Upper Middle Income Status Is Possible for Ghana – Mike Offei
A retired international diplomat and Economist, Mr. Michael Yaw Offei, has said that the current difficult situation that Ghana’s economy finds itself in is not a conclusive doom for the country.
In an interview with journalists in Tema, the revered diplomat said that the World Bank’s projection of the country improving from a lower middle-income status to becoming an upper middle-income status by 2037 is very possible.
“However, there are pragmatic measures that we must consciously take in order to reach that promised land,” he said.
Among them, he said is “the proper mainstreaming of digital technology, especially Artificial Intelligence, as the means by which the country’s domestic economy functions.
This is the direction that the world is going and we must either get on that bus or risk being left behind.”
To create jobs, he said, Ghana must move workers into higher productivity firms and sectors and transform through trade, urbanization, and connectivity.
“Here as well, digital technology has critical role to play.”
An unassuming man, Mr. Yaw Offei has worked with both the International Monetary Fund (IMF) and the World Bank (WB) in the past.
He said that where Ghana’s economy is, makes it imperative that all citizens, irrespective of political, religious or other persuasions, put aside their differences and put their shoulders to the wheel.
“we have no choice; it’s either we band together and progress together or we sink together.”
According to him, “To reach the goal of 2037 we must also support more inclusive private sector development. This can be done if we leverage the financial sector to facilitate firm expansion, technology adoption and innovation.”
Ghana, he said will also have to work intentionally towards enabling long-term inclusive growth. “To do this, we will need to really be more tough on macro-fiscal stability, improve natural resources management and revenue mobilization and fund reforms for economic transformation.”
He said that the country can boost its revenue through environmental taxation which, while generating revenue, will also help minimize the impact of climate change on households and incentivize sustainable use of land resources.
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