The former Deputy Finance Minister, Dr Stephen Amoah, has stressed the urgent need for Ghana to address fundamental economic issues to achieve long-term stability.
Speaking on JoyNews PM Express on Monday, March 3, he argued that Ghana’s economic struggles are not limited to any particular administration but stem from deep-rooted structural problems that successive governments have failed to fix.
“There are so many wrong economic fundamentals that if we fail to realize and fix them, it doesn’t matter who is in government,” the Nhyiaeso MP stated.
One of the major concerns he highlighted was Ghana’s heavy dependence on imports, which he described as a major weakness.
According to him, the nation’s reliance on external economies makes it vulnerable to global shocks, as was evident in the aftermath of the COVID-19 pandemic.
“If you depend on somebody, it means that you are in trouble. If something happens to the person, it happens to you. I think one of such experiences is what we had after the COVID. You can say whatever you want, but we depend on somebody’s economy,” he explained.
He also stated that the high cost of doing business in Ghana is a major hindrance to economic growth, emphasizing the need for structural reforms.
“A country that government, most of the time, borrows on the domestic market at a higher rate than the private sector is not done anywhere in the economic jurisdiction works that T-bills give you returns higher than comparative assets from the private sector,” he stated.
Dr Amoah further raised concerns about Ghana’s approach to monetary policy, particularly its inflation-targeting strategy.
He argued that while reducing inflation is important, there are broader economic factors that need to be addressed.
The Nhyiaeso legislator called for a strategic economic model that promotes self-reliance, reduces borrowing, and ensures a competitive business environment.
He insisted that without fixing these foundational issues, economic progress would remain elusive, regardless of which party is in power.
