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Business News of Saturday, 18 November 2017


Macroeconomic fundamentals moving in right direction - Dr. Lartey

Dr. Henry Lartey Dr. Henry Lartey

Dr. Henry Lartey, the 2016 presidential candidate for the Great Consolidated Popular Party (GCPP), says the major macroeconomic indicators under the current administration, is trending in the right direction.

Speaking in an interview with Rainbow Radio 87.5Fm, he said government is creating an environment with the macroeconomics as a foundation, so they can take off.

He said, ‘’all the macroeconomic indicators are now pointing in the right direction and the data on the performance of the economy shows something positive. And the targets on all the macroeconomic indicators are positive,’’.

The end period inflation which was 11.6 percent in October, 2017 compared to 15.8 percent at the same period in 2016 is also positive, he added. Fitch's recent credit rating he also said was positive for the country.

Dr. Henry Lartey also commended government for its gross International Reserves (including petroleum funds and encumbered assets) which stood at US$6.9 billion.

The Minister, Ken Ofori-Atta presenting the budget before Parliament said, by end September 2017, the figure could cover 3.9 months of imports compared to the US$4.8 billion or 2.5 months import cover recorded in the same period of 2016.

This Dr. Lartey believes deserves commendation. He said, the NPP is currently working with the domestication philosophy which is our [GCPP’s] philosophy and we are hundred percent for it.

‘’The planting for food and jobs; they themselves are saying is like operation feed yourself which the late Dan Lartey brought…If they can do that, then we can support them.

They will create a lot of jobs, a lot of manufacturing industries, they can produce, they can export and earn enough revenue so that we will have enough hard cash to move the country forward.’’

He added, ‘’we cannot always go borrowing but earning enough foreign currency will make this economy blossom. We can build more roads other than using expanded tax barrier.

We have enough revenue from non-traditional export that can actually move the country forward. We [GCPP] are very interested in what they are doing and we have to help them to make it happen.

Ghana has to move forward, we can’t go back.I am saying this because when the NDC was in power, I supported them when they got the macroeconomics fundamentals right, I supported them and if this government, is doing the same, and they seeming to get somewhere, we have to help them to be able to help ourselves.’’