{"id":70456,"date":"2024-04-09T08:36:09","date_gmt":"2024-04-09T08:36:09","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/economist-tells-govt-to-leverage-on-the-trillions-of-dollars-of-natural-resources-to-grow-the-economy"},"modified":"2024-04-09T09:10:25","modified_gmt":"2024-04-09T09:10:25","slug":"economist-tells-govt-to-leverage-on-the-trillions-of-dollars-of-natural-resources-to-grow-the-economy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/economist-tells-govt-to-leverage-on-the-trillions-of-dollars-of-natural-resources-to-grow-the-economy","title":{"rendered":"Economist tells govt to leverage on the \u2018trillions of dollars of natural resources\u2019 to grow the economy"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Ghana does not need the Special Drawing Rights (SDR) of the International Monetary Fund (IMF) for economic growth, an economist Dr John Kwakye has said.<\/b><\/p>\n

In the view of the Director of Research at the Institute of Economic Affairs (IEA), Ghana can develop by relying on its natural resource wealth.<\/p>\n

\u201cWe don\u2019t need any SDRs to support our growth. We have trillions of dollars of natural resource wealth here at home. All we need to do is own it and not give it away to foreign companies,\u201d he wrote on his X platform while reacting to a comment by an Economic Researcher, Institute of Statistical Social and Economic Research (ISSER), Dr Richmond Atta-Ankomah, who has urged government to leverage the SDR of the Fund for economic growth.<\/p>\n

Dr Atta-Ankomah said the SDR was a less costly financing regime which offered lower interest rates than commercial loans for countries like Ghana.<\/p>\n

\u201cThe current SDR interest rate is about 4 per cent, which was substantially cheaper than 7 to 11 per cent charged on Ghana\u2019s Eurobond,\u201d he added.<\/p>\n

He encouraged government to appeal to the IMF to take into account the need for more funds to help Ghana channel liquidity and investment financing into well structured, sustainable, and inclusive developmental projects.<\/p>\n

Mr Atta-Ankomah said a higher allocation of SDRs to Africa offered a unique opportunity to put the continent on track to meeting the United Nations\u2019 Sustainable Development Goals (SDGs) and build the Africa \u201cwe want.\u201d<\/p>\n

He said:\u201cthe money would not be a free money and would be paid back, therefore we must generate enough revenue from it to quantify our income.\u201d<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Ghana does not need the Special Drawing Rights (SDR) of the International Monetary Fund (IMF) for economic growth, an economist Dr John Kwakye has said. In the view of the Director of Research at the Institute of Economic Affairs (IEA), Ghana can develop by relying on its natural resource wealth. \u201cWe don\u2019t […]<\/p>\n","protected":false},"author":84,"featured_media":70455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[5092,5096,429],"class_list":["post-70456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nEconomist tells govt to leverage on the \u2018trillions of dollars of natural resources\u2019 to grow the economy - Ghana<\/title>\n<meta name=\"description\" content=\"Ghana does not need the Special Drawing Rights (SDR) of the International Monetary Fund (IMF) for economic growth, an ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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