Kwame Pianim, an economist, is sceptical about the government’s ability to quickly improve the nation’s economic mess.
He says that government incompetence, corruption, and a voracious appetite for risky borrowing are to blame for the severity of the problems, and that the government must show resolve to stop these things from happening.
In order to reverse the current crisis, according to Kwame Pianim, the government must pay attention to the advice of industry players and focus on growth and fiscal sustainability.
“It is going to be very difficult to get the economy back if we don’t change drastically how we develop. We have to cut our coat according to our cloth and ensure that there is value for all the money we get. Let’s get rid of incompetence and corruption because those two are important to the management of the economy. Why was Ken Ofori-Atta able to borrow so recklessly? Now that we are in the gutter, we know what debt sustainability is”, he said.
The eminent economist went on to recommend that value-for-money audits and procurement agencies both be abolished because they allow for corruption.
“All the procurement agencies, value for money audit, we scrap all of them. Because they provide avenues for people to just take monies and we need to get it off, incompetence and corruption, those two are important. The management of the economy is not too difficult if there’s no corruption,” Kwame Pianim suggested.