An economy and policy analyst, Enoch Okomfo Okonah, has expressed concern over Ghana’s heavy reliance on Bretton Woods institutions for managing the Ghana Cedi, citing a lack of clear policy direction to address the nation’s economic challenges.
Speaking with the Ghana News Agency (GNA) in Sunyani regarding the state of the economy, Okonah advocates for more assertive economic policies to bolster the Ghana Cedi, rather than depending excessively on foreign aid and borrowing.
As the Chief Executive Officer of DUMAT Africa, a Sunyani-based economic policy think-tank, Mr Okonah underscores the need for targeted tax reforms aimed at boosting domestic production and reducing imports.
He suggested that the government should prioritize subsidizing imports and foster a resilient local economy that favors private sector growth to tackle fiscal challenges effectively.
This approach, he believes, would stabilize the economy, drive rapid economic expansion, and ultimately fortify the Ghana Cedi to facilitate wealth creation and poverty alleviation.
Highlighting the importance of a robust local economy in inspiring investor confidence, Mr Okonah stressed the significance of attracting investments across various sectors.
With the IMF deal finalized, Mr Okonah urged for sound economic policies to address the soaring market prices of food, commodities, building materials, petroleum products, and essential services.
He emphasized the need for policies that aim to build a better society and improve the quality of life for all Ghanaians.