Renowned economist Prof. Patrick Asuming has called for urgent reforms in Ghana’s economic management, emphasizing the need for a new direction to address long-standing challenges.
Speaking on ABC News GH’s maiden election program Election Tonight, Prof. Asuming noted that the country’s economic performance has been subpar in recent years, necessitating a shift in how revenue is raised and managed.
“The economy hasn’t done so well lately,” he remarked, adding that while Ghana has undertaken a debt exchange program, particularly for external debt, the initiative has only deferred repayment obligations.
“We’ve kicked 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 explained, urging policymakers to act promptly to safeguard the country’s financial future.
Prof. Asuming also criticized the structural vulnerabilities in Ghana’s economy, describing it as being on “auto-pilot” and overly dependent on foreign financing and imports.
He highlighted that global economic shifts disproportionately impact Ghana due to its heavy reliance on external factors.
“We have run an economy that is so exposed, extremely dependent on foreign financing and the importation of goods and services,” he observed.
To address these challenges, Prof. Asuming proposed a longer-term plan aimed at reducing import dependency and fostering local production.
“We need to expand our production and ensure that some of the things we are importing—things we really shouldn’t be importing—are produced locally. Decisive action is needed to reshape the economy and turn it away from over-dependence on foreign financing,” he concluded.
