Economic Advisory Council needed to reset economy -Opong-Fosu  

Mr Akwasi Opong-Fosu, Governance and Public Policy Analyst says the urgency to reset the economy cannot be overstated, as Ghana enters a pivotal phase of national renewal under a newly-elected government.

He said the country stands at a critical juncture where bold and inclusive economic reforms were essential, not just for short-term recovery but for long-term sustainability and equity.

Mr Opong-Fosu told the GNA that in this context, the establishment of a statutory Economic Advisory Council (EAC) must be seen not as an option, but as a necessity.

He said Ghana’s past was littered with economic conferences, policy dialogues and high-level summits that generated reports, communiqués and headlines, but yielded little in terms of lasting outcomes.

He said the time had come to break this cycle and what was needed was a permanent, institutionalised platform that ensured continuity, inclusivity and accountability in shaping the nation’s economic destiny.

“An EAC, properly constituted and empowered, would provide that platform,” he added.

Mr Opong-Fosu, who was a former Minister of State, said the core value of the Council would be in its capacity to democratise economic policymaking.

He said it would serve as a conduit for citizen engagement, bringing the voices of farmers, traders, entrepreneurs, youth, women, traditional authorities, academia, labour unions, consumer advocates and civil society organisations into the heart of economic governance.

“Such a Council will reflect the reality that economic development is not the sole preserve of technocrats or political elites but it is a shared enterprise that must be informed by the lived experiences of all Ghanaians,” he said.

He said, moreover, the EAC would act as a real-time sounding board for government policy.

The former Minister of State said by monitoring economic trends, evaluating the effectiveness of fiscal and monetary decisions and proposing timely policy adjustments, the Council would help the government to remain agile and responsive in a volatile global environment.

He said this kind of feedback mechanism was crucial to avoid costly policy missteps and to restore public confidence in economic management.

He said incorporating a broad spectrum of expertise and perspectives, the Council would help balance competing priorities – growth with equity, investment with regulation, innovation with stability.

“In doing so, it will promote a more holistic and sustainable approach to development, crucially, this will also deepen transparency,” he added.

He said a statutory EAC, operating with a clear mandate and public accountability, would diminish the risk of economic policy being hijacked by narrow, vested interests.

Ghana’s economic challenges from rising youth unemployment and inflationary pressures to debt sustainability and industrial underperformance require more than political will.

He said the challenges demanded inclusive governance structures that are grounded in trust, participation, and evidence-based decision-making.

Mr Opong-Fosu said an EAC, properly constituted by law and insulated from political manipulation, would be a bold step toward building such a structure.

He said as the nation began this new chapter under the reset agenda, the government must seize the opportunity to institutionalize a Council as a cornerstone of economic transformation.

He said it was only through inclusive, transparent, and responsive governance that Ghana could chart a path to prosperity that truly leaves no one behind.

GNA

 

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