The CEO of the Ghana Chamber of Commerce and Industry, Mark Badu-Aboagye, has stressed the need for some homegrown policies not to be scrapped as the country seeks an IMF bailout.
He said such programmes should be strengthened to boost exports, which in turn will rake in more revenue for the state.
“We should not at this time do anything that possibly will affect what we are doing with the One District One Factory (1D1F), that possibly will affect the Planting for food and jobs and other homegrown policies, we should rather strengthen those policies as a complementary policy to that of the IMF,” he said.
Speaking on the Super Morning Show, on Wednesday, June 6, he mentioned that as has long been established, for Ghana to become a strong economic force, it needs to strengthen the manufacturing sector.
“In fact, if you look at Ghana’s 7-year plan, from 1957-1964, it clearly stated that for Ghana to be a strong economic force, we should look at our manufacturing sector. Even at that time, we had predicted that there will be an AfCFTA and for us to be part of the AfCFTA is only when we add value to our raw materials. Sixty to seventy years down the line, we are having the same conversation,” he wondered.
He was contributing to discussions that centered on the country’s decision to seek an IMF bailout.
In spite of criticisms against the government’s decision, Mr. Badu-Aboagye believes the decision is a step in the right direction, considering the country’s economic woes.
“Under the circumstances going to IMF is good news,” he stressed.
He, however, suggested that more taxes should not be imposed, especially on the private sector. He also entreated the government to engage stakeholders in the sector in the negotiations with the IMF.
The GCCI boss also suggested that the country should have a policy that enhances the productive sector.
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