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Reflex Eco Group – Ghana news

by Samuel Boadi (Local journalist)

Vice Chancellor of the University of Ghana, Prof Ernest Aryeetey has challenged managers of Africa’s economies, including Ghana, to seriously look at how outcomes of research and policy work impact on the lives of the people.

This is necessary since social protection on the continent recently has become a major issue and there is also a growing concern that Africa’s growth record is unsustainable, Prof Aryeetey said.

The Vice Chancellor was addressing members of the African Econometrics Society (AES) during the opening of its 18th Annual Conference in Accra yesterday.

The three-day conference is themed: “The relevance of policy modeling in an uncertain world with specific application to Africa.”

As a result of the afore-mentioned gaps in Ghana’s economic growth trajectory, among others, Prof Aryeetey said the University of Ghana is poised to become a research institution soon.

In the interim, its attention will focus on the establishment of a Centres of Excellence for Malaria Research; Climate Change & Adaptation; Fruit Production and Processing; Plant Breeding & Processing and Monetary Policy.

Prof Yaw Nyarko, president of AES, in an address, advised young economic scholars to endear themselves to working hard behind the scenes to provide answers to the country’s economic mess instead of allowing themselves to be easily enticed into politics.

Vice President Kwesi Amissah-Arthur, in a speech, also talked about the lack of analytical skills in research work by economic scholars, adding that “there is very little forecasting based on empirical data.”

Dr Alberta Hagan, a representative of the Governor of the Bank of Ghana (BoG), who delivered the keynote address, said the adoption of indirect instruments of monetary policy and IT framework with a focus on price stability, money policy has been successful at attaining its objective.

“All these efforts have resulted in a strong and relatively diversified financial system which is aiding resource allocation and the transmission of monetary impulses to help attain price stability and economic growth.”

Inflation rose to 11.4 per cent in June compared to 11.1 per cent in May, this year.

The rate was calculated for the second consecutive month, using the new food basket of 267 items, with the monthly change rate for June being 2.6 per cent.

Food inflation was up to 6.3 per cent in June from 5.8 per cent in May while the non-food inflation was unchanged at 15.7 per cent.

Housing, water, electricity, gas and other utilities recorded inflation of 17.4 per cent, clothing and footwear recorded 17 per cent while the communications sub-group had the lowest inflation rate of 0.9 per cent.