Rethinking Ghana’s Economic Development: A Call for Change

George Domfeh urges Ghanaian policymakers to rethink the economic development strategy, focusing more on local production and manufacturing while moving away from reliance on macroeconomic statistics. He emphasizes the need to support the agricultural sector, especially cocoa, and addresses ongoing issues in construction payments. Furthermore, he highlights that political polarization inhibits economic progress and calls for unity in seeking viable solutions.

Development Economist George Domfeh has called on policymakers in Ghana to reassess the nation’s economic development strategy, highlighting the necessity of emphasizing local production and manufacturing initiatives. During his appearance on the program KeyPoints, Domfeh criticized the prevalent dependency on macroeconomic growth statistics, noting that, despite a reported 6.3% growth rate, the benefits have not reached the average citizen, who continues to face economic challenges.

Domfeh stated, “We cannot continue to do the same old things that haven’t gotten us anywhere since 1957.” He argued that to address the instability of the Cedi, there must be a shift toward supporting local agricultural and manufacturing sectors rather than relying heavily on imports. He expressed concern that persistent reliance on foreign goods undermines the country’s potential for self-sufficiency.

While acknowledging the progress in the agricultural sector, Domfeh pointed out ongoing struggles, particularly within cocoa production, which has faced difficulties over the last two years. He remarked, “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, Domfeh expressed frustration regarding the construction sector, citing substantial delays in payments to contractors from the government. He emphasized that, “Government payments to contractors have been poor, and this has persisted for years,” indicating that meaningful economic growth must ultimately benefit the real economy and those owed money.

Finally, Domfeh warned that divisive political dynamics are obstructing Ghana’s economic advancement. He concluded that “We must put political antagonism aside and come together to identify real solutions. Our polarization is preventing us from making the changes we need.”

In summary, George Domfeh advocates for a transformative approach to Ghana’s economic strategy by focusing on local production and manufacturing. His insights reveal that despite reported economic growth, the benefits do not extend to ordinary citizens. Additionally, he highlights critical challenges in agriculture and construction that require immediate attention and warns against political polarization that hampers progress.

Original Source: 3news.com