State-run economy set to drive economic growth – PRC

Nana Yaa Akyempim Jantuah – Secretary General of the CPP

The Convention People’s Party (CPP) said that a state-run economy should be the main engine of economic growth while the private sector plays a supporting role.

“We believe that industrialization through state intervention is the way forward to create jobs and harness economic growth and development,” he said.

In a statement signed by its secretary general, Nana Yaa Akyempim Jantuah, in response to the government’s 2020 budget statement and economic policy, the party cited successful state-run economies such as Malaysia, Indonesia and Singapore.

The statement said that a CPP government in 2025 would mobilize the human and financial resources and capital necessary for the country’s economic growth and development.

“Today, the neoliberal private sector business model taking the lead and completely taking over while the government sits lazily on a couch watching without lifting a finger to intervene in market forces has failed us miserably.” did he declare.

Loan

The statement calls on the government to account for the huge sums of money borrowed since coming to power in 2017.

According to the CPP, although the current NPP government borrowed GH ¢ 300 billion, with a debt-to-gross domestic product (GDP) ratio of over 80 percent, there was nothing to show as the economy was in “stagflation” of the stack. (A spiral of depreciation and inflation) without growth and without creation of wealth for the country.

Budget response

He also urged the government to find a better, humane, practical and meaningful way to collect income to pay debts owed to road contractors and other institutions.

While opposing the Electronic Levy (E-levy), he said it was unthinkable that a 15 percent increase would also be applied to all government departments.

He urged the government to tax the profit margins of the telecom companies that run the mobile money industry instead of placing the burden on the ordinary Ghanaian.

The statement therefore called on parliament to reject the proposal and asked how a government would promote digitization and turn around to impose a tax on electronic transactions.

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