Ghana: Diversify Economic Structure – POP

Political Parties Outside Parliament (PPOP) have called on the government to diversify the structure of the Ghanaian economy from import based to value added export.

It also asked for a review of standards required for imports into the country.

The General Secretary for the National Democratic Party (NDP), Alhaji Mohammed Frimpong said this on behalf of the PPOP at a press briefing in Accra yesterday.

The press briefing was in response to the President’s address to the nation on the current economic challenges and to offer its opinions on measures to help mitigate them.

The PPOP include political parties such as National Democratic Party (NDP), Great Consolidated Popular Party (GCPP), Progressive People’s Party (PPP) and All People’s Party (APC).

According to AlhajiFrimpong, there was the need for the government to engage on a framework of post COVID-19 pandemic programme for economic growth and International Monetary Fund (IMF) support.

He was of the view that, the present fiscal and monetary policy exposed the government’s weakness and relaxed “hands-on management” giving rise to all kinds of political speculations and discourse.

“We are already helpless from real or perceived mismanagement by which debt sustainability, reduced debt to Gross Domestic Product (GDP) ratio, servicing of external debt, improvement of tax revenue to GDP ratio cannot be avoided,” he said.

He stated that measures to stabilise fiscal and monetary policies would arise when the country’s primary production for local consumption was far outstripped by import.

“We therefore agree with the President to prioritise imports as well as review management of our forex in relation to products such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice and bottle water in favour of local production,” he said.

Alhaji Mohammed Frimpong said the effects of the Russia-Ukraine war would not have affected the economy if importation of some products into the country had been reviewed.

He said an atmosphere rife with perceived corruption did not augur well for citizens’ trust, and it diminished leadership’s moral integrity, adding that the government should include people’s participation in governance for national development and productivity.

He suggested that the Trade Union Congress and Organised Labour should be part of a programme to eliminate financial infractions by Ministries Departments and Agencies (MDAs) as contained in the Auditor General’s reports year in year out.

That, Alhaji Frimpong said could help control the frequent financial misapplications and wastage of resources.

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