A presidential aspirant of the New Patriotic Party (NPP), Dr. Owusu Afriyie Akoto, has emphasized the urgent need for Ghana to shift its economic development strategy from excessive reliance on debt financing to sustainable policies grounded in homegrown diversification and development.
Speaking to the media, he pointed out that the current economic hardships faced by Ghanaians are a direct consequence of the nation’s heavy dependence on both external and internal borrowing, resulting in an escalating burden of debt that continually plagues the populace.
“We are all feeling the heat. An economy of 40 percent inflation who isn’t feeling the heat? How does anybody survive? I have been truthful to the facts. The government has been truthful to the facts, and that is why we went to the International Monetary Fund (IMF) for a bailout”, he noted.
As a former Minister of Food and Agriculture, Dr. Akoto stressed that the reliance on debt financing has never been a favorable approach for Ghana. He underscored the necessity for a shift in policy to capitalize on the nation’s abundant natural resources through effective leadership, especially in agricultural diversification, to attain the desired economic independence.
He expressed concern about Ghana’s high inflation rate, emphasizing that this could be mitigated by reducing the dependency on debt financing and embracing indigenous policies.
While Ghana’s year-on-year inflation rate dropped from 40.1 percent in August 2023 to 38.1 percent in September 2023, Dr. Akoto asserted that even a 38 percent inflation rate remains intolerable for any country.
Dr. Akoto urged a departure from heavy borrowing and advocated for a pragmatic shift towards local economic policies, with a primary focus on agriculture for development, to break free from economic constraints.
He emphasized the need for a comprehensive restructuring of Ghana’s economy, diverting public resources towards the agricultural sector to support farmers, processors, marketers, and advertisers. Dr. Akoto highlighted the potential of agriculture in creating substantial job opportunities for the youth.
Referring to the success of the government’s flagship program, Planting for Food and Jobs (PfJ), which he initiated and implemented during his tenure as Minister for Food and Agriculture, Dr. Akoto showcased the positive outcomes that a well-developed agricultural sector could achieve in reducing youth unemployment.