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21.11.2007 Editorial

Praising Economic Growth

By Daily Guide

These days big local and foreign organizations are showering praises on the Ghanaian economy for its excellent performance.
Organizations like the Bank of Ghana (BoG), a number of local banks, the World Bank (WB) and the International Monetary Fund (IMF) are full of praises for the Ghanaian economy.

Last Monday, during an interaction between President Kufuor and the United States (US) Secretary of Treasury, Henry Paulson Jnr, the latter observed that opportunities for investment exist in Ghana.

The secretary, who had earlier visited the Ghana Stock Exchange, meant that there would be good returns for investors in the country.

At a function in Accra last week to mark the first anniversary of the Intercontinental Bank, Ghana (IBG), the Managing Director, Mr Albert O. Mmegwu described Ghana as the “Capital of the West African Sub-region.”

The managing director, who is not a Ghanaian but was admiring the performance of the economy, announced plans for the expansion of the bank in the country to places like Kumasi, Takoradi, Ashaiman, Techiman and other places.

Although different people and organizations are showering praises on the Ghanaian economy, the majority of the people are complaining of financial hardships that are confronting them.

It is therefore necessary for measures to be put in place to ensure that the performance of the economy reflects in the pockets of individuals, otherwise the excellent performances of the economy would not mean anything to the ordinary man.

Of course, it is not all the people who would feel the performance of the economy. The lazy man, for instance, would not enjoy the good sides of the economy. However, hardworking people who incidentally are in the majority would feel it in their pockets.

Whatever it might be, the influx of banks from Ghana's neigbouring countries is ample evidence that the economy is not what it used to be about six years ago. It has seen tremendous change for the better.

The oil discovery is also attracting investors into the country and many more factors are on the way. What would be important is the management of those investments.

In the country's budget for next year, the government is introducing new initiatives which are meant to move the economy forward.

The government has created a vast enabling environment in the areas of the provision of adequate infrastructure, energy and requisite professionals. These are some of the important factors that the economy needs to grow.

DAILY GUIDE urges all Ghanaians to contribute their quota towards the growth of the economy, in order to make life worth living for all.

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