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In an exclusive interview with Univers Business, Dr.Sarkodie said Ghana has overemphasized the importance of the oil and gas sectors since its started prospecting for crude oil in commercial quantity.
According to the economist, the hopes and expectations of Ghanaians were raised too high thinking the exploration of oil was going to solve all the country’s problems; this he says has led the nation not to pay critical attention to equally important sectors of the economy.
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“I think that much attention has not been given to the manufacturing and the agricultural sector. We have currently experienced some power shortages that have also affected the manufacturing sector very much. Also, with the discovery of oil, we raised our hopes too high and every Ghanaian thought that the oil discovered was going to solve all our problems but unfortunately, that’s not the case. I think we had too much expectations from the oil which are yet to be met. I simply think we are over emphasizing the importance of the oil.” Dr. Sarkodie explained.
He also called for the commercialization of the agriculture sector as a means of expanding our economic output. Dr. Sarkodie further urged the government to reduce the rate of borrowing as a means of reducing the public debt that he said is a major problem that the country was facing.
“I think that much attention has not been given to the manufacturing and the agricultural sector. We have currently experienced some power shortages that have also affected the manufacturing sector very much. Also, with the discovery of oil, we raised our hopes too high and every Ghanaian thought that the oil discovered was going to solve all our problems but unfortunately, that’s not the case. I think we had too much expectations from the oil which are yet to be met. I simply think we are over emphasizing the importance of the oil.” Dr. Sarkodie explained.
He also called for the commercialization of the agriculture sector as a means of expanding our economic output. Dr. Sarkodie further urged the government to reduce the rate of borrowing as a means of reducing the public debt that he said is a major problem that the country was facing.
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“Our GDP has been revised downwards from a little above 5 to 4.1 and it is so likely to use your oil and gas which is not going to help us. Last year, Argic grew by 0.4 which is not anything good for us. I think we can do more with argic and manufacturing. Until we pay more attention, channel more resources and commercialize the agricultural sector, if we continue to depend on oil and gas, a fall in prices on the world market will have adverse effects on our economy.” he added.
By: Philip Bright Abutiate/ Radio Univers 105.7 FM
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