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Proper management of natural resources will lead us to economic freedom, not taxes – Duffuor

By Eric Nana Yaw Kwafo
Headlines Former BoG Governor, Dr. Kwabena Duffuor. Photo credit-Asempa FM
JUL 6, 2022 LISTEN
Former BoG Governor, Dr. Kwabena Duffuor. Photo credit-Asempa FM

Former Finance Minister, Dr. Kwabena Duffuor has proposed to government to prioritise the proper management of natural resources to get the country out of the challenging economic period.

Speaking to Asempa FM on the ‘Ekosii sen’ programme on Wednesday, July 6, 2022, the former Bank of Ghana Governor argued that the way to economic freedom is through proper management of the country’s natural resources and not taxation.

“We have all the natural resources in place to manage Ghana well but mismanagement hampering our progress.

“Better management of our natural resources would lead us to proper economic freedom and not taxes,” Dr. Kwabena Duffuor shared.

According to the former BoG Governor, Ghana is in the current economic mess due to the mismanagement of the economy.

He shared, “As Finance Minister, I managed the fundamentals well that's why we had single-digit inflation for thirty-one months. We're in this difficulty because of mismanagement. We need to fix the structural base of the economy.”

While the government engages the International Monetary Fund (IMF) for support, Dr. Kwabena Duffuor recommends that the government gives special attention to agriculture.

He is of the conviction that supporting agriculture will contribute immensely to the management of inflation in the country.

Reacting to the assertions that Ghana’s economy is not doing well because of the impact of Covid and the Russia-Ukraine conflict, Dr. Duffuor stressed that it is not the case.

“Russia-Ukraine war can't be the source of our economic woes now. We had our own challenges.

“All the issues that got us to IMF predates Covid-19 and Russia-Ukraine war. We were doing things wrong.

“We are in an economic mess because we can't control our expenditure,” the former Finance Minister emphasised.

Eric Nana Yaw Kwafo
Eric Nana Yaw Kwafo

Journalist

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