Development Economist George Domfeh has called for a re-evaluation of Ghana’s economic development strategy, advocating for a focus on local production. He pointed out the negative societal impacts of relying solely on growth metrics, underscored the challenges in cocoa farming, and highlighted the delays in construction payments. Domfeh emphasized the need for political unity to address these issues effectively.
Development Economist George Domfeh has urged Ghana’s policymakers to reconsider the national economic development strategy. He emphasizes the importance of concentrating on local production and manufacturing rather than relying solely on macroeconomic indicators, such as the reported 6.3% growth rate, which has not significantly benefited the citizens.
Mr. Domfeh noted that historical patterns since 1957 have not yielded substantial improvements; therefore, a shift towards local production is essential for stability, particularly in the agriculture and manufacturing sectors. He stated, “If we truly want to fix the Cedi’s instability, we must prioritize local production in the agricultural and manufacturing sectors.”
Despite overall economic growth, challenges, especially in cocoa production, persist within the agricultural sector. Mr. Domfeh remarked that local farmers continue to face struggles, and reinforcing the cocoa industry is critical for the impoverished population. He asserted, “Yes, the agricultural sector has been doing well, but cocoa has struggled in the past two years. This is where the poor are, so the focus should be on sustaining growth in these areas.”
Furthermore, Mr. Domfeh highlighted issues within the construction sector, particularly the chronic delays in payments to contractors, which he views as detrimental to meaningful growth. “Government payments to contractors have been poor, and this has persisted for years,” he noted, stressing the urgency for these payments to reflect in the real economy.
Additionally, Mr. Domfeh addressed the detrimental effects of political division on Ghana’s economic development. He urged all political factions to prioritize collaboration and the identification of concrete solutions to overcome economic stagnation. “We must put political antagonism aside and come together to identify real solutions,” he stated, calling for unity to instigate necessary reforms.
In conclusion, George Domfeh’s insights underline the imperative for Ghana’s policymakers to revise the economic strategy, emphasizing local production and manufacturing. The challenges in cocoa production and contractor payments reflect the broader issues faced by the economy, which require urgent attention. Political unity and collaboration are crucial for implementing the reforms necessary for meaningful economic progress.
Original Source: 3news.com
