No link between academic research and industrial revolution – Economist

An Economist and Lecturer at the University of Professional Studies, Accra (UPSA), Mr. Michael Minlah has stated that there is practically no link between the research done in schools and the industrial revolution that Ghana seeks to achieve.

According to him, research plays a vital role in the development and growth of the industry sector in most developed countries across the world.

“The same cannot be said for Ghana. There is practically no link between the research done in schools and the industrial revolution that we seek to achieve. I want to see a blue print of deliberate investments of funds into research. The blue print should provide a technical framework of how the research undertaken will be implemented to improve the various sectors of the economy” he said.

Mr. Minlah urged the government to “stop paying lip service to the RESEARCH-INDUSTRY link”. The Economist explained that in advanced countries, the research by the academic institutions play a crucial role in the development of their industrial sectors and other key manufacturing sectors.

Need to De-Politicize Program Implementation 

Mr. Minlah, also urged the government to de-politicize and implement its programs aimed at strengthening the private sector based on meritocracy.

According to him, the notion that the private sector is the engine of economic growth is yet to be realized as most of the efforts designed to achieve this outcome has not been applied fairly.

“Programs such as the MASLOC, venture capital trust fund and the IDIF should be de-politicized and implemented on a technical and professional basis. This will, in the long run, reduce the re-occurrence of massive investments into projects which turn out not to be feasible”.

Mr. Minlah, sharing his expectations on the yet-to-be presented 2022 Budget statement, told The Vaultz News that he expects the government to continue most of the programs it has rolled out to cushion the economy to ensure that it sustains the growth momentum that is currently underway.

Emphasizing the need to support the agriculture sector, the UPSA Lecturer averred “I want to see the government continue the program of subsidizing fertilizer and possibly agricultural inputs to farmers across the country”.

Need to reduce expenditure

Touching on the fiscals, Mr. Michael Minlah expects the government to continue to pursue and remain committed to its fiscal consolidation plans for the medium term. The Economist intimated “if it’s possible, I would like to see a reduction in the size of government”, as one of the ways of reducing government’s expenditure on wages and salaries.

Another area that Mr. Minlah expects the 2022 Budget statement to touch on, is the issue of corruption. Mr. Minlah stated that “I really will want to see practical policies to tackle the ever unending issues of corruption in the country. Deliberate policies should be put in place to block the revenue leakages at the ports and other strategic revenue points in the country”.

Despite being one of the least corrupt countries in Africa, according to Transparency International (TI) Corruption Index, Ghana is annually losing billions through corrupt practices, a menace that keeps people poor and shatters their dreams. Ghana Integrity Initiative (GII), which is Transparency International’s Local Chapter, has warned that the country loses close to US$3 billion to corruption annually.

Reports indicate that Ghana’s Finance Minister, Hon. Ken Ofori-Atta will present the 2022 Budget Statement and Economic Policy to Parliament on November 15, 2021. Some connoisseurs are calling on the government to use the 2022 budget to close the revenue-expenditure gap whilst others urged the government to continue its immunization exercise next year.