General News of Friday, 1 August 2014
An economist and a member of the President's Advisory Committee is banking his hopes on the confidence level of the managers of the economy to solving the economic challenges facing the country.
Kwame Pianim who attended Thursday's committee meeting chaired by President John Mahama said the infectious confidence exuded by the Governor of the Bank of Ghana, as well as other managers of the economy was a positive attribute and a beginning of the end of Ghana's economic challenges.
51 per cent confidence alone is half the problem solved, he suggested in an interview with Joy News' Evans Mensah.
The Committee was constituted as part of the implementation of the Senchi Report put together after a three-day national economic forum.
The committee is tasked to reverse the poor economic challenges facing the country. With rising inflation, hikes in utility prices and fuel prices, fall in the currency as well as a strangling budget deficit, but many have expressed doubts in the ability of the managers of the economy to bring stability.
Dr Kofi Wampah shortly after the committee's meeting cautioned speculators and those betting against the cedi to desist from such acts because adequate measures have been put in place to arrest the fall of the cedi.
Kwame Pianim could not agree more with Wampah.
Drawing parallels from a popular adage that says when a blind man threatens to cast a stone he probably has his leg on the stone already, Mr Kwame Pianim said Wampah who has all the figures of the economy in his bosom should be trusted when he says the economy and the cedi is on its way to a revival.
He explained with such confidence, both importers and exporters as well as other players in the economy will fall in line.
He insisted, confidence in the economy is a "self-fulfilling prophesy"- if you don't have confidence in the economy it will continue to sink.
Kwame Pianim said when Ghana's import substitution is resolved, the gas infrastructure is completed, the economy will be on a definite return to recovery.
But Currency Analyst and Head of Research at the GoldCoast Securities Kofi Ampah says confidence alone by the managers of the economy is not enough.
He argued if the businessmen have credibility issues with the managers of the economy and in those handling the currency, the economy will sink. He however advised the managers to implement better policies that will bring back confidence in the citizenry.
Mr Ampah applauded the Bank of Ghana for implementing a euro-dollar deposit policy and urged the governor to import more currency into the country.