Former Deputy Finance Minister, Dr. Stephen Amoah, has emphasized the urgent need for Ghana to tackle fundamental economic issues to achieve long-term stability.
Speaking on JoyNews’ PM Express on Monday, March 3, the Nhyiaeso MP argued that Ghana’s economic struggles are rooted in structural weaknesses that have persisted across successive governments.
“There are so many wrong economic fundamentals that if we fail to realise and fix them, it doesn’t matter who is in government,” he stated.
Key Concerns Raised by Dr. Amoah:
- Heavy Dependence on Imports: He described Ghana’s reliance on external economies as a major weakness, making the country vulnerable to global shocks, as seen after the COVID-19 pandemic.
“If you depend on somebody, it means that you are in trouble. If something happens to the person, it happens to you,” he explained. - High Cost of Doing Business: He pointed out that Ghana’s economic structure places an unfair burden on the private sector, making investment unattractive.
“A country where the government borrows on the domestic market at a higher rate than the private sector is not sustainable,” he added. - Monetary Policy Concerns: While inflation control is crucial, he argued that broader economic factors must be addressed to ensure stability.
Dr. Amoah called for a strategic economic model that promotes self-reliance, reduces borrowing, and fosters a competitive business environment.
He stressed that without addressing these core challenges, Ghana’s economic progress would remain uncertain, regardless of which party is in power.
ALSO READ: