ECONOMIC GOVERNANCE AND MANAGEMENT
31. A further major challenge to economic management is the general lack of good
internal economic analysis caused by weaknesses in analytical capacity and inadequate
data. In particular, the perception of a weak Statistical Service needs to be addressed.
Since 2001, the Bank of Ghana has implemented a series of measures for improving the
quality and reliability of monetary statistics. The quality of Ghana's fiscal data has also
improved recently, but concerns remain about their reliability, consistency and
comprehensiveness. Employment data remain weak.
ii. Findings of the CRM
32. The CRM discussed issues related to:
? National ownership in policy-making;
? Participation in policy-making, and transparency of decision-making
processes;
? Government efficiency and capacity; and
? Economic development challenges over the next several years.
National ownership
33. Stakeholders generally agree that national ownership of economic programmes and
policies would require the willingness of citizens to take full responsibility for the
outcome of national policies. The ability to realise effective ownership would depend
greatly on the country's domestic capacity to design and implement programmes for
solving its economic problems. Such programmes would contain policies on which
there was national consensus. General participation of national stakeholders would
certainly foster a sense of national ownership. Stakeholders agree that ownership
matters, not only because programmes would be a better reflection of the preferences
and interests of all citizens, but also because the programmes would then be more fully
implemented. Although a reduction in aid dependence could enhance ownership,
stakeholders consider the domestic capacity to design and implement sound
programmes a far more important instrument for bringing about effective ownership.
Stakeholders are generally not particularly alarmed by the current reliance on foreign
aid to finance development expenditure, although they would prefer a situation of less
dependence.
34. All participants government officials, civil society and the private business sector
feel that attracting more foreign direct investment (FDI) to replace foreign aid would be
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