The future of the Ghanaian economy remains bright as the government continues to put in place measures to make it more resilient and strong enough to withstand future shocks but a lot more needs to be done to sustain the gains, Deputy Trade and Industry Minister, Robert Ahomka-Lindsay, has said.
He said the impact of the Coronavirus pandemic, which has left the world economy in tatters, was less severe domestically because the government had, prior to the outbreak of the virus in the country, taken strategic initiatives and activities, including Planting for Food and Jobs, One District One Factory and stability in the exchange rate, to make the economy more resilient and self-sufficient.
Mr. Ahomka-Lindsay, speaking at the Ghana Economic Forum 2020, themed, Resetting the economy beyond COVID-19: building economic resilience and self-sufficiency said: “You can see very clearly that the activities and initiatives that begun in 2017 have put us in a very strong position to react.
He said the government had successfully positioned the country to take advantage of opportunities and because of that when COVID-19 came “we stood up and were counted.” He therefore believes that “the future is now bright for Ghana” to address its dependence on imports because the right foundation and infrastructure have been laid.
Mr. Ahomka-Lindsay also mentioned regulatory reforms which he explained have made it easier for investors to do business, as one of the initiatives that contributed to the resilience shown in the face of the current economic crisis.
Explaining further, he said: “Because we know that we are in a competitive world, we must ensure that the regulations we have in place are fit for purpose and encourage the kind of behaviour that fits into our strategy and not the other way round.”
We have not arrived yet
Although the Deputy Minister said the necessary foundation for economic transformation and resilience had been laid, he acknowledged that there was still more work to be done, especially, in the area of manufacturing.
“You can see very clearly that the activities and initiatives that begun in 2017 have put us in a very strong position to react to the current crisis. We are not saying we have arrived but it puts us in a position to able to do some the things we had to do in February and March of this year,” he noted.
He reiterated that the manner in which the country reacted to the pandemic and the fact that all hand sanitizers and nose masks used in hospitals are produced locally, implies that Ghanaians can look to brighter manufacturing sector and an economy at large.