SMG calls for new economic system

The Socialist Movement of Ghana (SMG), a mass mobilisation vehicle, is calling for the adoption of a new economic system that gives the country economic independence and sovereignty.

The Movement in a statement released and signed by its General Secretary, Mr Emmanuel Oboe Baide,on Wednesday noted that a change in the economic system was important because the mixed economic system had failed to solve the economic challenges of the country.

It further said “until the Ghanaian government shuns employing neo-liberal policies handed down by the agents of imperialist domination, we will continue to live in their shadows.”

“It is glaring that capitalism has failed us, let’s explore a Socialist alternative to save us from this suffering,” the statement added.

According to the Movement, it was difficult to comprehend the economic struggles of the country considering the rich natural resources it was endowed with.

“How does one explain that a resource-rich nation like Ghana, the 2nd largest producer of cocoa in the world, the 6th largest producer of gold in the world, with its great water bodies, bauxite, crude oil, etc. would be poor to the extent we find ourselves today?,” the statement asked.

The Movement argued that the economic struggles could have been prevented if the country had invested in policies and programmes that would yield positive returns rather than expanding its revenue on consumption and spent less than the revenue raised.

It, therefore, called for a change in the managers of the economy due to what it claimed to be “incompetence” and failure, as well as the reviewing of the various policies and programmes with much emphasis on industrialisation.

“It will be proper at this stage for the managers of the economy to be changed for their incompetence and failure and then review the various policies and programmes with an emphasis on self-reliance for the real-sector to be the engine of growth, we must focus on industrialisation led by government, we must put together a programme to exploit the resources of this country for the use of its citizens,” the statement emphasised.

The Movement further cautioned the government to be careful in the implementation of the International Monetary Fund (IMF) conditionality in order not to worsen the current economic situation.


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