Alan Kyerematen, a Flagbearer hopeful of the New Patriotic Party (NPP), has touted his Great Transformational Plan (GTP) as a new direction toward accelerated growth that will position the country and break the cycle of IMF bailouts.
Speaking in a presentation to key private sector players on June 13, Mr. Kyerematen expressed the value of deliberate Government policy driving desired outcomes in the private sector.
He said, “Government has the power through policy to turn the economy around in the preferred direction”.
The Great Transformational Plan proposed by Mr. Kyerematen aims to foster a more self-reliant and resilient economy, propelling Ghana from a state of stability and growth to one of transformation.
He stressed the need for a comprehensive plan to guide the nation beyond the transitional Post-COVID Economic Recovery Programme (P-CERP) currently underway with IMF support.
According to Kyerematen, the recent IMF bailout served as a lesson that Ghana’s economy remains fragile, vulnerable, and prone to external and domestic shocks. He attributed this vulnerability to the country’s heavy reliance on commodity exports with limited value addition. Additionally, he highlighted that the projected 5.1% GDP growth for the Ghanaian economy in 2023 hinges on anticipated increases in global commodity prices.
The success of the GTP, as outlined by Kyerematen, will rely on robust macroeconomic fundamentals.
These include maintaining a stable currency, managing inflation rates, ensuring sustainable debt levels, optimizing revenue generation, exercising prudent expenditure control to achieve fiscal balance, fostering low competitive interest rates, and building strong external reserves supported by ample liquidity to fortify the financial sector.
Captains of Industry present at the meeting interacted fruitfully on elements of the GTP.
Private sector captains who attend the business meeting with Alan Kyerematen include the respective Presidents of the Private Enterprise Federation, Nana Osei Bonsu, the Association of Ghana Industry (AGI), Dr. Ayim Darke, the Ghana National Chamber of Commerce and Industry, Mr. Clement Amoako, the Association of Small Scale Industries, Alhaji Mumin Saeed and the Vice President of GUTA, Mr. Clement Boateng. Ms. Nura Salifu,
President of the Association of Garment and Apparel Manufacturers of Ghana and Mr. Jeff Oppong Preprah, the president of the Automobile Assemblies Association of Ghana.