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Opinions of Sunday, 9 October 2022

Columnist: Nana Kweku Ofori Atta (CEO Avcontech Security Masters)

Can government be clear on current state of Ghana's economy?

Nana Kweku Ofori Atta (CEO Avcontech Security Masters) Nana Kweku Ofori Atta (CEO Avcontech Security Masters)

The hardship Ghanaians are currently facing is no joke. The economic slowdown has had a serious impact on households. People are unable to afford healthcare, fuel prices keep shooting high, thereby affecting the prices of foodstuffs in the market. As it stands now, most Ghanaians are unable to even afford three square meals a day. Ghana's economic growth is subject to major fluctuations: The economic challenges facing the country include high inflation, a high level of state debt and heavy fluctuations in foreign direct investments. What can really be done about this situation? The government needs to go back to the drawing board, think critically about these challenges and find lasting solutions to them. It is true that the economic hardship is global but what is the government doing to help the economy of Ghana? Luckily for Ghana, we are blessed with natural resources such as cocoa. The sale of cocoa generates considerable income for the country. Why doesn’t the government focus on planting more cocoa and exporting them? What is stopping Ghana COCOBOD from establishing a chocolate factory here in Ghana? Why don’t we rather patronize made-in-Ghana goods instead of importing foreign goods? We even go as far as importing fruits and vegetables as a nation which is a very bad habit. We even import seats for parliament whereas we have artisans who produce good and quality furniture here in Ghana. Has the government thought of establishing fishing harbours in all the fishing communities? Why not set up factories in these fishing communities where fish can be canned and exported to generate some revenue for the country? The Western belt of Ghana is where oil can be found. Government can establish an oil storage refinery hub to provide them with premix through BOST, so they can in turn supply the fisherfolk with fuel. I believe the economy of Ghana is not beyond redemption. However, the government needs to be clear on the current state of affairs of the country’s economy and work with these suggestions made.