Gov’t doesn’t understand economics – MBIC

The Chief Executive Officer (CEO) of Monfant Banks International Consulting Group, Dr. Jerry Monfant has discovered that the government does not understand economics.

According to him, economics has to do with the wellbeing of the people.

He made this observation on the Happy Morning Show (#HappyHMS) aired on e.TV Ghana and Happy 98.9FM. “The economy grows once its citizens have money to spend this improves their standard of living,” he told Sefah-Danquah who sat in for Samuel Eshun.

He added that, the only way to improve a country’s economy is if the government deliberately allows a massive cash inflow in the system. “Developed countries introduced the credit card to engineer spending when there’s no physical cash. This is done to cause an advance in the country’s economy,” he said.

He revealed that money spent by an individual becomes another person’s income which becomes their working capital. “This improves their standard of living,” he added.

According to him, five World Central Banks introduced quantitative easing when they realized their country was at a squeeze stage. “They realized cash into the economy to get to every class of citizen which boosted their spending rate to make the economy grow, he said.

He later added releasing money into Ghana’s economy will take the country a long way. “Engineering spending factor will save us from this adversities,” he concluded.

By: Louisa Antiede Tetteh.