Lead Economic Analyst for the New Force, Hubert Baidoo has criticized Ghana’s leadership for the country’s lack of progress despite having many PhD holders in government.
In an interview on the Happy Morning Show, Mr. Baidoo attributed the country’s stagnation to a disconnect between leaders’ qualifications and their commitment to national development.
He argued that Ghana should not rely on foreign loans. Instead, he emphasized the importance of building reserves and creating well-paying jobs to stimulate economic self-sufficiency.
According to him, when citizens have disposable income and are able to save, they can lend money to the state, fostering a culture of delayed gratification and reducing reliance on external funding.
He compared Ghana’s situation to Japan, which, despite having a high debt-to-GDP ratio does not face significant problems because its debt is largely owed to Japanese citizens and denominated in Japanese Yen. This he said creates a trust-based relationship between the government and its people, who are willing to lend their money domestically.
Mr. Baidoo warned that external debts, especially in foreign currencies like Euros or US Dollars, pose greater risks as it diminishes the country’s control over its financial stability.