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General News on Thursday, March 14, 2019
Source: citinewsroom.com
2019-03-14
The National Economic Forum in Senchi in 2014 ended with a resolution of 22 points
Former President John Mahama urged the Akufo-Addo administration to organize a stakeholder forum on the economy following the cedi's struggles.
Recalling the three-year Senchi Economic Forum of his administration in 2014, boycotted by the ruling New Patriotic Party, Mahama said the current government was "probably at such a point of decision."
The cedi has depreciated against the dollar from 4.9 to 4.5 G since the beginning of the year.
President Akufo-Addo admitted that it left him "extremely upset and worried".
The government is also currently considering COCOBOD funds and the launch of the $ 3 billion Eurobond aimed at stabilizing the currency.
In a message on Facebook, the former president said: "The recent free fall of the cedi against all major foreign currencies could reveal a deeper malaise in the" fundamentals of the economy. "
"This can be used by Akufo-Addo / Bawumia and their economic team to recognize their shortcomings and to organize a Senchi-type stakeholder forum on the economy."
Mahama said such an approach would enhance the credibility of the government by creating "a consultative process that builds consensus and allows a country to move forward".
The National Economic Forum organized in Senchi in 2014 is completed on a resolution of 22 points.
In particular, stakeholders agreed that the guiding principles of state policy should continue to guide national development efforts, that the long-term national interest should take precedence over all other interests and that 39; State was to encourage the spirit of Aboriginal business.
Participants also proposed amendments to the Bank of Ghana Act to cap government lending.
The forum brought together a wide range of stakeholders with the aim of promoting dialogue and helping to develop a national consensus on some economic policy issues.
Following the forum, an Implementation Advisory Group (IAG) was established within the National Development Planning Commission to guide the implementation of the Forum's recommendations.
Find below the message of Mr. Mahama
There is a widely discussed saying: "two heads are better than one".
It sometimes happens that a leader or party has to admit that it does not have all the answers to the challenges facing the economy or a particular sector. In such moments, it does not affect your dignity, but your credibility, when you create a consultative process that builds consensus and allows a country to progress.
I was faced with such a point of decision as president in 2014. The Senchi Economic Forum, which was held over three days, was held in May 2014.
It was an extensive consultation process and, even though it had been boycotted by the opposition NPP, it had achieved its goal of producing the so-called Senchi report, which had contributed to the local budget consolidation program.
This local fiscal program eventually led to the creation of CTF with the International Monetary Fund (IMF) and resulted in one of the most stable periods in Ghana's economic history in 2016, with cedi being one of the world's largest currencies. african performers.
This administration is probably at such a point of decision. The recent free fall of the cedi against all major foreign currencies could expose a deeper malaise of the "fundamentals of the economy".
Akufo-Addo / Bawumia and his economic team might well recognize their shortcomings and organize a Senchi-type stakeholder forum on the economy.
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