A former flagbearer of the Convention People's Party (CPP), Michael Abu Sakara Foster, has expressed concerns about the ailing nature of Ghana's economy.

In an interview with Raymond Acquah on Upfront on Thursday, the agronomist stated that as part of measures to help improve the economy, government must be mindful of the competence of the persons appointed to manage state-owned enterprises.

He advised government to do away with political considerations in appointing people into such offices.

"What business has the President got appointing the CEO of a parastatal? Why don't you advertise it, so we get the most competent people? The fundamental job of that state enterprise is to make money and be profitable. And the decisions that you must make must be contingent on that.

"So what we're saying is that you must first get the competent people, advertise it, have an independent body. It's not a matter of rewarding people who have helped you to power into positions. And you and I know that by and large, that is how it has become," he stated.

Regarding how to better develop the economy, he said the country must pay attention to its agricultural output and invest in that sector accordingly. According to him, this will bring returns to the economy.

Mr Sakara Foster also advised that, even though borrowing is not entirely wrong, government needs to exercise prudence in using borrowed funds.

He believes borrowed monies must be used on relevant projects, adding that government must minimise wastage.

On the current state of the economy, Mr Sakara said Ghanaians will feel the hardship more from 2023 and the years after. He said this will be due to the huge interest in loan facilities that government has contracted.

Meanwhile, the World Bank has commended Ghana for considerable progress in economic and social progress in the past 30 years, saying it achieved middle-income status in 2011 because of strong, sustained economic growth, averaging over 5% since the early 1990s.

This is coming after the World Bank Group discussed a new 5-year Country Partnership Framework for Ghana.

The CPF prioritises investments in human capital, job creation, economic diversification, building a resilient health system, and fostering a greener and more inclusive society.

The World Bank Group said Ghana’s economic and social progress has been supported by a stable democracy driven largely by gold and cocoa exports and substantial oil and gas reserves. 

The country achieved the first Millennium Development Goal (MDG) of halving poverty from 52.7 per cent (1993) to 23.4 per cent (2016). 

However, the pace of poverty reduction has slowed in recent years, and inequalities in some areas continue, particularly in some northern areas of the country.

The CPF will support Ghana in its COVID-19 and medium-term development agenda. It is designed around three mutually reinforcing focus areas, namely: Enhancing Conditions for Private Sector Development and Quality Job Creation; Improving Inclusive Service Delivery, and Promoting Resilient and Sustainable Development. In addition, exploiting digital transformation opportunities will be a cross-cutting theme.

The $4.5 billion CPF was prepared jointly by the World Bank, the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).