NDPC develops a macroeconomic model to determine Ghana’s growth strategy
Known as the Ghana Macroeconomic Model (GMM), it will be used to transform key sectors of the economy such as agriculture, industry, and services says the NDPC director-general.
The National Development Planning Commission (NDPC) has developed a macroeconomic model to determine Ghana’s growth strategy.
The model – known as the Ghana Macroeconomic Model (GMM) – will be used to transform key sectors of the economy such as agriculture, industry, and services by setting sector-specific growth targets, policy directives, and the various means to achieve them.
Announcing this at a press conference in Accra on Sunday (18 July 2021), the director-general of the NDPC, Dr. Kodjo Esseim Mensah-Abrampa, said the model will serve as a blueprint to assist Ghana in economic forecasting, policy analysis, and choice-making.
He said the model will help the country to collect the right information on the economy to right the wrongs associated with policy directives due to lack of information.
Resource management
Moreover, Mensah-Abrampa said, it can be used to assess the economic impact of eventualities such as the coronavirus pandemic to inform government measures.
If adopted, the model will put the national economy back on track, the NDPC boss said.
The model will also be used to forecast the economic outturn of the government’s decisions, helping to inform government policy reform and promote the judicious use of the scarce resources available to Ghana.
Source: Asaaseradio.com
