Source: newsthemegh.com
The Great Transformational Plan (GTP) of Alan Kyerematen, a candidate for Flagbearer of the New Patriotic Party (NPP), has been hailed as a new path toward increased growth that will position the nation and end the cycle of IMF bailouts.
On June 13, Mr. Kyerematen discussed the benefits of purposeful government policy driving desired outcomes in the private sector at a presentation to important stakeholders in the industry.
He declared, “Government has the power to reorient the economy in the desired direction through policy.”
By fostering a more independent and resilient economy, Mr. Kyerematen’s Great Transformational Plan seeks to transition Ghana from a state of stability and growth to one of transformation.
He emphasized the necessity for a thorough plan to steer the country beyond the interim Post-COVID Economic Recovery Programme (P-CERP), which is presently under progress with IMF assistance.
The most recent IMF bailout, according to Kyerematen, demonstrated how sensitive and susceptible Ghana’s economy is to both domestic and international shocks. He ascribed the nation’s high reliance on commodity exports with little value addition as the cause of its vulnerability.
Additionally, he emphasized that anticipated rises in world commodity prices will be crucial to the Ghanaian economy’s projected 5.1% GDP growth in 2023.
Strong macroeconomic foundations will be essential for the GTP’s success, as described by Kyerematen.
Maintaining a stable currency, controlling inflation, ensuring manageable debt levels, maximizing revenue generation, exercising prudent spending restraint to achieve fiscal balance, promoting low competitive interest rates, and developing robust external reserves backed by ample liquidity to fortify the financial sector are a few of these.
At the meeting, the captains of industry in attendance productively discussed aspects of the GTP.
The respective presidents of the Private Enterprise Federation, Nana Osei Bonsu, the Association of Ghana Industry (AGI), Dr. Ayim Darke, the Ghana National Chamber of Commerce and Industry, Mr. Clement Amoako, the Association of Small Scale Industries, Alhaji Mumin Saeed, and the Vice President of GUTA, Mr. Clement Boateng are among the private sector leaders who attend the business meeting with Alan Kyerematen. Presidents of the Ghanaian Automobile Assemblies Association and the Association of Garment and Apparel Manufacturers are Ms. Nura Salifu and Mr. Jeff Oppong Preprah, respectively.