Economic transformation stage set — Vice-President

The National Economic Dialogue has set the stage for a bold and transformative agenda, the Vice-President, Professor Naana Jane Opoku-Agyemang, has said.

The two-day dialogue, she said, had been insightful and productive.

"The theme: “Building a resilient and inclusive economy, resetting the foundations for sustainable growth” has been central to the concerns, discussions and reflections that you have held.

It has been clear from the dialogue that the journey ahead will require a strategic reset grounded in restoring stability and fostering growth and benefits for every Ghanaian," she said.

Closing 

At the closing ceremony yesterday, the Vice-President said the focus over the two days was on addressing key drivers for national development.

The dialogue, she said, had underscored the urgency of restoring confidence in "our economy by maintaining macroeconomic stability, steadying inflation, strengthening our currency and creating fiscal policies to support long-term sustainable growth, and, of course, also to align our policies with fiscal discipline and sound economic management".

"We recognise that growth must be broad-based; it must be deep. It should not go vertically and horizontally. We must move away from over-reliance on a few sectors in order to enhance our competitiveness at all levels," she said.

Importance

Prof. Opoku-Agyemang said the importance of improving productivity, embracing technology and prioritising the economy must not be lost on anyone else.

Infrastructure development as a stimulant to economic growth, she said, was pivotal, and that "modernising our transport, energy and communication systems remain important to make sure that infrastructure investment also aligns with long-term development goals".

She said the benefits of such actions were improved productivity, reduced costs and unlocking of new opportunities for businesses and communities across the country.

"In all of this, we must ensure that the structural and policy reforms support a more resilient and competitive economy, especially in key areas or key sectors such as agriculture, education, health care, social welfare and others. Our commitment is to continuously review and adapt our policies to meet the needs of a changing global economy," she emphasised.

Private sector 

Prof. Opoku-Agyemang said a private sector-led growth model was important, and that "we need an enabling environment that allows businesses to thrive through improved access to finance, better infrastructure or creating a more competitive business environment".

The private sector, she added, must be strengthened as an engine of growth.

"This must go beyond just being mentioned too often.

We need to act on that and ensure that it is capable of creating even more jobs and driving innovations. We must anchor these interventions on good governance and fighting corruption," she said. 

Effective governance, Prof. Opoku-Agyemang stressed, was essential to improving public sector efficiency, enhancing transparency and strengthening institutions to eliminate corruption, adding that the reset agenda being championed by the current government was both ambitious and necessary, requiring a concerted effort from all, namely government, private sector, civil society and every Ghanaian citizen.

Assurance

"I want to assure you that the government of Ghana is fully committed to translating these resolutions into concrete action. I have noted all the homework you have given us. Our promise is to collaborate with all sectors and all sections of Ghana to ensure that we deliver the homework worthy of a government.

We will work with stakeholders so that the action points are implemented effectively," she said. 

Prof. Opoku-Agyemang said that meant ensuring that the government took sustained action in the areas of fiscal reforms, private sector support, infrastructure development and good governance.

Furthermore, she said, "We need to track progress, remain transparent in our efforts", adding that accountability would be a central pillar in the implementation process.

In the months and years to come, "we promise to stay engaged with you, to monitor our progress, and ensure that we are delivering on the strategies proposed during this dialogue.

We are confident that with sustained collaboration, determination and collective action, we will build a more resilient, inclusive and prosperous Ghana," she said.

Journey

Again, the Vice-President said, if on that journey the country reduced reliance on an unhelpful direction; moved towards a truly economically independent country capable, at the minimum, of feeding itself; made judicious uses of its human and natural resources; reduced poverty as an objective and aimed at its elimination, and ensured that decisions and actions reflected the voices of its different demographics, "we should be on a good path in making a lasting contribution to building the Ghana we all want together”.

"It is a dialogue, so it hasn't ended. We will continue," she said.