Understanding structural problems key in addressing economic challenges – Lord Mensah

A Professor at the University of Ghana Business School (UGBS), Lord Mensah has said there is the need for policymakers to understand the structural challenges in the country as a way of addressing the economic problems.

For instance, he said regarding agricultural sector that, the two most common foods Ghanaians consumed are maize and rice.

He asked whether these are produced in large quantities locally to to feed the people.

Speaking on the New Day show with Johnnie Hughes on TV3 Tuesday, July 5 while contributing to a discussion on the decision by the government to go to the International Monetary Fund (IMF), he said “The structural problem we have is that, the foods that we eat across the households that we have in this country, are we able to produce them in abundance? Lets take for instance rice and maize, these are staples that every household in Ghana consumes

“Are we able to draft our agricultural policies to direct to stop producing these executive foods because complementarily. If you produce maize and rice in abundance all those complementary foods will be cheaper. For me, we have failed to realize this direction of expenditure. “

It is recalled that Prof Lord Mensah predicted in 2019 that Ghana was likely to return to the IMF again.

The Government on Friday July 1 announced that it was seeking support from the IMF.

The Ministry of Finance has announced in a statement that the delegation from the IMF is scheduled to arrive in Accra, today Tuesday July 5.

Subsequent to the directive by the President of the Republic of Ghana, the Ministry said it has commenced engagement with the the Fund to support Ghana’s economic programme.

“Pursuant to this, a delegation from the Fund is scheduled to arrive in Accra on Tuesday 5th July, 2022, to commence in-person meetings with the Government of Ghana on Wednesday 6th July, 2022.

source: 3news

Ray Charles Marfo

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