The KB Amissah-Arthur Foundation in collaboration with the Department of Economics of the University of Ghana, has held the 2nd KB Amissah-Arthur Forum an Economic Forum as part of activities marking the University’s 75th anniversary celebrations.
The forum aimed at shedding light on past experiences in economic policy-making and charting a path for future progress in Ghana’s economic development was on the theme; “Economic Policy Making in Ghana; Lessons Learnt and the Way Forward”.
Delivering the keynote address, the Founder and President of the African Center for Economic Transformation (ACET), Dr Kingsley Yeboah Amoako, says Ghana is stuck in a political rut for a long time because leaders are more concerned with retaining power, rather than delivering pragmatic change for the people.
Ghana needs leaders who are willing to think outside the box, embrace new technologies and ideas, and prioritize the needs of the people over their interests.
Leaders who can create new industries and job opportunities, and can advance sustainable development toput Ghana on the map as a leader on the African continent.
Dr Amoako, stated that Ghana has recorded an impressive growth trajectory over the past two decades, with 13 years of rapid growth, including six years of very rapid growth between 2000 and 2020.
However, according to the economic expert, growth alone cannot guarantee long-term development for sustainable development, adding that there is a pressing need for countries to transform their economies.
He noted that, despite the strong growth rate, Ghana’s economy has suffered falling productivity in the manufacturing sector and high vulnerability to global markets and commodity price shocks.
Additionally, Ghana’s development has been marred by debt and energy crises, substantial trade and fiscal imbalances as well a lack of cohesive long-term planning.
Dr Amoako, said Ghana is not changing, and for this reason why the African Center for Economic Transformation has created the African Transformation Index to monitor national development in this area. Furthermore, it will demonstrate that Ghana’s economic transformation is failing, falling short of the continent’s average in every metric, including technological advancement, labor productivity, and product and export diversification.
He disclosed that a new initiative that he and other Ghanaians are spearheading known as ‘’Compact for Ghana’s Political and Economic Transformation’’ seeks to build the true national consensus required urgently. He pointed out that the Ghana Compact aims to frame the future of Ghana by 2050 and is a platform for setting a shared vision for the nation that will tackle the greatest challenges. It is intended to put Ghana on a more secure forward path by bringing a better balance to the democratic process and more voices into our policy discussions.
He was hopeful that the Compact will help Ghana to truly deliver on its ambitions and achieve its greatest potential saying; “we need to build a social contract between our citizens and our government no matter who is in charge to set a long-term vision for economic transformation that delivers dividends for our people”.
“The Compact is bringing ordinary citizens into the discourse and discussions so that the initiative is informed first and foremost by the people of Ghana, from the ground up, and not the top down. It is engaging youth on the issues that will define their lives. It is building consensus among a wide and varied group of stakeholders, from industry associations and trade unions to civil society and the leadership of parliament”. Dr. Amoako assured.
The Compact,he noted will address the historic constraints and challenges to our fiscal health, safeguard our democracy amid increasing political polarization, distrust, and disengagement, and also put Ghana on a successful pathway to economic transformation and sustainable, inclusive growth.
Dr Amoako, further revealed that the African Center for Economic Transformation is working closely with a network of most of the major think tanks and policy institutes to supply this initiative with an empirical foundation
Commenting on the theme, Economic Policymaking in Ghana: Lessons Learned and the Way Forward, he explained that the Ghana Compact is a truly workable blueprint for applying past lessons toward a better future,stating that it all comes down to crafting and implementing smart, informed economic policies that enable transformation.
The Vice Chancellor of the University of Ghana, Professor Naana Aba Appiah Amfo, who was the Chairperson for the occasion in her remarks, said in accomplishing sustainable economic growth requires a crucial ingredient and consistency in policy formulation and implementation.
She pointed out that Ghana finds itself at a crossroads, where the need for steadfastness in economic decision-making has become paramount adding that the nation’s development trajectory hinges on maintaining a coherent and predictable economic policy framework.
Professor Naana Aba Appiah Amfo, noted that the late Vice President had a long-standing relationship with the University and was instrumental in the construction of the Economic Department conference facility. She reiterated the need for economic policies to be geared towards transforming the lives of the ordinary citizen in the country.
Two best graduate students of the Economics Department of the University of Ghana, received an award instituted by the KB Amissah-Arthur Foundation.
The award from the Foundation is an educational assistance to the students in memory of the late Vice President, Paa Kwesi Bekoe Amissah-Arthur, passion about higher education and research.
Ms. Deborah Annan, a Master of Philosophy student in Economics, received 20 thousand Dollars Cedi equivalent, while Ms. Josephine Baako-Amponsah, a Doctoral candidate in Economic srereceived 40 thousand Dollars Cedi equivalent.
