Economist George Domfeh has recommended a reevaluation of Ghana’s economic strategy, urging a focus on local manufacturing and production. He noted that despite a 6.3% growth rate, ordinary citizens see little benefit. Domfeh highlighted ongoing challenges in agriculture and construction, asserting the need for political unity to achieve meaningful economic reforms.
Development Economist George Domfeh has called for a reevaluation of Ghana’s economic development strategy, advocating for a stronger emphasis on local production and manufacturing. During a discussion on KeyPoints, Domfeh expressed concern over the over-dependence on macroeconomic indicators, arguing that while Ghana experienced a growth rate of 6.3%, this has not translated into tangible benefits for the average citizen.
Domfeh criticized the persistence of an outdated approach, stating, “We cannot continue to do the same old things that haven’t gotten us anywhere since 1957.” He emphasized the urgency of prioritizing local agricultural and manufacturing production to stabilize the Cedi and reduce reliance on imported goods.
Despite reporting growth in several sectors, Domfeh highlighted ongoing issues within agriculture, specifically the decline in cocoa production. He stated, “Yes, the agricultural sector has been doing well, but cocoa has struggled in the past two years,” pointing out that the hardships faced in this sector disproportionately affect the poor, necessitating greater focus on sustainable growth.
Furthermore, he pointed to ongoing challenges in Ghana’s construction sector, notably due to delays in contractor payments. Domfeh lamented, “Government payments to contractors have been poor, and this has persisted for years,” indicating that true growth must be reflected in the economy for those owed substantial amounts.
Domfeh also remarked on the detrimental impact of political division on economic advancement in the country. He urged, “We must put political antagonism aside and come together to identify real solutions,” stressing that the current polarization detracts from the necessary reforms needed to drive economic progress.
In summary, George Domfeh advocates for a fundamental shift in Ghana’s economic strategies, emphasizing local production and manufacturing. He underscores the disconnect between macroeconomic growth and the everyday lives of citizens and urges political unity to foster meaningful economic reform. Domfeh’s insights call for actionable changes, particularly in agriculture and construction, to ensure sustainable growth that benefits all Ghanaians.
Original Source: 3news.com
