Economic structure must change — ISODEC
Arku Jasmine
Business News
The private sector, civil society organisations and some institutions have called for a drastic change in the structure of the economy for it to focus on areas that create jobs.
They said the government should invest more in natural resources, including the mining and oil and gas sectors, with emphasis on local participation, so that it would create more jobs for Ghanaians and move the economy away from constant challenges.
These were the predominant views that came up at a stakeholders’ meeting organised by the Ministry of Finance for inputs to be made into the 2014-2016 budget statement.
The Integrated Social Development Centre (ISODEC), represented by Bishop Akolgo, said the country should look at investments in its natural resources, encourage local participation in the country and make it a catalyst for economic growth.
“We have exploited gold for so many years but we have nothing to show for it, it is high time we invest in our natural resources for increasing returns,” he said in an interview with the Graphic Business after the forum.
He said the drive for local content must begin with attention being focused on the manufacturing sector for it to create the jobs that the country needed.
Mr Akolgo, thus, reiterated the need for policy makers to identify high earning activities that they could engage in for economic growth.
While promoting manufacturing,he said the government must look at creating the right synergies among the various sectors of the economy.
The Trades Union Congress (TUC) also appealed to the government to shift its attention from meeting inflation targets to focus on creating jobs.
This, when done, would guide policy makers to use both the fiscal and monetary tools to create jobs for people rather than meeting inflation targets yearly.
Not only was TUC asking for job creation, it also expected the government to improve the quality of jobs through investments in industries.
The Minister of Finance, Mr Seth Terkper, in a speech read on his behalf, said government had put in place measures to generate additional revenue, control expenditure and improve efficiency in public spending, hence fiscal targets indicated in the 2013 budget were achievable.
By Jessica Acheampong/Graphic Business/Ghana
They said the government should invest more in natural resources, including the mining and oil and gas sectors, with emphasis on local participation, so that it would create more jobs for Ghanaians and move the economy away from constant challenges.
These were the predominant views that came up at a stakeholders’ meeting organised by the Ministry of Finance for inputs to be made into the 2014-2016 budget statement.
The Integrated Social Development Centre (ISODEC), represented by Bishop Akolgo, said the country should look at investments in its natural resources, encourage local participation in the country and make it a catalyst for economic growth.
“We have exploited gold for so many years but we have nothing to show for it, it is high time we invest in our natural resources for increasing returns,” he said in an interview with the Graphic Business after the forum.
He said the drive for local content must begin with attention being focused on the manufacturing sector for it to create the jobs that the country needed.
Mr Akolgo, thus, reiterated the need for policy makers to identify high earning activities that they could engage in for economic growth.
While promoting manufacturing,he said the government must look at creating the right synergies among the various sectors of the economy.
The Trades Union Congress (TUC) also appealed to the government to shift its attention from meeting inflation targets to focus on creating jobs.
This, when done, would guide policy makers to use both the fiscal and monetary tools to create jobs for people rather than meeting inflation targets yearly.
Not only was TUC asking for job creation, it also expected the government to improve the quality of jobs through investments in industries.
The Minister of Finance, Mr Seth Terkper, in a speech read on his behalf, said government had put in place measures to generate additional revenue, control expenditure and improve efficiency in public spending, hence fiscal targets indicated in the 2013 budget were achievable.
By Jessica Acheampong/Graphic Business/Ghana