Ndpc

The National Development Planning Commission (NDPC) in collaboration with Oxford Economics, UK developed a Ghana Microeconomic model, an economic policy document for decision making.

The model serves as a blueprint to assist the country in economic forecasting, policy analysis and choices.

The model was developed through an inclusive process with inputs from the Bank of Ghana, the Ghana Statistical Service, the Economics Department of the University of Cape Coast, the Office of the Vice-President, among others.

Iaunching the model, Dr Kodjo Mensah-Abrampah, Director General of NDPC, said it was a tool that would the country assess economic scenarios and make smart policy choices with the support and collaboration of all stakeholders.

He said the Commission identified the need for a macroeconomic model, which should be national in scope and character, to enhance its planning and coordination functions, saying, “with this model, we can rectify some of the wrong impressions on our economy created due to lack of information”.

“The Commission is by no means saying we have found the magic tool to our development challenges with the development of this model or we are out of the woods.

“That notwithstanding, it will be of great importance in supporting our quest for evidence-based decision making. Indeed, it is only a start on a new journey; the breaking of a new dawn for us,” he said.

Dr Mensah-Abrampah said, though, COVID-19 had exposed the “deficiencies in our health and education system, and the inadequacy of our social protection systems, it has brought opportunities in e-business, pharmaceutical and textile industries.”

Dr Philip Abradu-Otoo, Director of Research, Bank of Ghana (BoG) said the model would help the bank in its economic policy decisions and analysis.

He said, the BoG were using suits of models in their economic growth analysis, saying, this was a well-coordinated economic model which they would adopt in their research and policy planning.

“We are excited about this model. For us in BoG forecasting inflation is crucial to our work and this will be handy in undertaking this exercise,” he said.

Professor Ferdinand Ahiakpor, Vice-Dean of the School of Economics, University of Cape Coast, described the model as a multi-purpose tool with room for expansion because it integrated multi-modules.

Prof Ahiakpor, who was a key consultant in drafting the model, said the UCC would be a key partner of the NDC in adding up to the shortfalls of the model in the future to augment future economic projections and forecasting.

Disclaimer: News Ghana is not responsible for the reportage or opinions of contributors published on the website.

Send your news stories to [email protected] and via WhatsApp on +1-508-812-0505 

Previous articleGhana and Nigeria explore exchanges to develop gender policy
Next articleLEAP enrolls beneficiaries onto NHIS
The Ghana news Agency (GNA) was established on March 5, 1957, i.e. on the eve of Ghana's independence and charged with the "dissemination of truthful unbiased news". It was the first news agency to be established in Sub-Saharan Africa. GNA was part of a comprehensive communication policy that sought to harness the information arm of the state to build a viable, united and cohesive nation-state. GNA has therefore been operating in the unique role of mobilizing the citizens for nation building, economic and social development, national unity and integration.

LEAVE A REPLY

Please enter your comment!
Please enter your name here