A lecturer with the Department of Economics at the University of Ghanam Dr. Priscilla Twumasi-Baffour, is urging government to reduce the continued dependence on commodity exports and seek diversification strategies to mitigate the adverse effects of price volatility on the international market post COVID-19.
According to her, commodity dependence can negatively affect economic growth and welfare in the short and medium terms, as it increases the vulnerability of commodity-dependent countries to negative commodity price shocks.
Speaking on Citi TV’s current affairs programme, The Point of View, she called on government to come up with strategic ways to develop domestic production and formulate government policies to safeguard the economy in unpredictable circumstances.
On the economic potential of the African continent, she said countries needed to focus on how to mobilise domestic resources as the continent was under-utilized.
She however expressed optimism that the situation could be reversed, and stressed the need for developing countries to escape commodity dependence.
Ghana’s main exports are gold, cocoa beans and timber products. Others include tuna, aluminum, manganese ore, diamonds and horticulture.
Source: Fiilafmonline/CitiBuss
