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02.11.2008 Business & Finance

Maintain good policies of the Kufuor's Administration – Amoako

By gna

Dr. K. Y. Amoako, an economist and former Executive Secretary of the Economic Commission for Africa (ECA), has underscored the need for the country's next Administration to maintain the good policies and ideas of the Kufuor Government.

The economic future, he said, could be brighter as a solid foundation had been built within the last eight years.

Dr. Amoako was launching a new book, titled, "An Economic History of Ghana" authored by Ivor Agyeman-Duah, a journalist and writer, at the La Palm Royal Beach Hotel in Accra.

President John Agyekum Kufuor was among the many high profile personalities present.

The book examines the progress made and opportunities missed over half a century of the country's political independence and draws lessons about the importance of stability in economic management as well as the central role of leadership in development.

Dr. Amoako said to put more pace into the country's economic development and job creation, it was important to focus attention on Small and Medium Enterprises (SMEs) by continuing to reform the business environment to help these enterprises to expand and to support them with credit.

While the SMEs contribute about 50 per cent to the Gross Domestic Product in developed economies, in Africa, they contribute about 10 per cent.

Dr Amoako said to sustain macro-economic stability it was important that "we understand our endowments and growth engines".

The success of the next Government, he suggested, should be judged based on continued progress made towards the achievement of the Millennium Development Goals on maternal and child mortality, zero HIV/AIDS infection rate and improved sanitation.

Additionally it should generate 30 per cent jobs in agro-industry, manufacturing and services sector and make progress in education at all levels.

He said the Government must be said to have been successful if it was able to ensure by the end of its term to have put 25 per cent more young people, who so desired, to sit in the Universities.

Mr Anthony Akoto Osei, Minister of State of the Finance and Economic Planning, said the crude oil, food and global financial crisis was affecting the nation.

Ghana's bond was over-subscribed, at the capital market when it went there last year, but now it would be difficult to go to the market.

Mr Moses Asaga, a former Deputy Finance Minister, said state intervention in public sector was sometimes necessary as shown by the United States Government.

Mr Agyeman-Duah said how the nation performed over the next 50 years, would be influenced by unfolding events on the global financial market.

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