Government has been urged to raise the needed foreign exchange to boost the economy, rather than over-dependence on the International Monetary Fund and other syndicate loans.
Professor Felix Asante, Director of the Institute of Statistical, Social and Economic Research (ISSER), said it was time for value addition to the numerous natural resources before export.
This he said, would go a long way to increase revenue, create jobs, and ultimately accelerate national development.
Prof. Asante was responding to a question on “Why Ghana continues to borrow, despite the various rich natural resources the country possesses,” during the Western Regional Road Show on the State of the Ghanaian Economy 2014.
For more than 40 years, ISSER has helped to shape the development thinking and practice of the country through independent, solid and credible research.
The professor added that sharing information on the economy was important to raise the needed awareness and get active citizen participation in public policy formulation, as well as enhance the quality of lives.
The ISSER Director said the attainment of a middle income status even made it more imperative to strive towards total transformation of the economy.
Prof. Asante said: “We should focus on the improvement and sustenance of macroeconomic stability, competitiveness in the private sector, oil and gas development, accelerated agriculture modernization and sustainable natural resource management.”
Some participants suggested the establishment of a financial regulation authority to control spending, over borrowing, investment in state infrastructure, and the need for patriotism among Ghanaians.