Founder and Senior Partner at AB and David Law firm, David Ofosu-Dorte, has advised governments to stop using wrong indicators to measure the development of the country.
Speaking on the Super Morning Show, on what he described as “myths” hampering the development of the country, he stated that one false yardstick governments often play on is the Gross Domestic Product (GDP).
“We believe that simply when our GDP is growing, that means that we are growing,” but this according to him, is not true.
He argued that since GDP includes the amount of money that exits the economy, it doesn’t actually tell you what the indigenes are gaining, therefore, measuring growth based on the GDP does not show the actual growth rate of the country.
“So, much as I would like us to continue using GDP, we need to start measuring GNP and pronouncing it more and more”, he added.
Another myth he said we need to debunk is the contemporary justifications of our non-performance.
“The least stress that occurs in the international community, we want to rely on that as the reason why we cannot do what we are supposed to do.
It will be recalled that President Akufo-Addo, and other government functionaries, have on various occasions, attributed the current economic challenges confronting the nation, amidst the high public debt burdens, to the effects of Covid-19 which had devastated all global economies. They also cited the Russia-Ukraine crisis as having contributed to the current state of affairs.
Dr Ofosu-Dorte, however, believes the country would be better off if we debunked such mindsets and sought proactive ways of addressing pertinent challenges facing the economy.
Latest Stories
-
Bahamas World Relays: Ghana paired with world and Olympic champions in Heat 1
5 hours -
Bahamas 2024 Relays: Star-studded cast ready to put on pre-Paris show
6 hours -
Bahamas Relays preview: clash of global title-winning teams in men’s 4x100m
6 hours -
Arsenal keeper Raya wins Premier League Golden Glove
6 hours -
Iñaki Williams scores twice in Athletic Bilbao’s win over Getafe
6 hours -
Argument with Salah ‘completely resolved’ – Klopp
6 hours -
Reus to leave Dortmund at the end of the season
7 hours -
Uefa confirms 26-man squads for Euro 2024
7 hours -
Teacher Unions press home demands for the new allowances
7 hours -
Media’s failure to hold government accountable for ‘galamsey’ alarming – Mahama
7 hours -
Keta Presbytery urges Akufo-Addo to assent to anti-LGBTQ+ Bill
7 hours -
Ghanaian midfielder Lawrence Ofori nets maiden goal of the season with stunner against Vizela
7 hours -
Community fearful after off-duty policemen shot dead at East Trasacco
7 hours -
Dext Technology partners KNUST to train basic school teachers on STEM
8 hours -
My efforts led to remarkable transformation in Appiatse – Lands Minister
8 hours