Akufo-Addo analyses global financial crisis...promises to position Ghana to withstand the shocks

Nana Addo Dankwa Akufo-Addo is the Presidential candidate of the ruling New Patriotic |Party in Ghana


By William Yaw Owusu

Tuesday October 21, 2008
THE Presidential candidate of the New Patriotic Party (NPP), Nana Addo Dankwa Akufo-Addo, has spoken extensively on the current global economic downturn or financial crisis and promised that the next NPP government would put in place appropriate strategies to withstand the shocks.

Speaking at a news conference in Accra yesterday. Nana Akufo-Addo said “although a series of positive, thoughtful interventions by the NPP government has helped us weather the storm here in Ghana better than most other African countries, there can be no doubt that these external problems may well put some damper on our outstanding achievements.”

Flanked by Dr Mahamudu Bawumia his running mate and other leading member of the NPP, Nana Akufo-Addo said “the upsurge of this new and more ferocious crisis at a time when we are managing to cope with effects of the food and fuel price increases must given real cause for concern.”

He said for instance that remittances from Ghanaians living abroad especially in the United States, United Kingdom, Germany and other developed economies to their families back home in Ghana are likely to be affected due to the financial crisis that has hit those countries, citing Mexico as a country that had already started experiencing drops in its remittances from the US.

The NPP candidate explained “The treats to jobs and housing in the US, UK, Germany among others arising from the crisis is bound to hit at our compatriots leading to a probable decline in their remittances.”

“Moreover, given the evidence of history that commodity prices decline in periods of economic downturn in the developed world, there must be a real danger of decline in the prices of commodities that are critical to Ghana’s survival.”

Nana Akufo-Addo said “the challenges in the developed world today present us with an opportunity to ensure that our fledging mortgage and credit regime in general takes lessons from the recklessness of the global mortgate market.

He said “we should thus be determined by build here in Ghana the kind of responsible credit culture that can also secure our necessary push for the third world to the first.”

Speaking on the performance of the Ghana Stock Exchange (GSE), the NPP candidate said “in the national interest, the achievements of the exchange and its potential should be widely publicised for those investors abroad who may be seeking alternative destinations for their investment funds.”

He said he had already made arrangements to bring together an expert panel to maintain liaison with the GSE, financial services and other institutions representing the business community, to monitor the emerging challenges.

He said the experts would also review wide range of policies and fashions out an appropriate input in the inevitable dialogue on the world economic system in the aftermath of the crisis.

The country needs reassurance of a proactive leadership in these critical times. We cannot sit down and wait to be overwhelmed by problems. We need to be proactive in anticipating and responding, appropriately and in due time to challenges as they loom on the horizon.”