The National Economic Dialogue (NED) has provided a roadmap for the country’s economic transformation.
The two-day dialogue, which brought together stakeholders from government, private sector, civil society, traditional authorities, and academia, identified key challenges facing the economy and proposed solutions to address them.
One of the key takeaways from the dialogue was the need for comprehensive and durable public sector reforms.
The participants noted that the public sector remains a significant drain on the economy, with inefficient state-owned enterprises and a bloated public sector wage bill.
To address this, the participants called for the implementation of major tax reforms, the overhaul of the public financial management system, and the strengthening of independent governance institutions.
Another key area of focus was the need to promote private sector-led growth.
The participants noted that the private sector has the potential to drive economic growth and job creation, but is currently hindered by a range of challenges, including high interest rates, limited access to credit, and inadequate infrastructure.
To address this, the participants called for the establishment of a platform for sustained government-private sector engagement, the enhancement of AfCFTA awareness and support for businesses, and the provision of tailored financing for small and medium-sized enterprises.
The participants also emphasized the need to address the country’s infrastructure deficit.
Ghana’s infrastructure challenges, including inadequate roads, ports, and energy supply, are a significant constraint on economic growth.
To address this, the participants called for the introduction of a range of investable asset classes in infrastructure, the revision of pension fund investment regulations to align with infrastructure projects, and the establishment of a performance management system for road construction and maintenance.
In addition to these specific proposals, the participants also emphasized the need for a fundamental shift in the country’s economic mindset.
Dr. Ishmael Yamson, Chairman of the National Economic Dialogue Planning Committee, noted, “Ghana has suffered severe disruptions and dislocations from external shocks, but the stark truth is that the overwhelming majority of our problems are homegrown and self-inflicted. Only our leaders and the people of Ghana can and must resolve these problems”.
The event was attended by President John Dramani Dramani and other top dignitaries.
-BY Daniel Bampoe
