We must enact law against mismanagement of economy by govts

Mr Yaw Osafo Marfo addressing stakeholders at the forum Photo Seth Osabukle..15

Mr Yaw Osafo Marfo addressing stakeholders at the forum Photo: Seth Osabukle

The Senior Minister, Mr Yaw Osafo Maafo has indicated the need for stringent laws to be made to prevent successive governments from mismanaging the economy.

He said it was about time measures were instituted to prevent the instability of the economy as a result of change in governments.

Speaking at the 2017 Ghana Economic Forum (GEF) yesterday in Accra, he said “we should make it impossible for any government to reserve the motion” of economic growth.

The two-day forum, organised by the Business and Financial Times (B&FT) Newspaper is under the theme “Building a Ghanaian Owned Economy, 60 years After Independence.”

It is being attended by scores of ministers, local and international business leaders, who would dialogue and chart a clear path for Ghanaian businesses to own the Ghanaian economy.

Mr Osaafo Maafo said government was committed to the four thematic areas on which its economic transformational agenda was anchored on.

They are macroeconomic stability and debts sustainability, infrastructural development, accelerated industrial development and agricultural transformation.

He said government would continue to provide the enabling environment for the private sector to flourish and create the needed jobs and growth of the economy.

Touching on the theme, the senior minister said it was time to domesticate the economy and that though the government cannot grow the economy on its own, it must play the leading role.

The Chief Executive Officer of B&FT, Mrs Edith Dankwa stressed the need for Ghanaians to own the economy, saying “It is our responsibility and we must ensure we help build it.”

In achieving this, she said there was the need for a level playing ground to be created to enable locals, among other things, own a chunk of the country’s resources.

She expressed the hope that the forum would help stakeholders find solution to economic challenges.

Mrs Patience Akyainu, Managing Director, Barclays Bank said Ghana had the potential to achieve its desired growth and called for measures to be put in place to support entrepreneurship.

She said the bank was looking forward to a day Ghanaians would access loans interest rates of less than 10 per cent and pledged to introduce products and services that would help government and its clients.

 

 

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