Ghana’s democratic credentials and relatively high levels of political, social and cultural freedoms are not enough to guarantee economic freedom and prosperity for its citizens.
This is the view of the Co-founder and Chief Executive Officer of the Africa Centre for Entrepreneurship and Youth Empowerment (ACEYE) Emmanuel Acquah, urging the country to place greater emphasis on advancing economic freedom.
He argues that while Ghana has made considerable progress in creating an environment where citizens can exercise their political and social rights, the country continues to face significant challenges in building an economic system that gives individuals and businesses the freedom and opportunities to prosper.
Speaking to The High Street Journal on the sidelines of the Government Institutions Performance Dialogue ahead of the launch of the Index of Government Institutions Performance Towards Economic Prosperity (IGIPTEP), the ACEYE CEO said economic freedom remains a critical missing piece in Ghana’s broader development ambitions.
According to him, the country’s relatively strong performance in political and social freedoms must be matched by deliberate efforts to improve economic freedom, particularly given the persistent challenges of unemployment, corruption and other socio-economic difficulties.
He referenced findings from the Fraser Institute’s Economic Freedom of the World reports, which provide an assessment of the extent to which countries create conditions that allow individuals to make economic decisions, engage in voluntary exchange, compete and pursue opportunities.
The reports, he explained, offer important insights into how institutional weaknesses and policy shortcomings can constrain economic freedom and, ultimately, limit a country’s ability to achieve sustainable prosperity.
Institutions and policies at the centre of economic prosperity
The CEO of ACEYE explained that the organisation’s approach to addressing Ghana’s economic freedom challenges rests on two interconnected pillars, which are policies that shape economic outcomes and the performance of institutions responsible for implementing and enforcing those policies.
He stressed that economic prosperity cannot be achieved through policy announcements alone, arguing that the effectiveness, accountability and efficiency of public institutions are equally important in determining whether economic policies translate into meaningful improvements in people’s lives.
This, he said, informed ACEYE’s decision to develop the IGIPTEP as an annual initiative aimed at assessing government institutions and encouraging them to contribute more meaningfully to economic freedom and national prosperity.
The index provides a platform for examining how public institutions perform in areas that influence the country’s economic environment, while identifying institutional gaps that require attention.
His argument highlights an important distinction in Ghana’s development conversation. He emphasized that having democratic freedoms does not automatically translate into economic opportunities, decent jobs, business growth or improved living standards.
For instance, citizens may enjoy the freedom to vote, express their opinions and participate in public affairs, but still face significant barriers when attempting to establish businesses, access economic opportunities or build sustainable livelihoods.
Beyond democratic credentials to economic prosperity
The ACEYE CEO believes that addressing these challenges requires a deliberate commitment to strengthening institutions, improving policies and creating an environment where individuals and businesses can thrive.
For Ghana, the implication is that economic freedom must become a central part of its development agenda rather than an issue that receives attention only when economic difficulties emerge.
Ultimately, the objective of the IGIPTEP is to encourage government institutions to recognise their role in creating the conditions for economic prosperity.
