The School of Economics (SoE) of the University of Cape Coast (UCC), has signed a Memorandum of Understanding (MoU) with the National Development Planning Commission (NDPC), to pledge their commitment and support to the newly launched Ghana Macroeconomic Model.
The Macroeconomic Model was launched on February 24, 2021, and introduced to key stakeholders to whip up interest for the use of the Model in developing economic scenarios and to help provide policy alternatives in making choices that will benefit the country.
The Director-General of the NDPC, Dr. Kojo Esseim Mensah Abrampa, in his address during the launch, explained that the NDPC had been reviewing ways to improve their data, information, and interface with the public. He mentioned that during the series of reviews, it was realised that there was the need to design a Macroeconomic Model which would help to anticipate economic happenings and their effects on the country’s development.
He indicated that in developing the Model, the Development Planning Commission engaged the University of Cape Coast, the University of Ghana, and the Kwame Nkrumah University of Science and Technology. However, Dr. Abrampa mentioned that the NDPC worked very closely especially with the School of Economics of the University of Cape Coast throughout the process to determine the relevant policy documents that would be needed to advise the Office of the President. He expressed heartfelt appreciation to the School of Economics for its unflinching support.
Importance of Macroeconomic Model
In an interview with the Vice-Dean of the School of Economics, UCC, Prof. Ferdinand Ahiakpor, he explained that “This Model is an added value that will help us to know exactly what will happen in the future and plan towards it. You can also conduct regional analysis with it so that whenever the government implements a policy, you can look at the effects at various regions and know what is happening.”
The NDPC will be working with the School of Economics to explore the Macroeconomic Model and also produce technical papers and publications based on the projections and scenario analysis gained from the usage of the Model.