The relatively strong performance of the economy in spite of the COVID-19 pandemic is as a result of the homegrown policies instituted by the government and the Bank of Ghana (BoG), Governor, Dr Ernest Addison, has said.
“The relatively strong performance of the economy in spite of COVID-19 was due to home grown policy credibility that had been earned over four years of economic reform. The fiscal and monetary policy framework that was implemented provided a solid anchor to disinflation. Policy credibility engendered investor confidence which underpinned the significant inflow of capital both portfolio and direct during this period,” he stated in Accra on Monday during the opening of 10th Edition of the Ghana Economic Forum (GEF).
The programme organised by the Business and Financial Times, an Accra-based newspaper, is on the theme “Strengthening Home-grown Polices to Underpin the National Digitisation Drive and Shared Financial Prosperity.”
The three-day programme being chaired by the Chief Executive Officer of the Ghana National Petroleum Corporation (GNPC), Dr K.K Sarpong is focusing on the youth.
Dr Addison said it had been almost twenty months since the shock of COVID-19 pandemic to the Ghanaian economy with its ramifications on the economy.
“The unprecedented adverse global consequences are ongoing, but the good news is that, the Ghanaian economy absorbed the shock well, and the economy has begun to turn around very strongly. The prudent and timely policy support one may call it “homegrown”, removal of restrictions, reopening of business activities, and increased vaccinations, have worked together to systematically support the recovery process,” he said.
The Governor said measures instituted by the BoG and government had placed the Ghanaian economy in a good place prior to the pandemic and the necessary policy space to undertake the counter cyclical policies that allowed the economy to stay on course.
“The 2022 budget should be used to reset fiscal policy to create a more credible path towards medium term fiscal sustainability. This would be an important building block to establish and entrench credibility, a key component to stability,” he said.
The Governor said recent economic indicators showed a steady turn around in the economy.
Dr Addison commended the Business and Financial Times for organising the forum to provide a platform for policy discourse and agenda setting in the economy.
Dr Godwin Acquaye, the Chief Executive Officer of the Business and Financial Times, said the GEF was to create an assembly of expertise to deliberate on pertinent socio-economic narratives.
He said for the past ten years the GEF had not only set the pace as the most authoritative gathering of seasoned professionals and other personalities from all sectors of the economy, the forum had also provided fertile foundations for economic growth.
Dr Acquaye, particularly said this programme would host ‘The Youth Economic Forum’ under the theme: Driving job creation through entrepreneurship, technology and innovation.”
He said the youth forum had become necessary to come out with creative solutions to address the growing unemployment challenge facing the country.
Dr Sarpong said this year’s GEF was significant since it marked the tenth year of the programme, adding that the theme for the programme was relevant.
He said the dedication of this year’s programme for the youth was commendable, stressing that the development of the human capital was key to the development of the country.
Dr Sarpong entreated the government to put polices in place and introduce technology to attract the youth to agriculture to reduce growing unemployment.
BY KINGSLEY ASARE