Ghana must revamp economic policies for sustainable future - NDPC Chairman

There is a need for a thorough reevaluation of Ghana’s economic policies and strategies to achieve sustainable development, the Chairman of the National Development Planning Commission (NDPC), Professor George Gyan-Baffour, has said.

Addressing the gathering at a symposium organised by the University of Education, Winneba and Sustainable Development Solutions Network (SDSN), Ghana Chapter in the Central Region in Accra, Prof. Gyan-Baffour highlighted Ghana's efforts over the years to implement economic interventions aimed at recovery, growth, and sustainability.

"Since Ghana's independence in 1957, all governments have been implementing economic policies and strategies to achieve sustainable development,” he stated.

Prof. Gyan-Baffour pointed to significant programmes like the 1983 Economic Recovery Programme (ERP) and various Medium-Term National Development Policy Frameworks as pivotal in stabilising Ghana’s macroeconomic environment and encouraging private investment.

However, he acknowledged that Ghana's economy has remained vulnerable to external shocks, exposing "cracks in our economic policies and strategies."

The recent global crises, he said, led to a fiscal deficit spike from 7.5% of GDP in 2019 to 15.2% in 2020, while public debt rose from 63% to 79% of GDP over the same period.

To overcome these problems, Prof. Gyan-Baffour underlined the importance of consolidating the small economic gains Ghana has realised and initiating more forward-looking economic policies and strategies to strengthen our economic growth to achieve sustainable development.

He highlighted the unveiling of Ghana's Vision 2057, a long-term development framework aimed at transforming the country into an upper-middle-income economy by its 100th anniversary of independence.

The vision, he explained, would guide subsequent governments in developing economic programmes, projects and actions to achieve the goal of a prosperous, inclusive, and resilient economy.

"The future manifestos, Coordinated Programmes of Economic and Social Development Policies of governments, National Development Policy Frameworks and Plans should aim at achieving this goal of becoming an upper middle-income economy by the time Ghana celebrates her 100th anniversary of independence," he stated.

Prof. Gyan-Baffour emphasised the need for a collective effort to build a more sustainable and prosperous Ghana, calling for a "shared responsibility, a commitment to collaborative action and a spirit of inclusivity" among all stakeholders.

The symposium, he said, should serve as a springboard for further collaboration to identify innovative solutions and strengthen the country's path towards sustainable development.