27th September 2022 5:19:13 PM
2 mins readThe Alliance for Development and Industrialization (ADI) is urging the International Monetary Fund (IMF) and the World Bank to focus their financial support for Ghana on the industrialisation sector of the economy as part of attempts to obtain a long-term solution for Ghana's industrialization.
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According to a statement released in Accra and signed by the think tank's president, Richard Danso, the current GDP increase shows that Ghana has the basics necessary to organize and rebuild its economy.
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According to the most recent data from the Ghana Statistical Service (GSS), the economy grew by 4.8 percent of GDP.
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However, by the end of the second quarter of this year, the manufacturing sector's GDP had increased by 8.8%.
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According to ADI, World Bank project support over the years has not helped enough to catapult the needed impact expected by the International Development Agencies.
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"The challenge has been that private participation has been lacking and this has not helped the country to record the needed growth."
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The statement said the impact of the country’s industrialization on the economy could be achieved if all donor support is focused on industrialization and privatization which would lead to sustainable social development.
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“We believe that Ghana’s dependence on cocoa should be diverted for a multi-sectorial focus, for example mango, avocado, coconut among others. Our natural resources should be processed at an affordable price to take advantage of the Africa Continental Free Trade Agreement” it said.
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It added that, “the cedi depreciation gives Ghana the opportunity to trigger Africa’s industrialization and export drive among member countries which would give the country the needed forex, improve our balance of payment, shore up our reserves as well as stabilize the cedi.”
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“We believe that notwithstanding the cedi depreciation with its profound advantage, it needs a critical investment for the country to realize its returns” the ADI said.
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Meanwhile, the Alliance called on government to strengthen financial institutions to ensure they can attract the needed investments, as well as FDI flows into the country.
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It also advised government to cut down on public service expenditure by introducing private sector participation to promote good performance and efficiency.
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