B&FT CEO urges collective effort and long-term planning to secure economy’s future

By Juliet ETEFE

The 13th Ghana Economic Forum commenced today with a thought-provoking address by Dr. Godwin Acquaye, CEO of the Business and Financial Times, who called for a unified, long-term strategy to secure Ghana’s economic future.

Speaking to a gathering of industry leaders, policymakers, and stakeholders, Dr. Acquaye highlighted the urgent need for economic stabilisation and growth as the nation continues to face significant challenges.

Focusing on the year 2025, Dr. Acquaye emphasised the importance of ensuring that every Ghanaian is included in the nation’s economic journey.

“We need to inspire confidence in our economy to accelerate investment and growth. This will require a concerted effort, with everyone pushing their shoulders to the wheel,” he stated.

Import substitution

Dr. Acquaye also outlined the pressing issue of Ghana’s dependency on imports, noting that the country’s import bill for 2023 stood at GH¢180.7 billion, a significant increase from the previous year.

He stressed the need to improve import substitution industries to reduce this burden and mitigate the impact of global inflation on the economy.

Amid these challenges, Dr. Acquaye called for a national consensus on a long-term planning strategy, underscoring the pivotal role of the National Development Planning Commission (NDPC).

He urged stakeholders across government, the private sector, civil society, and academia to work together towards common goals, particularly in diversifying the economy, enhancing infrastructure, and investing in education and technology.

The “Ghanaian Dream”

Reflecting on the “Ghanaian Dream,” Dr. Acquaye described it as a vision of prosperity, equality, and opportunity for all citizens, highlighting the nation’s commendable literacy rate of 80% and the need to strive for universal literacy.

He also addressed the unemployment rate of 13.4% and the 12.5% of Ghanaians living below the international poverty line, calling for efforts to create more job opportunities and eradicate poverty.

“The Ghanaian Dream is not just an abstract concept; it is a call to action. It urges us to break down barriers, bridge gaps, and create an environment where every individual can thrive,” he stressed reiterating the necessity of a collective effort to achieve Ghana’s long-term economic goals.

“Together, we can build a prosperous, inclusive, and sustainable future for Ghana,” he noted, setting the tone for the discussions and activities of the forum.

The Ghana Economic Forum continues with sessions focusing on key economic sectors and strategies for sustainable development in the coming years.

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