The Institute of Economic Affairs (IEA) has advised the government to fix fundamental challenges facing Ghana’s economy in order to avert recurrent economic challenges.
The IEA’s advice is coming on the back of reports that the government intends to pump some GHC2 billion into the system to stabilise the economy.
Speaking with Kwaku Nyhira-Addo on Monday ( 21 March) director of research at the IEA, Dr John Kwakye warned any attempt to use funds in stabilising the economy will fail if fundamental challenges in the economy are not fixed.
“I was expecting the government after the cabinet meeting to come out with a comprehensive, step by step plan to navigate our economy from these straits,” he said.
“I know that the president says he is going to use GHC2 billion to stabilise the economy but I will urge the government to solve the underlying issues. If not, all this will come to nought.”
“Currently, we are in an emergency and so I will propose that the government release the buffer stocks. This should be done temporarily to stabilise the system,” Kwakye said.
The director of research at the IEA said any decision by the government must go a long way to cushion Ghanaians.
“In this period, it is up to the government to provide the cushion to alleviate the pressures on the citizenry,” he added.
Watch the full interview on the attached video
Fred Dzakpata
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