Gold prices have risen on the global market

A Senior Partner at AB & David, Dr David Ofosu-Dorte, has asked the government to use the current gains from the global commodity market to build buffers for sustaining the economy.

He stated that this is the right time to create multiple sovereign wealth funds since the gains being witnessed will not last forever.

He explained that sovereign wealth funds are funds that would enable the government to diversify national income sources, support long-term development goals, and shield the economy from external shocks.

Ofosu-Dorte said the economy is performing fairly well from all angles and serves as the right time for saving for the future.

"We are doing well this year so far, but from all indications, it doesn’t mean it will always continue. When you have good moments, that is actually the time to make provision for the bad moments that will inevitably happen,” he noted as quoted by myjoyonline.com.

He added that this is a strategy other countries have adopted in times past, which has helped build their economies.

"Norway today, from the time oil was booming, made funds available from oil; they have over a trillion, and it's one of the most resilient economies in the world. They don't have to impose a COVID tax," he stated.

This year, Ghana has gained from rising gold and oil prices on the global market.

SSD/KA

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