IEA Economic Forum: Ivorian economic growth leads the way for Ghana- Dr. Kwakye

According to Dr. John Kwakye, Ivory Coast has turned their economy around in terms of stability and inflation in a way and manner that Ghana can take a cue from.

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Ghana has a lot to learn from Ivory Coast's economic management. This is according to Senior Fellow at the Institute of Economic Affairs, Dr. John Kwakye.

Speaking at the Institute of Economic Affairs' economic review programme at the University of Ghana on Monday, the Economist and policy analyst said Ivory Coast, despite the political conflict in 2011, has been able to improve its economy better than Ghana has.

According to Dr. John Kwakye, Ivory Coast has turned their economy around in terms of stability and inflation in a way and manner that Ghana can take a cue from.

Dr Kwakye said Ghana's performance of the economy from January to June has been anything but impressive.

He said from 2013, economic growth has been on a steady decline from 14% of GDP to a projected 4.1% in 2015.

Dr Kwakye attributed the steady decline of the economy to the energy constraints, low levels of public investments, high business inputs cost as well as effects on the macroeconomic instability.

Apart from the stunted economic growth, the IEA noted a sharp decline of the cedi against major international currencies and a ballooning debt all of which have crippled Ghana's economy.

"During the period, the cedi depreciated sharply against major currencies. The depreciation was highest against the pound at 27%, followed by the dollar at 26.1% and by the euro at 19.5%.

"As of June 2015, the country's total public debt situation stood at 94.5 billion cedis which is 70.9% of GDP.

"...There is a concern that Ghana could return to a HIPC situation if borrowing continues at the current pace," he said.

The Institute called for a long term economic transformational  policies, including exports, industrialization to address the structural imbalances within the economy.

 

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