The head of the Economics department at the University Of Ghana, Professor Peter Quartey, has warned that Ghana is most likely to experience an economic recession if government fails to focus attention on the manufacture industry.
Speaking to Citi News, the economist explained that: “there is the need for us to diversify our economy in the sense that non-oil GDP has grown higher than oil GDP. What it is telling us is that, given the slowdown in oil prices, over-reliance on oil should be reconsidered.”
His warning follows the latest report by the Institute of Statistical, Social and Economic Research (ISSER) which show that the Ghana’s GDP growth declined in 2015, continuing a trend of dwindling economic growth since 2011.
Ghana is currently under an IMF program. And as the December elections draw near, fears are high over the possibility of the Mahama-led administration over-spending beyond the means of the national budget.