Stop reciting economic solutions - Economics professor

Business philosopher and Executive Director in-charge of Operations at Bullion Financial Advisors, Prof. Samuel Lartey, has called on policy makers and stakeholders of the economy to stop paying lip service to addressing the myriad challenges facing the country.

Speaking at a graduation ceremony in Accra, he said creating a vibrant environment for business and economic growth requires effective implementation of sustainable solutions using an "all hands on deck" approach and not a mere recitation of those solutions.

"As a country, it is time we moved away from the regime where everybody seems to have solutions to the problems facing the economy but we continue to witness slow implementation of those solutions.

"The current situation requires people who will own the solutions, gain the required mandate and implement those viable solutions in the interest of socioeconomic growth," he said.

The comments come on the back of concerns about the disparity between the current level of national development and the bunch of home-grown policies and interventions that are yet to be implemented to push the country's growth agenda.

Government in 2014 convened the National Economic Forum to promote dialogue toward achieving consensus on the policies, strategies and measures that would accelerate the country's transition to a higher and more sustainable path of development and improve the lives of Ghanaians.

However, most of the suggestions contained in a communiqué issued at the end of the forum - including the establishment of an investment programme that would deal with the energy crisis order to propel growth, employment, competitiveness and macroeconomic stability - are yet to be pursued.

Industry, academia and other critical sectors of the economy are currently reeling under the harsh consequences of a persistent power crisis on the back of rising inflation and a depreciating currency.

But the business philosopher said all is not gloomy for the country, with strong collaboration and significant contributions from experts in various sectors of the economy.

"All is not lost for Ghana's economic transformation and socio-economic development targets; we have competent national business operatives and institutional office-holders.

"And, fortunately, too, we know and have the solutions to most of these economic conditions; what we lack is how to implement those solutions," he said.

Prof. Lartey also charged Ghanaians to rise above personal gains and collaborate with government to implement viable solutions to address the current economic hurdles.

"Collaboration is working with others to do a task and to achieve shared goals. It is a recursive process where two or more people or organisations work together to realise shared goals.

"The resultant synergies are usually more than the intersection of common goals seen in co-operative ventures; they are a deep, collective determination to reach an identical objective," he said.

Prof. Lartey challenged students, national office-holders and the business community not to give up yet on their journey.