Pianim calls for major economic reforms to expedite national development

Renowned economist Kwame Pianim delivered a comprehensive critique of Ghana’s economic trajectory at the fifth Annual UPSA Leadership Lecture Series, expressing disappointment in successive governments over 66 years of independence.

He highlighted the challenges of insufficient microeconomic and political stability, coupled with the burden of a 90 percent GDP public debt and an oversized government on the national purse.

He emphasized the need for population modulation to reduce the population from the current 2 percent growth to 1.1 percent, with a target of ten thousand national GDP.

Addressing the theme, “Re-imagining Ghana’s Development Trajectory for a Peaceful and Prosperous Nation by 2057,” Pianim proposed reducing Ghana’s current population growth from 2 percent to 1.1 percent by 2057, setting a target of ten thousand national GDP.

He underscored the need for population modulation to alleviate economic pressures.

Mr. Pianim stressed the vital role of the private sector in national development and urged active private sector participation in managing state enterprises.

He emphasized the importance of a sovereign guarantee to encourage entrepreneurs to invest in various ventures, contributing to overall economic growth.

He indicated that “there is no business in the government owning banks and hotels” and admonished the government to sell them to the private sector. He further stressed that “politicians should not be the ones telling the business community what they would do for them, but rather go to the business owners and ask what they can do for the economy and listen to them.”

Touching on corruption, Mr. Pianim suggested that “there should be incentives for individuals who report corruption and leverage on digital transformation to minimize human contact” to effectively curb corrupt practices.

Additionally, he called for the establishment of an Entrepreneurship Development Fund, specifically designed to support young entrepreneurs. He highlighted the government’s role in providing a sovereign guarantee for investments, emphasizing its pivotal role in fostering economic growth.

The Annual UPSA Leadership Lecture Series serves as a platform to engage with the public and influence policy decisions. Over the years, distinguished speakers such as Dr. Mohamed Ibn Chambers, former President John Agyekum Kufuor, Asantehene Otumfuo Osei Tutu II, and Cardinal Peter Kodwo Appiah Turkson have shared insights on critical global and national issues, making the lecture a significant annual event.

 

Source: Citi Business News