NPP constitutes expert panel to discuss global financial crisis

Accra, Oct. 20, GNA - Nana Addo-Dankwa Akufo-Addo, presidential candidate of the ruling New Patriotic Party (NPP), has set up an Expert Panel, to liaise with the Ghana Stock Exchange, the financial services and other institutions representing the business community, and to monitor the emerging global financial challenges. The experts are also tasked to review a wide range of policy options as may be appropriate for consideration in the coming years and to fashion out an appropriate input in the inevitable dialogue on the world economic system in the aftermath of the crisis. Nana Akufo-Addo stated this at press conference in Accra to outline the party's position on the current economic crisis, following a call for a non-partisan evaluation of world economic crisis by the vice presidential candidate of the People's National Convention (PNC) on October 13.

The PNC Running Mate, Ms Petra Maria Amegashie, at her maiden press conference in Accra called on the ruling NPP to immediately constitute a non-partisan economic think-tank to monitor, evaluate and direct the government, business community and public on how to mitigate the global economic crunch. She said the world financial indications showed the economic growth of most countries would slow down sharply this year and the next, with advanced economies likely in recession already. Ms Amegashie therefore, called on government to constitute the economic think-tank to assess possible impact on the Ghanaian economy. "We need to seek ideas from a non-political perspective, to prepare now, educate the public on how to manage the crisis," Ms Amegashie stated.

In an apparent response the PNC's call, the Nana Akufo-Addo said it was obvious that some fundamental changes were needed in the global economic system following the collapse of the major economies and the failure of its institutions to protect them. He said it was important that Ghana placed itself in a position to be full participants in global economic dialogue next year and beyond, adding "the time to start focusing and thinking new thoughts is now". Nana Akufo-Addo said the country needed re-assurance of a proactive leadership in these critical times. "We cannot sit down and wait to be overwhelmed by problems; rather, we need to be proactive in anticipating and responding appropriately and in due time to challenges as they loom on the horizon." He maintained that the ruling party had established a solid track record in the management of the economy, moving it from a HIPC status to a frontier emerging market country that had issued a sovereign bond on the international capital markets. Nana Akufo Addo said: "The strong economic fundamentals established have ensured the resilience of the economy in the face of a major oil price shock up to $147 per barrel between 2007 and 2008, which stands in stark contrast to how the economy virtually collapsed after a small oil price hike ($36 per barrel) between 1999 and 2000." The NPP candidate said the gravity of the crisis facing the world reinforced the need for Ghanaians not to gamble the future away, but rather remain faithful to the credibility and good sense that had seen the country on the steady road to future prosperity. He urged regional and continental agencies, ECOWAS and African Union to take upon themselves the immediate and daunting task of coordinating Africa's collective response in defence of the interests of African peoples. Nana Akufo-Addo called on ECOWAS and AU Ministers of Finance to meet now to begin to outline a common response. "We cannot afford this time to be passive bystanders or mere observers of history. We must shed our status of perennial victims. "This crisis presents us with a great opportunity to help shape the new world that will emerge from it. We must seize the time." 21 Oct. 08