According to him, macro instability has been one of the binding constraints for businesses in the country.
Prof. Robert Darko-Osei, Senior Research Fellow at the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana, Legon, said these issues needed to be addressed if Ghana’s Economic Transformation agenda must work.
Prof Darko-Osei was speaking at a discussion organized by the Ghana Center for Democratic Development (CDD-Ghana), the ISSER, Africa Center for Economic Transformation (ACET), as well as the Effective States and Inclusive Development (ESID) of the University of Manchester.
The discussion was under the theme: “Ghana’s Quest for Social and Economic Transformation: Challenges and Prospects.”
“We must redouble our efforts from macro-economic point of view if we must make any significant change because the binding constraints on business have been cost of capital and infrastructure deficit,” he stated.
The economist, who is also an analyst on Foreign Direct Investments (FDI), urged that, as part of the implementation of the transformation agenda, these challenges needed to be addressed.
He also expressed the fear that the program could be thrown out of gear once a different party assumed the reins of power since there was not enough political binding to ensure that the agenda was implemented by all successive governments in spite of differences in political ideologies.
Prof. Darko-Osei, who said he had been part of the development of similar agenda for the country by previous governments, observed that once a new party came to power, the same team was assembled to formulate a different development document.
The Executive Director for CDD, Emmanuel Gyimah-Boadi, called on governments in Ghana and Africa to build strategic coalitions to garner support for their economic development programs.
He wondered, for instance, which organization was in coalition with the government of Ghana in the implementation of the “Agenda for Transformation”.
Ideally, he thought the Trades Union or some of the professional bodies would be in coalition with government to lend support to the implementation of the agenda because an economic transformation agenda was a tough task.
Prof Gyima-Boadi also urged African governments to demonstrate good faith with their citizens in leading sacrificial lives just as they expected their citizens to sacrifice for the development.
Source: Justice Lee Adoboe