National Economic Dialogue: Ghana must earn more from its natural resource endowment – Mahama

Ghana’s economy urgently needs fundamental reforms, according to President John Dramani Mahama, who has cautioned that an excessive reliance on exports of basic materials is unsustainable.

He referred to previous economic strategies as a “government bleeding” because of their inefficiency and excessive reliance on the export of crude oil, cocoa, and gold while speaking at the National Economic Dialogue (NED) in Accra.

Key stakeholders come together for the two-day forum, which has as the theme “Resetting Ghana: Building the Economy We Want Together,” to address economic issues and create a sustainable future.

In order to maximize the nation’s natural resources, President Mahama called for a move toward value-added industrialization and an increase in manufacturing and agro-processing.

“Ghana must earn more from its natural resource endowment if we are to create wealth and prosperity for our people,” he stated.

In order to improve food security, he also emphasized the necessity of modernizing agriculture through irrigation, technology, and mechanization.

The implementation of a “24-hour economy” strategy, which aims to increase productivity by incentivizing enterprises to function around the clock, was a significant policy announcement. Fair labor practices and financial incentives will assist the endeavor.

Along with calling for shared responsibility in reviving the economy, President Mahama emphasized the significance of governance reforms to increase accountability and transparency.

“The road ahead will not be easy, but it is a road we must travel together,” he stated.

Source: Ghanatodayonline.com