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
-
FDA urges consumers to prioritise safety when purchasing products during festive season
9 seconds -
President Mahama calls for single-digit interest rates on agricultural loans
14 minutes -
President Mahama urges Ghanaians in formal jobs to take up farming
24 minutes -
Farming interventions paying off, lifting incomes and food security, says Agric minister
39 minutes -
Gov’t pledges science-backed interventions in agriculture, says Agric minister
49 minutes -
Ghana unveils $3.4bn plan to accelerate national clean energy transition
52 minutes -
Interior minister urges security agencies to maximise use of new NSB regional command in Ho
56 minutes -
Photos: Ghana celebrates 41st National Farmers’ Day
1 hour -
2025 Farmer’s Day: Farmers demand a 2% interest rate on loans to boost farming activities
1 hour -
Chamber of Aquaculture Ghana calls for strong public-private partnerships to unlock finance and transform the sector
2 hours -
Lions celebrate International Volunteer Day with over decades of service and impact
2 hours -
3 dead, dozens injured in Mampong Abuontem head-on collision
2 hours -
MoFFA shuts down several Eastern Region mortuaries over poor sanitation, non-compliance
2 hours -
Domestic violence case: John Odartey Lamptey remanded over alleged brutal assault on wife
2 hours -
Minority urges government to tackle smuggling and protect local farmers
2 hours
