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Gov’t can’t achieve non-oil GDP growth target for 2014 – Dr Kwakye

olEconomist with the Institute of Economic Affairs, IEA, Dr. J. Kwakye has said that the government’s 2014 budget target for non-oil growth will not be attained.

Government’s target for the non oil growth is pegged at 7.4 percent for next year,while that for growth with oil is 8.5 percent.

Dr. Kwakye however believes that government’s target for economic growth with oil is attainable.

Speaking at the Citi FM/FirstBanC Roundtable Series on the 2014 budget Dr. Kwakye said the stated 7.4 percent was too high.

According to him uncertainties in commodity prices and the country’s agric outlook will not make the target attainable.

He however welcomed moves by government to support the agricultural sector.

Dr. Kwakye also said government’s inflation, import cover and revenue targets are not ambitious.

On inflation he opined government must address challenges that keep pushing inflation up.

Citing petroleum, utility and food prices as the main cause of hikes in inflation prices over the years.

Ghana has been struggling to maintain a single digit inflation for years.

Despite this it’s target is still higher than the figure set by WAMZ which is at five percent.

On import cover he says though government has increased it’s target for next year it is not ambitious.

Government’s target is to have four months of import cover by 2014. Government has never gone beyond 3 months.

He admonished the need to introduce concrete measures to back this target.

Source: citifmonline.com

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