Mark Badu-Aboagye, the CEO of the Ghana Chamber of Commerce and Industry, has emphasised the need of maintaining some domestic policies while the nation applies for an IMF bailout.
He argued that these programmes have to be reinforced in order to increase exports, which will bring in more money for the government.
In his words, "We should instead strengthen those policies as a complementary policy to that of the IMF. At this time, we should not do anything that possibly will affect what we are doing with the One District One Factory (1D1F), that possibly will affect the Planting for food and jobs and other homegrown policies.
On Wednesday, June 6, he stated during an appearance on the Super Morning Show that it has long been known that Ghana's manufacturing sector has to be strengthened if it is to become a powerful economic force.
"In reality, if you look at Ghana's 7-year plan, from 1957 to 1964, it clearly indicated that we should look at our industrial sector for Ghana to be a powerful economic force. Even then, we foresaw the creation of the AfCFTA and stated that the only way for us to participate would be if we added value to our raw resources. We we having the same discussion sixty to seventy years later," he questioned.
He was taking part in debates on the nation's choice to apply for an IMF bailout.
Despite the government's decision being criticised, Mr. Badu-Aboagye thinks it is a good step considering the nation's economic problems.
Going to the IMF is wonderful news given the situation, he said.
He did, however, make the argument that fewer taxes should be levied overall, particularly on the private sector. He pleaded with the administration to include industry participants in talks with the IMF.
The head of GCCI added that the nation had to have a strategy that strengthens the sector of production.
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