Former Executive Vice President of Unilever Ghana and Nigeria, Yaw Nsarkoh has described the country’s modest GDP of $75 billion for a population of 34 million as stark evidence of deep-rooted systemic failures in Ghana’s economic growth and development.
Yaw Nsarkoh is challenging the economic status quo of “baby steps” socio-economic growth and hence calling for nothing short of a fundamental restructuring of the Ghanaian economic architecture.
He argues that the current GDP of the country compared to the population is not in a position to create prosperity and a better life for the citizens.
“$75 billion for 34 million people will necessarily not result in mass prosperity,” he emphasized, adding that “When 34 million people only generate a GDP of $75 billion, there is a systemic problem. That needs systemic remedies, not tinkering.”
The statement throws light on the stark reality of Ghana’s economy as citizens continue to grapple with high unemployment, a depreciating cedi, rising cost of living, and persistent underdevelopment in critical sectors like agriculture, education, and manufacturing.
Ghana’s per capita GDP, which averages around $2,200, is significantly below the threshold required to deliver broad-based prosperity, implying that the rate of economic growth is not transformative enough if compared to nations with similar population sizes like Malaysia or Poland.
His comments will resonate with many economists such as Dr. John Kwakye of the IEA, who has expressed concern over the lack of transformative socio-economic growth despite the boasting of abundant natural resources endowed the country.
Nsarkoh is convinced it’s time for the country to move away from the baby step growth the fourth Republic has been grappling with. He believes it’s time for the economy to implement significant and ground-breaking ideas to move the economy to the next level.
“The Fourth Republic has seen lots of tinkering. What were the big ideas from the NED (National Economic Dialogue)?” he asked in a post on social media cited by The High Street Journal adding that “In a situation like that, the state itself must be revamped to champion & drive inclusive growth.”
By these comments, Yaw Nsarkoh is proposing bold solutions that can actively champion and drive inclusive growth. It is a clarion call for a new economic vision rooted in boldness, inclusiveness, and systemic change.
