Professor Lord Mensah, an economist, has urged the government to make harsh decisions and rethink some of its signature programmes in order to successfully manage the economy.
He voiced worry that certain initiatives would need considerable monetary inputs, while others had failed to provide real advantages to Ghanaians, necessitating the government’s continued allocation of monies to them.
Professor Mensah emphasised Agenda 111 and Planting for Food and Jobs (PJF) as specific programmes.
He criticised the $16 million cost of constructing each hospital under Agenda 111. The project’s entire cost is anticipated to reach at least $1.8 billion, with a total of 111 hospitals planned. He stressed that, given the current difficulties in getting dollars, funding such projects with Treasury Bills would result in permanent borrowing.
“Now is not the time to move forward with projects like Agenda 111, which will cost $16 million per hospital.” With such a large investment in infrastructure and equipment, the government would need $1.1 billion to finish the 111 hospitals. However, given the current difficulty in collecting funds, this strategy is unsustainable,” Professor Mensah said in an interview on Adom’s Burning Issues.
The Associate Professor of Finance stated that the Planting for Food and Jobs project has not accomplished its intended aims.
He reasoned that if the initiative was successful, food inflation in the country would not be a significant concern. As a result, he asked the government to forgo continuing investment in the second phase and instead transfer funding to sectors with more demonstrable advantages.
“As evidenced by the current food inflation, the Planting for Food and Jobs project has not produced the desired results.” It would be foolish for the government to continue investing in its second phase without first assessing its effectiveness. “At this critical juncture, redirecting these funds to more beneficial areas would be a prudent move,” Professor Mensah added.
