Tema-Ghana, Dec. 10, MNN – The Reverend Dr. Samuel Worlanyo Mensah, Executive Director, of the Centre for Greater Impact Africa (CGIA) non-affiliate governance think tanks has called on the Bank of Ghana (BOG) to rescind its decision to withdraw forex support for the importation of some non-critical goods.
Rev. Dr. Mensah, analyzing the impact of the forex withdrawal, forecasted that the policy would lead to scarcity of commodities.
Rev. Dr. Mensah who is also an economist was speaking at the 18th edition of the Monthly Stakeholders Engagement and Workers’ appreciation day seminar organized by the Ghana News Agency’s Tema Regional Office.
The monthly engagement aimed at providing a platform for both state and non-state organizations to address national issues to enhance development.
The event also served as a motivational mechanism to recognize the editorial contribution of reporters toward national development in general, growth, and promotion of the Tema GNA as the industrial news hub.
Rev. Dr. Mensah stressed that “there will be a scarcity of commodities which will be disastrous, and will lead to confusion.”
Speaking on the topic; “Ghana’s Productive Economy in Perspective,” Rev. Dr. Mensah explained that since no plans had been put in place and Ghana was not in a position to ensure that all the needs of the people would be produced and provided locally, withdrawal of the foreign exchange would lead to a shortage of goods.
He added that with the high inflation rate and increasing cost of doing business which was leading to the collapse of many local companies, there would be scarcity as the needs of the country would not be met.
He said the scarcity would also lead to a high standard of living as the prices of goods would shot up, and people would engage more in social vices to survive.
Rev. Dr. Mensah suggested that the importation and promotion of local manufacturing must be done hand-in-hand until the industries were properly established to fully take over instead of an instance policy.
The Economist urged the government to push money into the agriculture sector to help stabilize the economy as according to him food inflation was the highest in Ghana.
“As an economist, we have a comparative advantage in food, so we should not be seeing such high food inflation, instead of the government pushing money into agriculture, we decide to buy air-conditioned vehicles,” he emphasized.
Rev. Dr. Mensah noted for instance that if the government would invest in getting every district a tractor to be used to help farmers in the area to farm, over time, food production would increase all over the country.
The BOG in November announced its decision to withdraw foreign exchange support for the importation of non-essential goods including rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water, and ceramic tiles.
The forex withdrawal, according to the BOG was in line with a directive from the government issued recently during a national address by President Nana Addo Dankwa Akufo Addo on the country’s economic hardship.
Meanwhile, Dr. Prince Kofi Kludjeson, former President of the Association of Ghana Industries (AGI) has deduced the knowledge deficit as the bane of Ghana’s economic woes and recommended youth empowerment as a critical way out for the nation to attain industrial transformation.
He explained that the difficulties in Ghana are a result of a deficit of knowledge in the leadership both in the present and past governments, adding that the people in authority come through a system of transition and the time has come that they must allow the younger generation to move in.
Dr. Kludjeson who is the President of Celltel Network Limited said the solution to the problem of Ghana is adopting a positive mental attitude, stressing “let us be positive about the youth leading the change the country needed.
“The reliance and trust in young people will give the country possibilities and success. Those proving the solutions currently may have some deficits of knowledge, therefore, the younger ones should be allowed to stimulate the economy, the global business environment is being ruled by the youth”.
