National Economic Dialogue for High Growth and Resilient Economy for Ghana – Mahama

Peter January 27, 2025 88

In a bold and strategic move to address Ghana’s pressing economic challenges, His Excellency John Dramani Mahama, President of the Republic of Ghana, has inaugurated a seven-member National Economic Dialogue (NED) Planning Committee. This initiative forms a central pillar of his administration’s 120-day Social Contract with Ghanaians, aimed at restoring economic stability and charting a path toward inclusive and sustainable development.

The NED Planning Committee, chaired by renowned economist Dr. Ishmael Yamson, has been entrusted with organizing a high-level national dialogue. This dialogue seeks to foster consultation and build consensus among key stakeholders, including policymakers, private sector leaders, academia, civil society organizations, and international partners. The goal is to craft a shared vision for economic transformation and sustainable growth, addressing critical bottlenecks and leveraging opportunities to position Ghana as a competitive, high-growth economy.

Composition of the Committee

The committee comprises a diverse group of distinguished individuals with expertise in economics, governance, finance, and business. The members are:

Dr. K.Y. Amoako – A globally respected development economist and former Executive Secretary of the Economic Commission for Africa (ECA), with extensive experience in shaping economic reforms across Africa.

Professor John Gatsi – A prominent academic and finance expert known for his insights into economic policy and fiscal management.

Mohammed Samara – A seasoned business leader with expertise in industrial development and private-sector engagement.

Nelly Mireku – A legal and governance specialist with a deep understanding of institutional frameworks and regulatory systems.

Anthony Sarpong – A financial expert and chartered accountant with a track record in corporate finance and economic advisory services.

Mr. Ernest De-Graft Egyir – An entrepreneur and corporate strategist with a passion for driving innovation and economic empowerment.

The inclusion of such a diverse and experienced team underscores the government’s commitment to ensuring that the dialogue is informed by a wide range of perspectives and expertise.

Objectives of the National Economic Dialogue

In a statement released on January 26, 2025, Hon. Felix Kwakye Ofosu, Minister of State in charge of Government Communication, outlined the overarching goals of the National Economic Dialogue. According to him, the initiative is designed to:

Communicate the True State of the Economy – Provide stakeholders and the general public with a transparent and accurate assessment of Ghana’s economic situation, including challenges, opportunities, and potential paths forward.

Engage in Policy Dialogue – Create a platform for open discussions on the trade-offs and policy options available to address Ghana’s economic challenges, with an emphasis on inclusivity and evidence-based decision-making.

Build Consensus on Reforms – Foster agreement among stakeholders on the key reforms needed to reset the economy and set it on a trajectory of growth and resilience.

Identify Structural Priorities – Pinpoint critical structural reforms and areas for policy intervention that will drive industrialization, job creation, and economic diversification.

Develop a Homegrown Fiscal Consolidation Program – Design a fiscal framework tailored to Ghana’s unique economic circumstances, ensuring alignment with national priorities and international best practices.

Key Focus Areas of the Dialogue

The dialogue will address a broad spectrum of economic and developmental challenges, including:

Macroeconomic Stability: Restoring confidence in Ghana’s fiscal and monetary systems by tackling debt sustainability, inflation, and currency volatility.

Private Sector Development: Enhancing the business environment to attract investment, stimulate entrepreneurship, and create jobs.

Industrialization and Value Addition: Promoting local manufacturing and value addition to Ghana’s natural resources as a means to reduce reliance on imports and increase export earnings.

Youth Empowerment and Job Creation: Develop targeted programs to equip the youth with skills and opportunities to participate meaningfully in the economy.

Sustainability and Climate Resilience: Integrating environmental sustainability and climate resilience into economic planning to ensure long-term growth that benefits future generations.

Government’s Vision and Commitment

President Mahama’s administration recognizes that addressing Ghana’s economic challenges requires more than just government action; it demands an inclusive, collaborative, and transparent approach. The National Economic Dialogue represents a departure from top-down policy-making, ensuring that all voices are heard in shaping the nation’s economic future.

“The National Economic Dialogue is not just an event; it is a process that will redefine how Ghana approaches economic policy and development planning,” the statement from Hon. Felix Kwakye Ofosu emphasized. “It is an opportunity to unite stakeholders across sectors around a shared vision for prosperity.”

Expected Outcomes

The work of the NED Planning Committee is expected to culminate in actionable recommendations that will guide government policy and programs. The anticipated outcomes include:

A detailed report on the state of Ghana’s economy, including challenges and opportunities.

A comprehensive roadmap for fiscal consolidation, structural reforms, and economic reset.

Broad stakeholder buy-in and consensus on key policy reforms and priorities.

Enhanced confidence among investors, development partners, and citizens in the government’s commitment to economic transformation.

A Bold Step Toward Economic Renewal

The establishment of the National Economic Dialogue Planning Committee marks a significant milestone in Ghana’s journey toward economic renewal. By prioritizing dialogue, collaboration, and evidence-based policymaking, President Mahama’s administration is laying the groundwork for a resilient and inclusive economy that works for all Ghanaians.