Finance Ministry Engage Academia In Economic Policy And Economic Growth

To foster collaboration between policymakers and academia, the Finance Ministry in collaboration with the University of Ghana, convened a Quarterly Economic Roundtable at the University of Ghana.

Top government officials, economists, and industry professionals all participated in the event, which was intended to bridge the gap between policymakers and academics and address the country’s economic challenges.

The discussions were started by Minister of State and Member of Parliament for Atiwa East, Hon. Abena Osei-Asare, who hinted at the significance of partnership in directing Ghana’s economic course.

She went on to say,

“We genuinely believe in the power of this partnership to guide our economic path,” she stated, adding that the best policy positions emerge when government, academia, and industry work together”.

The coordination of monetary policy, debt dynamics, and fiscal operations were among the most important topics discussed at the inaugural roundtable. She encouraged members to deliberate on essential spotlight on significant suggestions to drive economic development in both the short and long haul.

Hon. Osei-Asare reaffirmed the government’s commitment to collaborating with academic institutions.

According to Dr. Nii Kwaku Sowa, Country Director for the International Growth Centre (IGC-Ghana), there are relentless challenges facing Ghana’s economy.

“The past couple of years have seen a boost in macro indices, but some warming trends are headed in undesirable directions”.

He also talked about Ghana’s problems, like how big the budget deficit is getting, how much debt the country has, and how inflation keeps going up by double digits.

Dr. Sowa warned against oversimplifying macroeconomic management solutions once more. He stated that this is because it presents the policymaker with one of the most odious responsibilities. He emphasized the necessity of nuanced strategies that take into account both academic theories and actual situations.

The Head of the Department of Economics at the University of Ghana, Prof. William Baah-Boateng, also discussed fiscal operations during his turn. Ghana should carefully examine its spending side of its budget, he said, urging prudent expenditure management.

Prof. Baah-Boateng suggested rethinking the role of politics in economic decision-making and reducing the influence of government on the economy.

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The Institute of Statistical, Social, and Economic Research (ISSER) Director, Prof. Peter Quartey, also provided insight into Ghana’s borrowing habits. He emphasized the shift from multilateral debts to higher-interest commercial market borrowing.

“We want to break from the vicious cycle of debt accumulation and then negotiation, forgiveness, and then we go back again to debt accumulation,” Prof. Quartey emphasized.

The roundtable also tended to financial strategy elements, with Teacher Agyapomaa Gyeke-Dako of the University of Ghana Business School talking about the challenges looked by Ghana’s National Bank.

She asked important questions about how well the current methods of monetary policy work and the trade-offs between controlling inflation and supporting economic growth.

The discussions showed that everyone agreed that economic management should be done more collaboratively. The participants agreed that economic policies that are precisely calibrated, innovative debt management strategies, and fiscal discipline are all necessary to address Ghana’s economic issues.

A significant step toward more inclusive and well-informed decision-making is the Finance Ministry’s initiative to involve academics in economic policy discussions.

As Ghana explores its economic challenges, the bits of knowledge and suggestions from this roundtable are expected to play a significant part in moulding future policies and strategies for sustainable economic growth.