The Institute of Economic Affairs (IEA) has called out President Nana Akufo-Addo for attempting to absolve his Vice President, Dr Mahamadu Bawumia, of economic challenges facing Ghana. Apexnewsgh reports
The prominent policy and governance think tank has criticized the president’s decision to take full responsibility for the economic downturn while clearing his vice, who heads the Economic Management Team.
According to the IEA, President Akufo-Addo’s move to shield Dr Bawumia from blame is unlikely to lead to positive outcomes, especially as the country approaches the 2024 general elections where the vice is seeking the presidential seat. The IEA argues that acknowledging Dr Bawumia’s role in the economic challenges would have been a more prudent approach.
Dr John Kwakye, the Director of Research at the IEA, expressed doubts about the effectiveness of President Akufo-Addo’s strategy, suggesting that it may not yield meaningful results. He emphasized the importance of recognizing all stakeholders’ contributions to addressing the economic difficulties facing the nation.
During a recent press briefing, Dr Kwakye labeled the government’s dependence on funds from international institutions as a “lazy man’s approach.” He warned of potential pressures on the Ghanaian cedi when loan repayments become due and emphasized the need to increase foreign exchange earnings and reduce import demand to stabilize the currency.
The IEA has urged the government to focus on strategies such as enhancing ownership and value addition to natural resources, promoting domestic industrialization, and enforcing fiscal and monetary discipline as key steps towards economic stability.
The think tank’s criticism highlights the challenges facing Ghana’s economy and the need for effective leadership and policy implementation to address them.
Source: Apexnewsgh.com/Ghana
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