Gov't advised against relying on public sector to drive economic growth

The Chief Executive of Dalex Finance says government must not rely on the public sector to drive economic growth if its initiative to use agric as an anchor for economic transformation is to materialise. 

Mr. Kenneth Thompson who made a similar call last year said the initiative would succeed only if it is led by the private sector. 

President Addo Dankwa Akufo-Addo Monday announced at the New Year School at the University of Ghana, plans by his government to make Agric the centrepiece of the country’s economic growth agenda. 



The sector which used to be the mainstay of Ghana’s economy has suffered a major downturn in the recent past recording below a 4% growth in 2016 and 0.04% the year before.

Addressing the 68th New Year School at the University of Ghana, Monday, the president said the next four years will see a massive turnaround in the agriculture sector which will modernise the sector and make it attractive for the country’s youth.

“We will create additional businesses and job opportunities in the areas of storage, transport, processing packaging, and  marketing of agricultural produce all of which will ensure that our farmers and fisherfolks earn higher incomes,” he said.

This, according to him, would be through implementation of policies that would modernize the Agric sector. 

But Mr Thompson who said the new government is making the right noises about culture and hopes it succeeds was quick to caution that “unless they set up an aggressive strategy that would modernise and transform the sector he would fail to deliver on his promises.

He made reference to the fanfare that greeted President John Agyekum Kufour’s Presidential Special Initiatives (PSI) “which all failed because they were led by the public sector”.

“Our farmers need finance, improved seeds, advice on new farming techniques, fertiliser, support for marketing their produce…so we should set a target for each of the areas that we are focusing on,” he noted. 

 

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