The Chief Economist and Director of the Labour Research and Policy Institute at the Trades Union Congress (TUC), Dr Kwabena Nyarko Otoo, has called for the establishment of an annual national economic forum to tackle Ghana's persistent economic challenges.
Speaking on Joy FM’s Newsfile, Dr Otoo emphasised the need for consistent and collaborative efforts to address the country's deep-seated economic challenges.
Highlighting the pervasive nature of the economic crisis, Dr Otoo pointed out its impact on households and businesses.
“There is crisis in our households, there is a crisis at the production front, and businesses are not able to cope,” he stated.
He argued that the persistent economic challenges necessitate a structured and regular dialogue involving all stakeholders.
Dr Otoo proposed that a national economic forum should be held annually to dissect issues and find permanent solutions.
“At this point, we should be able to have a national economic forum not just once but every year,” he suggested.
This forum, he argued, would provide a platform for stakeholders to reach a consensus on critical issues such as the excessive importation of goods and the overly liberalised external payment regime.
He emphasised the need for a coordinated approach to these problems, criticising the current sporadic efforts.
“We need some consistency in tackling the challenges, not this offbeat one-off attempts that we do,” Dr Otoo asserted.
He also highlighted the importance of addressing the ability of individuals to transfer large sums of dollars out of Ghana, which he believes is detrimental to the economy.
Dr Otoo urged unions and civil society organizations (CSOs) to increase pressure on economic managers to adopt more effective policies.
"When our opinions are not being heeded, as unions and CSOs we need to pile pressure on the managers of the economy, not just the current managers, but successive managers as well,” he declared.
Credit: Ama Cromwell