Economic growth and national prosperity do not occur by chance; they are the result of deliberate efforts driven by visionary leadership, consistent policies, and active citizen participation. Ghana’s journey towards sustainable economic transformation depends on these three crucial pillars. Without them, development risks stagnation, fragmented progress, and inefficiencies that hinder long-term growth.
This sentiment was strongly emphasized by Founder and President of the African Center for Economic Transformation (ACET), Dr. Kingsley Y. Amoako, during his address at the National Dialogue at the Accra Conference Center on March 3rd, 2025.
He highlighted how Ghana’s frequent changes in leadership and policy shifts have led to economic instability, stating, “Our frequent transfers of power, no matter how peaceful, are not anchored in the long-term and widely shared vision for our economic transformation. Rather, they have come with interruptions in policy direction and programs, fragmented development efforts, wasted money, and a lack of sustained economic momentum. Intense political polarization has pushed us further and further apart, when progress depends on working closer together.”
Visionary Leadership as a Catalyst for Growth
Leadership plays a defining role in shaping the trajectory of a nation’s economy. Throughout history, countries that have achieved rapid industrialization and economic growth have been guided by leaders with bold visions, strategic foresight, and unwavering commitment to national development.
Dr. Amoako referenced Ghana’s first President, Kwame Nkrumah, as an example of such leadership, noting his ambitious industrialization agenda. He pointed to the Volta River Project, saying, “Nkrumah believed in bold, transformative projects, and nothing exemplifies this more than the Volta River Project. It was the centerpiece of his strategy to industrialize Ghana’s economy, providing the energy needed to power factories, boost industry, and accelerate economic transformation.”
However, visionary leadership must go beyond ambitious plans—it must also be accountable, transparent, and dedicated to implementing long-term policies that withstand political transitions. Without this, Ghana risks repeating a cycle of short-term governance, where new leaders prioritize immediate gains over sustained progress. As history has shown, nations that have successfully developed did so by ensuring that leadership decisions were driven by national interest rather than political expediency.
The Need for Policy Stability
Beyond leadership, the consistency of policies is crucial in determining the pace and sustainability of economic development. Unfortunately, frequent shifts in economic policies due to political transitions have long disrupted Ghana’s growth momentum. The constant changes in policy direction, coupled with abrupt discontinuation of development projects, have resulted in inefficiencies, wasted resources, and missed opportunities for sustained economic advancement.
Dr. Amoako addressed this issue directly, pointing out that despite Ghana’s progress from a low-income to a lower-middle-income country, it remains stuck in the so-called “middle-income trap.” He referenced a World Bank report, explaining, “The report presents a sobering analysis of the challenges confronting nations like ours. It found that while many countries have progressed from low income to middle income status since 1990, a staggering 108 nations, including Ghana, are stuck in the lower-middle-income category, struggling to break through to higher income status.”
He stressed the need for continuity and consistency in national development plans, warning that without them, Ghana risks prolonged economic stagnation.
One of the most visible consequences of policy instability is the numerous abandoned projects across the country. Each change in government often brings a shift in focus, with new administrations abandoning projects initiated by their predecessors. As a result, schools, hospitals, roads, and other critical infrastructure remain unfinished, depriving citizens of essential services and wasting public funds.
Citizen Engagement: A Shared Responsibility
While leadership and policy stability are fundamental, economic transformation cannot be the responsibility of the government alone; it requires the active participation of the citizenry. When citizens engage in governance through accountability mechanisms, civic responsibility, and productive entrepreneurship, they contribute to national development in meaningful ways.
Dr. Amoako emphasized this point, citing the Ghana Compact, an initiative designed to ensure citizen-driven accountability in governance. “Ghana’s transformation depends on its citizens setting a bold vision for the nation and holding governments accountable, and themselves accountable, for delivering on that mission.”
He highlighted the importance of fostering a culture of responsibility among citizens, urging them to demand policies that promote long-term economic stability while also taking initiative in driving change within their communities. Without the involvement of the people, even the best policies and most visionary leaders will struggle to achieve sustainable development.
The Path Forward
For Ghana to achieve lasting economic prosperity, leadership must be bold and forward-thinking, policies must be stable and strategic, and citizens must play an active role in governance and economic development. Dr. Amoako left no doubt about the path forward, stating, “It is my firm belief that success hinges on three things: visionary leadership, policy continuity and consistency, and a shared responsibility between citizens and their government.”
