Ghana's Economy: Current Economic Environment Not An Enabler To Investment – Pianim

Ghana's Economy: Current Economic Environment Not An Enabler To Investment – Pianim

Seasoned economist and investment consultant Kwame Pianim has said Ghana's economy was very troubled, and the economic environment was not an enabler of investment.

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Opening a panel discussion organised jointly by IMANI Centre for Policy and Education and GIZ, the founding member of the governing New Patriotic Party (NPP) said structural imbalances between expenditure and revenue continue to plague Ghana's economy.

He argued that as it stands now, the Ghanaian economy is not resilient as it is failing to generate enough reserves.

Kwame Pianim
Kwame Pianim is a respected economist in Ghana. Source: IMANI Centre for Policy and Education.
Source: UGC

He indicated that Ghana needs a cost-benefit analysis of the significant expenditures by the government, citing areas like Free Senior High School (Free SHS).

Mr Kwame Pianim further remarked that "where the [Ghanaian] economy is now is not pretty".

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He said the economic environment could not be described as enabling for investors.

Going further, Mr Pianim also explained that some of the problems are attributed to external shocks and questioned the government's excessive focus on the revenue side of the economic equation with the oft-touted mantra that Ghanaian citizens are not paying enough taxes.

Instead, he argued that citizens pay different indirect taxes, especially Value Added Tax (VAT).

Mr Pianim stressed that policymakers' central area of focus should be the expenditure side.

He recommended that government should use quality predictive models and analysis in their economic decision-making.

He finally remarked that "we should not waste the [current] crisis" but instead use it to create a better and sustainable macroeconomic environment.

This year's first series of the IMANI Centre for Policy and Education and the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ) dialogue series was held on April 5, 2022.

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It was on the theme "Ghana's Macroeconomic Environment: An Enabler or Hammer to Investment?".

The dialogue engaged important stakeholders in Ghana's investment ecosystem to discuss how a conducive macroeconomic context creates a suitable investment climate.

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