Senior lecturer at the University of Ghana Business School (UGBS), Professor Lord Mensah has stated that the government over the past seven years has hijacked the Ghanaians economy to the detriment of businesses.
This follows an amount of $600 million expected to be released to the government after an agreement was reached under the G20 Common Framework, ‘on a Comprehensive Debt Treatment Beyond the Debt Service Suspension Initiative.
In a statement issued, the Ministry of Finance explained that Ghana’s economy will have some level or relief as a result of the cash the government will have soon.
Speaking on Morning Starr with Francis Abban, Professor Mensah stated that how the government is managing the economy will not reflect in businesses and the living standard of the Ghanaian people.
“For the past seven years this economy has been hijacked by the government because the government has been using Treasury bill instruments to run the show. Businesses are not running the show in the country as expected so for me you cannot continue to have an economy that has been hijacked by the government and you want the living conditions of the people to be better.
“That is not economic development, you will be calling us all the GDP, growing capital, per capita income among others but how is the distribution? How many people are able to put food on their table? So you are going to have economic growth but that is not necessarily economic development,” Professor Mensah stated.
He continued: “So I think that we need to do more and I am hoping that with this IMF programme that we have we are going to see that kind of trend where businesses and individuals expand and employ.”
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