The lack of export diversification clearly shows there is a structural weakness of the Ghanaian economy and the difficulties the private sector faced, which calls for urgent structural reforms, Dr. Clement Osei-Amoako, President of the Ghana National Chamber Of Commerce And Industry (GNCCI), has said.
According to him, despite achieving some level of stability in the exchange rate following the disbursement of the first tranche of the IMF funds and the gradual decline in the inflation rate, there is still much work to be done, particularly in the manufacturing sector by the government.
“This is crucial for implementing structural reforms, diversifying, and increasing exports, creating employment, and salvaging many Ghanaians from poverty,” he was speaking at the 47th Annual General Meeting of the Ghana National Chamber of Commerce (GNCCI) on the theme: “Building Business Confidence In The Midst Of Economic Challenges
“Given the current economic conditions and the already tight monetary policy, further attempts to compete with the private sector for funds in the domestic money market will bring significant distortions in the economy,” he added.
Dr. Clement Osei-Amoako admonished the government to use the impending budget to initiate policies that would stimulate private sector growth.
Source: Kapital Online Team //2023
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