It’s time to rethink Ghana’s economic development strategy – Economist

Development Economist George Domfeh has urged policymakers to rethink Ghana’s economic strategy, emphasizing the need to shift focus toward local production and manufacturing.

Speaking on a the KeyPoints, Domfeh challenged the over-reliance on macroeconomic growth figures, stating that while Ghana’s economy recorded a 6.3% growth rate, the impact on ordinary citizens remains minimal.

“We cannot continue to do the same old things that haven’t gotten us anywhere since 1957,” Domfeh said. “If we truly want to fix the Cedi’s instability, we must prioritize local production in the agricultural and manufacturing sectors. Otherwise, we will keep exchanging dollars to import goods we could produce ourselves.”

Domfeh pointed out that despite the overall growth, challenges persist in the agricultural sector, particularly in cocoa production.

“Yes, the agricultural sector has been doing well, but cocoa has struggled in the past two years. This is where the poor are, so the focus should be on sustaining growth in these areas.”

He also lamented the state of Ghana’s construction sector, highlighting delays in contractor payments.

“Government payments to contractors have been poor, and this has persisted for years. If we want growth to be meaningful, it must reflect in the real economy, especially for those owed billions of Cedis.”

According to Domfeh, political division continues to hinder Ghana’s economic progress.

“We must put political antagonism aside and come together to identify real solutions. Our polarization is preventing us from making the changes we need.”

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