance of enhancing local production and manufacturing capabilities. During his appearance on KeyPoints, he criticized the reliance on macroeconomic metrics, arguing that despite a 6.3% growth rate, many citizens have not felt its benefits.
Domfeh pointed out that an effective solution to the instability of the Cedi requires prioritizing local agricultural and manufacturing output, rather than continually importing goods that can be domestically produced. He noted that although growth in agriculture is evident, cocoa production has faced significant challenges in recent years, affecting the livelihoods of the poor.
The state of Ghana’s construction sector was also a concern for Domfeh, who highlighted the persistent issue of delayed payments to contractors, emphasizing the need for these payments to reflect growth in the real economy. He argued that meaningful economic progress is contingent on addressing the financial struggles faced by contractors owed significant sums.
Finally, Domfeh pointed to political divisions as an impediment to economic advancement, urging stakeholders to set aside rivalries and collaboratively seek practical solutions. He believes that unity is essential for implementing necessary reforms that will drive Ghana’s economic improvements.
In conclusion, George Domfeh advocates for a strategic overhaul of Ghana’s economic policies, stressing local production to stimulate genuine growth and stability. He highlights ongoing issues in agriculture, construction, and political cooperation, asserting that meaningful solutions require collaborative effort and a shift in focus from mere statistical growth to tangible benefits for the populace.
Original Source: 3news.com
