Prof. Joseph Stiglitz, Nobel Laureate in Economics and ACET Board Members pay courtesy call on Hon. Minister and Economic Management Team.

Hon. Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning today said though the world food and crude oil crises poses serious challenge to economic management, government is determined to achieve growth targets set out in the budget.

He said aside of recent measures introduced to reduce the burden of the crises on Ghanaians; government is studying the situation on day to day basis to ensure the adjustment does the least damage to the economy.

Hon. Minister said this when Prof. Joseph Stiglitz, Nobel Laureate in Economics and the Board Members of African Centre for Economic Transformation (ACET) led by Dr. K. Y. Amoako paid a courtesy call on him.

Hon. Baah-Wiredu said government is dialoguing with various stakeholders to fashion out policies to ensure “we make the best out of the situation. The crisis is a challenge and we would take advantage to produce more at the same time we would be mindful of the short comings on the commodities market”, he added.

Prof. Stiglitz on his part acknowledged the challenge of managing the economy during this time, especially when this year is an election year and commended Ghana for the policies introduced so far.

He, however, cautioned government to ensure that policies introduced do not put the burden on adjustment on the ordinary people.

Answering questions from the media on the Economic Partnership Agreement and on bio-fuels, Prof Stiglitz said the EPA in its current form does not reflect a partnership and it is not designed to promote Africa’s growth.

He said the EPA is designed to promote US corporate interest, it was therefore necessary for countries like Ghana to look at the advantages and disadvantages and re-negotiate the disadvantages.

On bio-fuels, he said though the issue of global warming cannot be ignored, countries aught to increase food production in the face of the current crises, moreover, the trend in energy consumption in the long term, would be towards bio-fuels and renewable energy.

Ghana should look at what are the most profitable crops to grow since it is important to ensure increase food supply to protect the country from the vagaries of commodity prices, he added.

Dr. K. Y. Amoako in his brief remarks said ACET has been set up to support African governments in policy analysis to ensure long term sustained growth.

Present were the Governor of Bank of Ghana and his two deputies, the Government Statistician, the Director General of NDPC, the Commissioners of the Revenue Agencies and the officials from Ministry of Finance and Economic Planning.