Mr. Benjamin Quashie, South African National Democratic Congress Council of Elders Chair has posited that Dr. Alhaji Bawumia’s efficiency would go down in historical past as Ghana’s worst Veep and Head of Economic Management Team.
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According to him Dr. Bawumia had no proper to have requested late Veep Amissah Arthur to proffer solutions to some questions bothering on the financial system when he, Bawumia, was operating mate.
Speaking on Happy FM’s Morning Show, Monday, December 11, 2023, the SA NDC Chair hinted that the financial system of Ghana is performing poorly and that is an indictment on the Veep and that is the explanation why President Mahama’s 24hour financial system is an effective proposal Ghanaians should embrace.
Using some statistics to buttress his level, he shared that “lending rates in 2016 was 8.3% but 14% in 2021. Again in 2016, the budget deficit was 6.1% but in 2020 it was 15.7%, expecting that in 2022 it would be 12%.
“The unemployment price earlier than we exited workplace in 2016 stood at 8.4%, in 2021, the final one we had was 14%. If we do not do issues in another way we’ll proceed to get the identical charges as has occurred to nearly all governments within the fourth republic”, he stated.
Concerning the above, Mr. Quashie believes that we need to a have complete paradigm shift from the old way the economy has been run all these years and this is where the 24hour economy comes in handy.
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According to him, while others, especially members of the ruling government have tried to pooh-pooh the policy, “the TUC has agreed upon it, CEOs’ Forum have agreed upon it, Austin Gamey has agreed upon it. Other individuals who know our financial system is on the downward spiral have all agreed that the 24hour financial system may also help make a distinction”, he explained.
Further, he added that the 24hour economy would work on an 8 hour shift system. “We’ve all travelled and we all know how these items work. Why cannot we replicate similar in our nation?”, he quizzed, challenging the rationale of those who are quick to say that it was not possible to implement the policy.
“This is a sport changer. It would guarantee unemployment is diminished, guarantee our financial system grows and there’s a entire blue print to that impact”, he stated.
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Highlighting the key areas of the 24 hour economy, he said it was going to focus on Agro processing industry, Pharmaceutical industry, Manufacturers of household goods, Sanitation and Waste Management, Leisure and Hospitality, Retail Centres, Financial Services etc.
“Where correct incentives are offered, together with safety, low tariffs on electrical energy, it might probably encourage much more folks to take part within the coverage. Thus, when your automobile breaks down at midnight, you will get somebody to repair it for you. That is what we’re speaking about”, he emphasised.
The Council Chair for NDC SA argued that if we proceed to do the identical issues over and over, we can not obtain completely different outcomes. Something new should be launched to get us out of the financial guagmire we discover ourselves in beneath this authorities and the 24hour financial system being proposed by President Mahama, would assist.
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