Today, Ghana stands at a critical juncture in its economic journey. As we gather for the National Economic Dialogue, we are reminded that our collective unity of purpose is the key to unlocking a brighter future for all citizens.
The first National Economic Dialogue in over a decade marks a pivotal moment in our nation’s history. It is an opportunity to reflect on our economic reality, address pressing challenges and chart a course towards a more prosperous future.
We face significant economic puzzles, including severe currency depreciation, hyperinflation and rising fuel and electricity prices.
However, with the collective expertise and experience gathered at the two day dialogue, we can drive structural reforms and a transformation agenda to reset our economy.
We have had the benefit of such gatherings. There was the Senchi Accord in 2015 which brought together same actors if not similar.
A decade afterwards, we are back to the same issues, government over-boated expenditure, high interest rates, high unemployment rates, an economy that only serves a few rather than the majority.
As the Graphic Business had often time quoted former President Rawlings “our problem is not knowing what to do but in doing what we know we should do”.
While we seem to have all the solutions for economic emancipation (especially when we are out of office), political actors seem to have a different orientation when they have the power to influence the change we want and to change the cause of history.
Listening to the President and Finance Minister, one is convinced they know what our challenges are and understand the implications of not doing anything radical that will have dire implications for the economy.
In other words, in resetting the economy, we cannot have the conventional way of “all talk and no action”.
It will require not just a shift from the old political mindset of throwing the bare bones to the citizenry to chew on while feeding fat on the very people who trust their hopes in the political class to turn their fortunes around.
Bold and decisive actions will require critical thinking and innovative ideas that create opportunities for everyone not just a few.
If the recent demonstrations in and around party offices and some state agencies where the youthful population are crying out for jobs just two months into the office of a new government is anything to go by, it goes without saying that the patience of the voting public, especially the youth is growing thinner.
Therefore, we must act with dispatch and with sincerity. The Graphic Business believes that the government has taken key steps towards recovery which includes fiscal discipline and good governance.
The streamlining of the size of government: Reducing the number of ministers from 123 to 60, significant reductions for the Office of the President and prohibition of first-class travel for all government officials.
These actions demonstrate the government’s commitment to transparency, accountability and good governance. These are all good optics and we wait to see how these match with actionable steps to redeem the economy.
As we embark on the development of our medium-term plans, commencing with the forthcoming budget on March 11, we must acknowledge the significant toll borne by every Ghanaian.
We must work together to stem the bleeding and place our economy back on the right trajectory.
This will require significant sacrifice from all of us. However, with our collective unity of purpose and commitment to transparency, accountability and good governance, we can overcome the challenges ahead and secure a prosperous future for all Ghanaians.
As we move forward, let us draw inspiration from the Finance Minister’s statement, “adwen nyi baako fo tiri mu” – knowledge does not reside in the head of one person. Together, this country can achieve greatness.