Alan Kyerematen – My great transformational plan aims at moving Ghana beyond IMF dependency
Alan Kyerematen, a hopeful candidate for the Flagbearer position in the New Patriotic Party (NPP), has unveiled his Great Transformational Plan (GTP) as a means to accelerate Ghana’s growth and break the cycle of relying on International Monetary Fund (IMF) bailouts.
In a presentation to key players in the private sector on June 13, Kyerematen emphasized the importance of deliberate government policies in driving desired outcomes in the private sector, stating that the government has the power to steer the economy in the right direction.
The GTP proposed by Kyerematen aims to foster a self-reliant and resilient economy, taking Ghana from a state of stability and growth to one of transformation. Kyerematen stressed the need for a comprehensive plan that goes beyond the transitional Post-COVID Economic Recovery Programme (P-CERP) currently underway with IMF support.
Kyerematen pointed out that the recent IMF bailout served as a lesson highlighting the fragility, vulnerability, and susceptibility of Ghana’s economy to external and domestic shocks. He attributed this vulnerability to the country’s heavy reliance on commodity exports with limited value addition. Furthermore, he emphasized that the projected 5.1% GDP growth for 2023 is dependent on expected increases in global commodity prices.
The success of the GTP, as outlined by Kyerematen, hinges on robust macroeconomic fundamentals. This includes maintaining a stable currency, managing inflation rates, ensuring sustainable debt levels, optimizing revenue generation, exercising prudent expenditure control to achieve fiscal balance, fostering low competitive interest rates, and building strong external reserves supported by ample liquidity to fortify the financial sector.
Prominent private sector leaders present at the business meeting with Alan Kyerematen included Nana Osei Bonsu, President of the Private Enterprise Federation; Dr. Ayim Darke, President of the Association of Ghana Industry (AGI); Mr. Clement Amoako, President of the Ghana National Chamber of Commerce and Industry; Alhaji Mumin Saeed, President of the Association of Small Scale Industries; Mr. Clement Boateng, Vice President of GUTA; Ms. Nura Salifu, President of the Association of Garment and Apparel Manufacturers of Ghana; and Mr. Jeff Oppong Preprah, President of the Automobile Assemblies Association of Ghana.
Source – 3news.com
