Associate Professor of the University of Ghana Business School, Prof. Lord Mensah, has said that the introduction of Eurobonds have rendered African leaders lazy because they depend on it too much.
According to him, since Eurobond is there to provide loans to African leaders, they find no need to find ways to control expenditure.
After COVID-19 made acquiring loans from the bond difficult, African leaders are struggling to keep their economies running.
Speaking in an interview with Nana Osei Ampofo Adjei on Adom TV’s The Big Agenda, Prof. Mensah, said “since the introduction of Eurobond, many African leaders have not bothered to find home grown policies to develop their economies because they are always assured of Eurobond.
“The Eurobond has made African leaders lazy. All they do is to go for Eurobond and the result is what we are all experiencing today.”
According to him, government now needs to export more and reduce importation to help slow down the fast depreciation of the cedi.
He was of the view that the 1D1F policy can solely not be relied on to achieve this because most of what these factories produce have no export market values.
“What are they producing in these factories? When you set up factories that produce diapers and so on, how can you export them? Because even here in Ghana, diapers are not of high demand as compared to other products. The whole idea of 1D1F is good, but cannot be relied on to boost our much needed exportation because we are not producing ex-portable goods,” he said.
When asked if the One District Factory should be reviewed, Prof. Mensah said it is the right way to go.