Chartered Economist Emmanuel Amoah-Daekwah has noted that Ghana has refused to solve its structural economic problems and always running to the International Monetary Fund (IMF) for short-term solutions.
Mr. Amoah-Daekwah stated that if we refuse to solve the structural problems which have plagued us for years, we will not resolve the economic challenges confronting us.
Speaking on Frontline on Rainbow Radio 87.5Fm, he said we admit that the economy is going through challenges but what did we do to resolve these challenges? How did we get here? These are structural problems.
In highlighting these structural challenges, the economist stated that Ghana is an import-driving economy. We import more than we export, putting pressure on our reserves.
The other problem he identified was that we generate less revenue and yet, our spending exceeds our revenue mobilisation.
”When you overspend more than you generate, you will run into a huge deficit,” he added.
He further explained that our public debt has escalated to the point that we have about Ghc400 billion in debt representing 80% of our GDP.
”These are problems we have not been able to solve, and yet, we are always looking for a short-term solution. If we don’t solve these structural problems, we will continue to chase short-term solutions.
He also posited that we have not built the resilience for the economy to withstand the external shocks that affect economies.
Mr. Amoah-Darkwah went on to state that the economy suffers from political propaganda where politicians politicise issues instead of being candid with the people.