We need a long-term plan to reshape the economy – Prof. Patrick Asuming

Renowned economist Prof. Patrick Asuming has emphasized the urgent need for a comprehensive long-term plan to reduce Ghana’s dependence on foreign financing and imports.

Speaking on ABC News GH’s maiden election program, Election Tonight, Prof. Asuming highlighted the precarious state of the economy, stating, “The economy hasn’t done so well lately.”

He called for bold steps to expand local production and curtail unnecessary imports to build a more self-reliant and resilient economy.

Prof. Asuming noted that while the debt exchange program provided temporary relief, it largely postponed Ghana’s repayment obligations.

“Part of what we’ve done is to kick our problems down the line. It is very important that we take decisive action now so that by the time we have to pay all our debts in full, we are ready,” he cautioned.

He stressed the importance of addressing revenue generation and restructuring the economy to prevent future financial crises.

Describing Ghana’s economy as “on autopilot,” Prof. Asuming warned of its extreme vulnerability due to over-reliance on foreign financing and imports.

“We are being blown left and right because we’ve run an economy that is highly exposed to external factors,” he explained.

He added that global economic changes have a disproportionate impact on Ghana because of the nation’s dependence on imported goods and services.

To address these vulnerabilities, Prof. Asuming proposed a decisive shift toward self-sufficiency.

“We need to reshape the economy by expanding local production and ensuring that some of the things we are importing unnecessarily are produced here,” he advised.

He urged policymakers to craft and implement a long-term strategy that prioritizes reducing dependency on foreign financing and boosting domestic capabilities to create a more stable economic future.