Let us adjust/modify the economic fundamentals for a real take off.
Let us adjust/modify the economic fundamentals for a real take off.
Counselor 6 years ago
Relying solely on natural resources has not been a sustainable economic solution to Ghana and other developing countries; and this is the testament.
This is not the first time there has been a temporal resurgence in GDP; ... read full comment
Relying solely on natural resources has not been a sustainable economic solution to Ghana and other developing countries; and this is the testament.
This is not the first time there has been a temporal resurgence in GDP; and yet Ghana continues to face economic hardship. Economists take in the above article, have rightfully indicated that "The growth in GDP would have been sustained over the long term if it had been driven by the Manufacturing and Agricultural sectors.
Solution: I keep on saying add a higher value to the natural resources Ghana commands instead of selling them in their raw state, this will create a wide range of varying, unique sophisticated goods and services and simultaneously create employment and reduce unemployment.
It will not only boost the economy but also strengthen the weak Ghana's Cedi. This is what the diversification of the economy and export mix stand off.
Caution: There is a threshold that has to be met-these processed goods and services MUST FULLY MEET THE NEEDS AND WANTS OF BOTH GLOBAL AND LOCAL CONSUMPTION. In other words the goods and services have to be of higher quality and standard. Nothing short of that will prevent Ghana from achieving autarky. The old way of specializing and having comparative advantage have proven non-productive for developing countries. Malaysia, Indonesia, China, Hong Kong, Singapore, Hong Kong, Singapore, South Korea, Mauritius in Africa, Brazil, Chile, are living testament. I rest my case.
When will Ghana learn?
ok 6 years ago
Counselor,"Solution: I keep on saying add a higher value to the natural resources Ghana commands instead of selling them in their raw state, this will create a wide range of varying, unique sophisticated goods and services an ... read full comment
Counselor,"Solution: I keep on saying add a higher value to the natural resources Ghana commands instead of selling them in their raw state, this will create a wide range of varying, unique sophisticated goods and services and simultaneously create employment and reduce unemployment.
It will not only boost the economy but also strengthen the weak Ghana's Cedi. This is what the diversification of the economy and export mix stand off."
but where is the seed capital to start turning our natural resources into higher value sophisticated goods?
Counselor 6 years ago
OK, you have a point there. To gain access to these seed capital the government of Ghana could access it from several sources including a) putting aside revenues from the oil industry b) by obtaining FDI's geared purposely fo ... read full comment
OK, you have a point there. To gain access to these seed capital the government of Ghana could access it from several sources including a) putting aside revenues from the oil industry b) by obtaining FDI's geared purposely for the diversification process from foreign countries c) loans could also be obtained from local and external sources.
The Asian Tigers and Tiger cubs nations including our own Mauritius located in Africa did take advantage of this process and have achieved autarky, which Ghana desperately needs.
In other words these funds should NOT be squandered by policy makers. An oversight committee not affiliated to the existing government (Not only NPP but also NDC and the rest) should keep a close eye on its usage, and there must be checks and balances put in place to ensure probity, accountability, tranparency, morality, and fairness in the system.
My analysis of GDPs of developing, emerging, and developed countries clearly points out that countries, progressive countries with the widest range of varying processed sophisticated high tech goods and services in their export mix (from canned edibles to unmanned airplanes) are the ones that have the highest GDP, vibrant economies and more resilient to Global Economic Shocks. There are exceptions: countries such as Qatar, Saudi Arabia, Botswana, Kuwait, and United Arab Emirates which depend overwhelmingly on oil/extractive products (less diversified economies) may surpass some diversified/emerging countries in some instances in terms of GDP. The only CATCH is that these countries’ dependency on a single or a few sources of national income makes them more prone to global economic shocks which are here to stay with the advent of globalization.
EMBA 6 years ago
Ghana's GDP in 2016 was $42.69 B, so if currently it is $44.7 B, that is less than $2.0 Billion. Apparently when it suits some people the quote is in $, GHC or C, whichever one will make the figures big
Ref: Ghana GDP 2016 t ... read full comment
Ghana's GDP in 2016 was $42.69 B, so if currently it is $44.7 B, that is less than $2.0 Billion. Apparently when it suits some people the quote is in $, GHC or C, whichever one will make the figures big
Ref: Ghana GDP 2016 to 2017
Let us adjust/modify the economic fundamentals for a real take off.
Relying solely on natural resources has not been a sustainable economic solution to Ghana and other developing countries; and this is the testament.
This is not the first time there has been a temporal resurgence in GDP; ...
read full comment
Counselor,"Solution: I keep on saying add a higher value to the natural resources Ghana commands instead of selling them in their raw state, this will create a wide range of varying, unique sophisticated goods and services an ...
read full comment
OK, you have a point there. To gain access to these seed capital the government of Ghana could access it from several sources including a) putting aside revenues from the oil industry b) by obtaining FDI's geared purposely fo ...
read full comment
Ghana's GDP in 2016 was $42.69 B, so if currently it is $44.7 B, that is less than $2.0 Billion. Apparently when it suits some people the quote is in $, GHC or C, whichever one will make the figures big
Ref: Ghana GDP 2016 t ...
read full comment