Former Trade and Industry Minister Alan Kwadwo Kyerematen has questioned Ghana’s failure to establish clear national performance indicators to measure whether successive governments are achieving the country’s long-term development goals.
He said economic transformation cannot be achieved simply by celebrating improvements in inflation, the exchange rate and other macroeconomic indicators without establishing measurable targets for where the country wants to go.
Speaking at a public lecture organised by the Center for Strategic African Development (CENSADEV) at the British Council in Accra on Wednesday, Mr Kyerematen said Ghana needed a more coordinated approach to development planning.
“It’s a big joke if a country like Ghana does not set KPIs for where it wants to get to. How do you know you have reached your destination?” he asked.
The lecture was held on the theme, “Transformation of the Ghanaian Economy: From Stability to Prosperity.”
Mr Kyerematen argued that the recent improvements in Ghana’s macroeconomic indicators should be treated as a foundation rather than the end point of economic policy.
According to him, the real test of economic management should be whether stability is translated into investment, industrialisation, job creation, stronger businesses and improved living standards.
He therefore called for the adoption of clear national targets against which economic and development performance could be assessed.
His position shifts the focus of Ghana’s economic debate from whether the economy has stabilised to whether the country has a clearly measurable destination beyond stabilisation.
He also argued that stronger coordination was needed among institutions responsible for national development planning to ensure that government policies worked towards common objectives.
Mr Kyerematen further called for a reduction in the cost of credit, saying Ghana should ultimately target a single-digit policy rate to create a more favourable environment for businesses to invest and expand.
Source: www.kumasimail.com
