Head of Department of Finance at the School of Business at the University of Cape Coast, Professor John Gatsi, has stated that lack of reliable national assessment data base on employment and unemployment rates was one of the main contributory factors of the inability of the central government to find a lasting solution to the employment and unemployment situation in Ghana’s labour market.
According to him, this has resulted in the deepening of unemployment challenges and socio-economic hardships in Ghana.
To be able to achieve this, the renowned economist called on government to prioritise the collection, storage and management of data on key aspects of the national economy including labour on unemployment and employment rates seasonally.
These measures, Prof stressed, were good for effective economic policy formulation and implementation as well as good for the review of the existing economic policies in the interest of the people of this country
Prof Gatsi expressed these observations in an interview with Today on the sidelines of a training workshop for members of the Journalists for Business Advocate (JBA).
The workshop, which came off in Accra, was sponsored by Bank of Ghana (BoG) and Ecobank Ghana Limited.
He cautioned the government to stop making excuses of not having a labour economy.
“This excuse by the government must stop because if you don’t have labour economy you must create it,” he advised.
Prof Gatsi further expatiated that the purpose of economic management was to improve the lives of people and create opportunities for all.
He also advised journalists to be critical, objective, fair and avoid being public relations officers (PROs) when reporting on economic issues.
He explained that in economic reporting, informing the people on critical economic issues was very necessary.
He urged economic journalists to go beyond mere transmission of releases by authorities to also report on the Human Development Index, Gini Index and Misery Index to bring to public discussion matters relating to income distribution and economic policy impacts, among others.
According to him, a better approach to agriculture, innovation and tourism as growth drivers after natural resources can double Ghana’s Gross Domestic Product (GDP) over the next eleven years.
“Using rule 70 as used by economic policy experts, the country could only double the size of the economy if the current projection of 6.3% growth rate is maintained over the next 11 years.
He indicated that: “This implies better approach to agriculture, innovation and tourism as growth drivers after natural resources is needed. Sustaining such a growth rate over the period with inclusive effects must be well guided,” Prof Gatsi noted.
Story: Freeman KORYEKPOR AWLESU
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