Economist, Dr. Evans Nunoo, has advised government to adopt a balanced approach between reducing inflation and creating jobs to prevent worsening unemployment in the country. Speaking on Focus FM’s Teknokrat show with host Sika Audrey Dzifa, Dr. Nunoo cautioned that while government’s efforts to ease inflation are commendable, an excessive focus on price stability could lead to rising joblessness.
“Government must continue reducing inflation except that we must strike a balance between creating jobs and fighting inflation. The more you focus too much on inflation, the more you’re likely to record higher unemployment rates,” he explained.
Dr. Nunoo further noted that agricultural investment remains a sustainable way of cushioning the economy while fostering industrial growth. “One of the best ways out of this situation is to improve agriculture so that it feeds into industry.
We also have to ensure that the industrialisation drive is guided by good macroeconomic policy,” he added. He encouraged Ghanaians to recognize and highlight the country’s achievements in terms of exchange rate stability, stressing that investor confidence is key to sustaining the cedi’s strength.
“Speculations play a major role in depreciation and appreciation of the cedi. We’ve been doing well compared to other African countries.
As we speak, the cedi is one of the strongest currencies in the world,” he remarked. Dr. Nunoo concluded by urging government to maintain a long-term balance between inflation control, job creation, and industrialisation in order to secure economic stability.