Dr. John Kwakye, the director of research at the Institute of Economic Affairs, has lashed out at the government for not taking the government's harsh criticism of independent economists' advise.
He said that this is what brought the nation's economy to where it is now.
He claimed that Ghanaian economists become irate when the government disregards their "recommended" remedies in favour of judgments made for political purposes.
"We study economics. It is quite annoying. People from other countries phone us and ask whether there is no economist in Ghana. I reply that our own colleague, the Vice President, is there.
He was a panellist at a 3Business Colloquium on "The Road to the IMF" when he spoke. Adding that "the Finance Minister should remain there" because "removing him at this moment will hurt international trust and it is not the greatest plan," he urged the government to include independent-minded experts in the IMF negotiation team.
The results of a study conducted by Professor John Asafu-organization Adjaye's showed that a one percentage point increase in GDP resulted in a three percent decrease in inflation, according to Professor Asafu-Adjaye, Senior Fellow and Head of Research at the African Centre for Economic Transformation.
In that regard, he said that the nation must follow a plan for growing output with mechanisms in place to lower production costs as well as strengthen the enabling environment to attract domestic and foreign money invested.
It is challenging for policymakers to believe that the country's inflation is rising because more money is being spent on fewer commodities, according to Mr. Tsonam Akpeloo, the Association of Ghana Industries (AGI) representative for the Greater Accra Region.
He said that attempts to restrict individuals' purchasing power through monetary policy would be costly for an economy that imports around 70% of its requirements since doing so would increase interest rates, which would raise the cost of raw materials for domestic manufacturing.
He urged a bipartisan strategy to address the issue by strengthening the weak exchange rate system.
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