Ghana’s economy in reverse mode – UG Vice Chancellor

The Vice Chancellor of the University of Ghana (UG), Professor Ebenezer Owusu Oduro, has stated that Ghana’s economy is in reverse mode.

He said the country has failed in its approach towards development.

Speaking to journalists at the launch of the 2nd Biennial Scientific Conference in Accra, Professor Oduro warned of a gloomy future for the country if steps are not taken to invest in agriculture and industry.

The Institute of Statistical Social and Economic Research ISSER, in its State of the Nation’s Economy report said there is a continuous decline in Ghana’s GDP and warned of a recession if the economy is not diversified.

He said from the State of the Nation economic report, “the sector with the highest spending was the services followed by industry…but that is not proper. It should be agriculture, industry before the services. There is no doubt that the nation’s development depends on science education. We have a reverse economic growth as a nation, so the topmost growth is service sector followed by industry and then we have agriculture as the last.”

He added that “We’ve gotten to a point that as a nation we must make a decision to either invest in science education or we forget about it.”

The Vice Chancellor also said, Ghana risks slowing down its economic growth if it does not take deliberate steps to strengthen the agricultural sector.

“There is no doubt that the nation’s development depends on science education. We have a reverse economic growth as a nation, so the topmost growth is service sector followed by industry and then we have agriculture as the last.”

Moody’s revises Ghana’s bond ratings

The claim comes at a time when international Credit Ratings Agency, Moody’s, has revised the outlook on Ghana’s Long-term Bond Ratings from Negative to Stable.

The rating agency has also affirmed the rating at B31.

Moody’s cited significant fiscal deficit reduction and success in implementing structural reforms over the past year as well as reduced government liquidity risk on the external side following the issuance of the US$750m Eurobond, the proceeds of which are earmarked for debt repayments as some of the key drivers for the stabilization of the rating.

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