Audio By Carbonatix
Managers of the economy should be wary of the potential negative economic implications of high growth rate.
That is the warning from renowned economist Dr Joe Abbey who says high growth rate, especially if it is not well-managed, could negatively affect the economy.
The revised GDP estimate for 2011 released by the statistical services indicates the economy grew by 14.4 percent.
This is the highest growth the country has witnessed in a long while. But Dr Abbey, speaking to JOY BUSINESS, said high growth rates come with some challenges and cautioned that care must be taken.
He said: “If you push things very hard you will see growth, yes, you’ll see more vehicles moving things on our bad roads and so on but the result will also be that you are overheating the economy.”
“And therefore you also find that you get more growth in production but you also you also get more inflation, cost will also escalate…and that is why you must keep on investing and relieving the infrastructural deficiencies in an economy. Other than that the growth is not sustainable.”
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
President Mahama is not sincere with Ghanaians on LGBTQ bill matter – Hassan Tampuli
8 minutes -
Gov’t to establish Prison Industrial Hub to equip inmates with income-generating skills – Prison Service boss
27 minutes -
Alhassan Tampuli donates cement, roofing sheets to support storm victims in Gushegu
28 minutes -
Alhassan Tampuli appeals for urgent support for storm victims in Gushegu
31 minutes -
The hypocrisy must stop; pass Anti-LGBTQ+ Bill now – Alhassan Tampuli to Mahama
34 minutes -
Imprisonment should be rehabilitative, not punitive – Ghana Prisons boss at UNGA
56 minutes -
Ga Adangbe traditional priests petition Mahama over McDan aviation licence revocation
1 hour -
Anti-LGBTQ Bill: NDC’s arrogance is worrying – Hassan Tampuli
1 hour -
Let’s give OSP time to mature, not to scrap it – Hassan Tampuli
1 hour -
Nigeria convicts 386 Islamist militants in mass trials
1 hour -
Djibouti president wins election with 97.8% of vote, state media saysÂ
2 hours -
We don’t have mandate to deduct tax from rent allowance of security services personnel – Interior Ministry clarifies
2 hours -
Ablakwa receives Presidential Special Envoy on Reparations to advance global agenda
2 hours -
Christina Koch becomes first woman to travel around the moon on Artemis II
2 hours -
Epstein survivors’ calls to meet King Charles and Queen harder to ignore as US visit approaches
2 hours