Ghanaian economy benefits foreign investors in Ghana – Bokpin

General News of Wednesday, March 20, 2019

Source: starrfm.com.gh

2019-03-20

Professor Godfred Bokpin, an economist, observed that the Ghanaian economy is structured to benefit foreign investors more than locals, regardless of their level of work.

He says that although growth appears to be in the books, it hardly reflects the country's prospects.

"In this country, we find that we are working hard enough to put money in the pockets of some foreign investors, because the savings are relatively low. The growth is recorded in this country, but unfortunately, there is none, "he told Francis Abban in the Morning Starr on Wednesday.

Professor Bokpin, who congratulated economic leaders after the oversubscription of the last euro-loan, warned against unnecessary spending by the government.

"The Bond seems good for stabilizing the cedi. Our international reserves will also increase because of this link. Whether this link is lasting or not, it's a discussion for another day. Everyone knows today that we are coming out of the IMF program successfully. "

"I think the team did a good job considering the roadshow, and looking at the pace at which we had the problem, it's pretty good considering we're approaching the 2020 elections, being given that we are leaving the IMF program among others. "

"We are a high-risk country, investors could have punished us because of that, but they have turned a blind eye to that.We should not forget that private investors do not have the exemption of the It is important that we (Ghana) determine how these debts will be paid, "he said.

At the same time, former Finance Minister Seth Terkper said the most effective way to prevent the Cedi from falling off international trade currencies was to ban the import of goods and manufactured goods. in Ghana.

According to him, although such a measure has consequences, it is the best approach to deal with the constant fall of the local currency.

The suggestion comes as the Cedi begins to see gains after a dramatic fall against the dollar from February.

Some Ghanaians attributed this fall to weak economic fundamentals, despite badurances from the government.

Addressing Francis Abban on Wednesday morning, Terkper urged economic managers to be cautious about gains from the currency, which could be a "temporary relief."

"The most difficult decision is to ban the import of products you produce locally, but we are members of international trade badociations and you can not do it properly," he said.