Coalition proffers solutions to economic downturn
The Political Parties Outside Parliament (PPOP), a coalition of parties without representation in the legislature, has proposed three solutions that can drive the economy out of the current economic challenges.
They are hands-on leadership for economic self-reliance, fiscal and monetary policy management and infrastructure and social intervention.
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The proposals were agreed upon after a meeting among members of the PPOP which discussed the unfolding global situation, in particular reference to the address of the President on the country’s economic crisis.
The Spokesperson for the coalition, Alhaji Mohammed Frimpong, at a press conference in Accra yesterday, said the proposals were crucial to help ensure self-reliance and accelerate the growth of the economy.
“Without any doubt, the global economy has barely crept out of the effects of the COVID-19 pandemic just for it to plunge into another catastrophe of Russia-Ukraine way with widespread economic and geopolitical consequences.
“Never before in living memory have nations, great and small, been exposed to dire vulnerabilities as being experienced presently in our very eyes and Ghana is no exception,” he said.
PPOP
The political parties that form the PPOP are the LPG, Great Consolidated Popular Party, National Democratic Party (NDP), People’s National Convention, United Progressive Party, Power Unity Party and Ghana Freedom Party.
The others are Yes People's Party, Democratic People's Party, New Vision Party, Reformed Patriotic Democrats and United Renaissance Party.
Economic fundamentals
Alhaji Frimpong, who is also the General Secretary of the NDP, said never before had the matrix of economic fundamentals of self-reliance been so clear as the cedi crumbled under the weight of the dollar.
He stated that it was long overdue for a review of the standards required for imports into the country.
“Why must we crave for cooking oil from Ukraine when we can produce our own Frytol locally? We, therefore, agree with the President to prioritise imports as well as review management of our forex in relation to products such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice and bottled water in favour of local production.
“If we had done so by hands-on leadership, why should the impact of the Russia-Ukraine war emasculate Ghana’s economy? We the PPOP will not dispute the need for the government to engage on a framework of post COVID-19 programme for economic growth and the International Monetary Fund support,” he said.
Monetary policy challenges
The spokesperson said the present fiscal and monetary policy challenges to the casual observer exposed the government’s weak and relaxed hands-on management giving rise to all kinds of political speculations and discourse.
He said the country was already helpless from real or perceived mismanagement by which debt sustainability, reduced debt to GDP ratio, servicing of external debt, improvement of tax revenue to gross domestic products ratio could not be avoided.
He said measures to stabilise fiscal and monetary policies would arise when the country’s primary production for local consumption was far outstripped by imports.