An Economist and Agriculture expert at the University of Ghana, Dr. Hayford Ayerakwa has called for support for Small and Medium Scale Enterprises (SMEs) sectors for economic growth.
In an interview on Morning Starr, Dr. Ayerakwa emphasized the importance of focusing on the SME subsector, “that’s where you find the average person, we need to have a system in place that supports the ordinary person.”
Dr. Ayerakwa commended the current Minister for Finance for prioritizing this area “He has been trying to focus a lot more on the SME subsector, and that’s extremely important.”
The Economist highlighted the need for transparency in debt restructuring negotiations with external creditors, saying, “It gives us a better understanding of what exactly we are getting out of these negotiations.”
Dr. Ayerakwa also suggested that the government should establish a fund to invest in critical areas that benefit the economy, using relief funds from debt restructuring.
He emphasized the need for a conversation on how to utilize these gains adding that, “We should all have a conversation to see which are the critical areas that we can put some of these gains so that the average person can benefit”.
Background
The Minister for Finance, Dr. Mohammed Amin Adam during the midyear budget review presentation o shared positive developments in the country’s economic performance, noting that Ghana’s economy grew by 4.7% in the first quarter of the year, surpassing initial projections.
This growth, he attributed, was due to effective policy measures and robust economic management.
The Minister also highlighted the progress made in stabilizing inflation and the exchange rate, which has brought relief to businesses and households. Improvements in these areas are critical for maintaining economic stability and creating a conducive environment for investment and growth.
Summarizing the government’s approach, Dr. Adam said, “Despite the global economic headwinds, our government remains steadfast in its commitment to fiscal discipline and social investment. We believe that strategic spending in social protection programs is crucial for fostering inclusive growth and building a resilient economy.”
Source: Ghana/Starrfm.com.gh/103.5FM/Deborah Annang Naa Momo
