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14.10.2008 PNC News

PNC calls for non-partisan evaluation of world economic crisis


Ms Petra Maria Amegashie, Peoples' National Convention (PNC) Running Mate on Tuesday called on the ruling New Patriotic Party (NPP) to immediately constitute a non-partisan economic think tank to monitor, evaluate and direct the government, business community and public on how to mitigate the global economic crunch.

She said the world financial indications showed the economic growth of most countries would slow down sharply this year and next, with advanced economies likely in recession already, reflecting mounting damage from the most dangerous shock in mature financial markets since the Great Depression in the 1930s.

Ms Amegashie therefore, called on government to constitute the economic think tank to assess possible impact on the Ghanaian economy.

“We need to sort for ideas from a non-political perspective, to prepare now, educate the public on how to manage the crisis,” Ms Amegashie stated during a press conference in Accra to officially name her as Dr Edward Nasigrie Mahama's running mate for Election 2008.

The press conference attended by many media personnel had party supporters who thronged the venue singing and dancing to brass band music.

According to the International Monetary Funds' (IMF) latest projections, the global economy, which grew by five per cent last year, would lose a considerable speed, slowing to 3.9 per cent in 2008 and weakening even more to just three per cent, next year the worst showing since 2002.

The IMF projections indicates that growth in emerging and developing economies is expected to decelerate, falling somewhat below trend during the second half of 2008 and early 2009.

Ms Amegashie noted that while the crisis sparked by the United States sub prime home loan collapsed, it affected the main advanced economies most acutely, emerging and developing countries such as Ghana was not immune from the global financial stress.

She appealed to the donor communities not to forget problems faced by developing countries, the poorest ones in particular, while they focused on their own problems.

Present was Dr Edward Mahama PNC Flag bearer for Election 2008, Alhaji Ahmed Ramadan, National Chairman, Mr Bernard Mornah, General Secretary and other leading members of the party including Members of Parliament.