Banking Consultant, Dr Richmond Atuahene has said Ghana will continue to face cyclical economic turbulence unless the government addresses the issue of structural imbalance in the economy.
Atuahene said the huge importation of products at the expense of local products is not helping to fix the economic challenges.
Speaking with Kwaku Nhyira-Addo on the Asaase Breakfast Show on Tuesday( 22 March) Atuahene said “So the whole interest rate and the economy, there are a lot of factors that we have to look at, this country everybody is talking about the cedi is running, running, the economy is structurally imbalanced,”
“Have you seen an economy which is import or foreign-based related economy, what do we produce in this country…maybe apart from drugs, I don’t see where we are producing something, everybody in this country is importing something, toothpick.”
“When I was in primary school, there was a matches factory at Kade. Now this country has been turned into something else. The time has come for us to look at the structurally imbalanced economy, so that, we will look at the cedi from that specific,” Atuahene said.
He wants a strategic plan in addressing the current economic woes confronting Ghana.
“What we have forgotten is that the cost of borrowing does not just affect the interest rate … it puts our economy in a structural imbalance.”
“We continue to talk about the economy and yet fail to address its issues; the economy needs a strategic direction that will be followed, until then this economy won’t change,” he said.
Listen to Richmond Atuahene in the attached audio
Fred Dzakpata
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