Dean of the University of Cape Coast School of Business, Professor John Gatsi, has asserted that quality leadership is needed if the economy is to be transformed.

He was speaking at the 11th edition of the Centre for Social Justice (CSJ) Leadership Dialogue Series in Accra, under the theme, Transforming Ghana’s Economy: scapegoats, root causes and hard choices.

He said that the economy is distressed due to a number of issues, including; high unsustainable public debt, high interest payment burden which dwarfs financial commitment to other sectors, an undulating macroeconomic environment, low revenue performance, neglect of the potential of modernized agriculture and inefficient spending.

He said the CSJ’s leadership dialogue series provides a timely opportunity to discuss the root causes of the current economic, fiscal and monetary crises to determine how Ghana proceeds in the overall interest of citizens and businesses.

“An economic management setup that does not put premium on a long-term master plan of a national character cannot deliver sustained benefits. We are proud to seek fiscal glory for elongating the maturity profile of our debts exceeding fifteen to thirty years and attempting a centenary bond, but openly show disregard for a long-term national development plan as the basis for our progress” he said.

He further asserted that in managing economic crisis, responsible leadership, devoid of blaming imaginary factors are required.

He said that even though the economy is influenced one way or the other by external factors, it is misleading to blame the current economic crisis on the Russia-Ukraine war, Covid-19 and the financial sector cleanup.

“The extent to which these global developments negatively affect the Ghanaian economy will depend on our policies relating to business development, trade, agriculture, ICT and industrialization. The Russia-Ukraine war is not the cause of the fiscal and economic crisis of Ghana but contributes to the already existing disturbing macro-fiscal development before Covid and the Russia-Ukraine war. This is because we have not put in place a robust agricultural policy to ensure efficient production and perhaps export of same,” he said.

Prof. Gatsi affirmed that the Russia-Ukraine war rather provides Ghana with a portfolio of lessons needed to reform and revive agriculture and agribusiness.