The upcoming National Economic Dialogue should not be just another talkshow but must bring out practical solutions to address Ghana’s current economic mess, Financial Analyst and Banking Consultant, Dr. Richmond Atuahene has stated.
Dr. Atuahene fears the economic dialogue would be just one of the numerous dialogues where all manner of issues without strategic importance are discussed. He is therefore calling for a focused dialogue that prioritizes only the key issues that currently affect the country’s economic transformation.
The stance of the analyst comes on the heels of the announcement that March 3, 2025, has been slated for the much-awaited economic dialogue. The event, according to the planning committee, will be organized under the theme “Resetting Ghana: Building the Economy We Want Together” and will take place at the Accra International Conference Centre.
The National Economic Dialogue is a campaign promise by President John Dramani Mahama that is aimed at bringing experts from various fields to brainstorm and suggest practical solutions that will ease the hardships, create job opportunities, and drive sustainable economic growth and development.
In an interview with Accra Street Journal, the financial analyst proposed three (3) key issues that must be critically considered at the dialogue if the government wants to really achieve its intended reset. Let’s take a look below;
Debt Overhang Situation
Amid the preparations for the dialogue, Dr. Atuahene believes one major issue that should be highly prioritized is the albatross of the high debt overhang. He tells Accra Street Journal that the country is being strangled under high debt levels, a situation that necessitated the painful Debt Exchange Program. Despite the exercise, public debt stock according to the BoG now stands at US$47.9 Billion equivalent to GHC736.9 Billion representing 72.2% of GDP. The country now has a stifling debt overhang that needs to be serviced.
He is therefore urging that discussions must center on how the economy can be repositioned to meet the debt obligations ahead. The dialogue must also prioritize how the government can significantly reduce the rate of debt accumulation.
“We have limited resources. So I’m beginning to wonder, how are we going to service the debt? There is a tendency for potential default. The team that is meeting should critically sit down and find how we can leverage certain areas to be able to meet the repayment schedules ahead of us,” he urged.
In his view, the current revenue inflows of the economy cannot match the debt obligations hence the people assembled should understand debt management, debt implication, risk factor implication, and the impact on the overall economy.
Indigenization
Another critical economic issue Dr. Atuahene wants to be considered is the indigenization of some critical sectors of the economy. The analyst believes it is very dangerous that major critical sectors of the economy are in the hands of foreigners. He explains that the current situation where key sectors of the economy like banking, mining, oil & gas. telcos among others are heavily dominated by foreigners is a huge risk.
He reveals that the foreign dominance in critical sectors creates room for money laundering while putting the cedi in persistent jeopardy of depreciation due to the repatriation of profits. The finance expert also says the situation further makes the economy vulnerable to external shocks as happenings in the home countries of the multinationals can directly affect the economy.
He is therefore recommending that the dialogue must find suggest ways Ghana can indigenize its critical sectors. He is of the view that Ghana must go the Nigerian way where almost all strategic sectors of the economy are in the hands of indigenes.
Dr. Atuahene maintains the dialogue must proffer means the country can nurture, shape, and guide local businesses to become giants in the critical sectors.
Agriculture
Dr. Atuahene added that the National Dialogue would be incomplete without a discussion on agriculture. This he says is critical given the rate of food inflation and food importation bill irrespective of Ghana’s agricultural prowess. The dialogue he says must bring out measures that will transform the agricultural sector into a sector that will be resilient in the production of food to curb the ever-rising food inflation.
“We need to make a conscious effort to support agric and to support especially the cocoa sector, and maybe maize, poultry, and then rice. We think we can import a billion worth of rice every year. So when we sell cocoa for $1 billion, we go and pay for food $1 billion. Is that what we want? People bring dead chickens,” he lamented.
These issues among other important ones, Dr. Atuahene believes must be wholistically tackled by the National Economic Dialogue if the government really wants to achieve its reset agenda.
