Investment, growth remain elusive despite Ghana’s heavy borrowing – Prof Quartey

Despite Ghana's significant borrowing, investment growth continues to elude the nation, according to Prof. Peter Quartey, Director of the Institute of Statistical, Social and Economic Research at the University of Ghana. He emphasized that while external funding is essential for development, it has not translated into meaningful economic advancement. In a recent forum focusing on sustainable economic growth, Prof. Quartey pointed out that high debt levels hinder domestic investments as resources are diverted to servicing debts instead of fostering productive sectors.

He called for a shift in focus towards enhancing local investment initiatives and improving financial management practices. The professor highlighted that effective fiscal policies are crucial to ensuring borrowed funds stimulate growth rather than exacerbate existing challenges. Furthermore, he urged policymakers to prioritize creating an enabling environment for businesses to thrive, which would ultimately lead to job creation and increased national prosperity. As Ghana navigates its economic landscape marked by heavy borrowing, the need for strategic planning and robust investment frameworks remains critical for achieving sustainable development goals.