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General News of Wednesday, 19 February 2020

Source: Peace FM

'Ghanaian economy is useless' – Economist

Senior Research Fellow, Centre for Social Policy Studies, at the University of Ghana, Dr. George Domfe, has described the Ghanaian economy as useless for its reliance and over-dependence on other nations for support.

Dr. George Domfe was also critical of the way the country produces many natural resources without any attempt to export finish goods but only the raw products.

The economist angrily stated that Ghana since 1957 has been involved in the same routine and ways of transacting business, the number one challenge preventing the growth required of the nation.

“The Ghanaian economy is a useless economy because since 1957 till now it has been involved in business as usual without any new policy initiatives introduced to disentangle it from where we have always been,” he said.

Speaking on UTV’s ‘Adekye Nsroma’ newspaper discussion show, he stressed that the amount of cocoa alone produced in this country should be a yardstick for macro and micro-economic growth, making life comfortable for the citizenry.

The economist praised President Akufo-Addo for putting up massive policies towards the growth of local business which will as well curb the high level of unemployment in the country, which has become a major challenge in the country due to the collapse of private businesses.

“We have a lot of natural resources in this country that should make us live good and better lives. All we know is to go for reckless loans for little developments just make citizens happy because they do not understand the consequences it comes with due to the low level of educational background,” he said.

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