The upcoming National Economic Dialogue has been welcomed as a crucial step toward addressing Ghana’s economic challenges. Business leaders, policymakers, and economic experts believe the dialogue could help shape homegrown solutions to the country’s persistent macroeconomic instability, inflation, and exchange rate volatility.
One of the key stakeholders expressing optimism about the dialogue is Mark Badu Aboagye, CEO of the Ghana National Chamber of Commerce and Industry (GNCCI). However, he disclosed in an interview with The High Street Journal that while the dialogue presents an important opportunity to address Ghana’s economic challenges, the real concern is whether the government will implement the recommendations that emerge from the discussions.
Badu Aboagye emphasized that Ghana does not lack well-thought-out economic policies and strategies. The challenge, he said, is poor execution.
He pointed to both the Private Sector Development Strategy and the Senchi Consensus as examples of well-researched policy frameworks that have not been fully executed. According to him, had the recommendations from the Senchi Consensus been implemented in their entirety or even a fraction, Ghana might not be facing its current economic difficulties.
“We have written down all the solutions before. If you need policies, come to Ghana—we have them all in the books. But implementing them is the real challenge,” he said.
He noted that the country continues to face macroeconomic instability, high inflation, and exchange rate volatility, all of which have made it difficult for businesses to operate. Many Ghanaian businesses, he revealed, have relocated to neighboring West African countries where the business environment is more stable.
“If the environment is unstable, businesses will collapse. High inflation, high interest rates, high exchange rate volatility—these issues are driving investors away,” he warned.
For him, macroeconomic stability must be the government’s top priority. He stressed that without a stable inflation rate, predictable interest rates, and a strong exchange rate, businesses will struggle to thrive. He also raised concerns about the high cost of production in Ghana, including expensive electricity, excessive taxation, and costly credit. These, he said, make Ghanaian products uncompetitive in the international market.
Beyond the discussions at the dialogue, Badu Aboagye believes Ghana needs a structured national monitoring framework to track the implementation of economic policies. He expressed concern that this dialogue could end up like previous ones if there is no system to ensure accountability.
“We don’t need another talk shop. What we need is action. There should be a dedicated team tracking the progress of every recommendation that comes out of this dialogue,” he stated.
Implementation Plan: Assurances from the Dialogue Committee
Addressing concerns about execution, Professor John Gartchie Gatsi, a member of the National Economic Dialogue Planning Committee, has assured that this dialogue will not just produce another set of recommendations that gather dust. Speaking in an interview with The High Street Journal, he detailed how the outcomes of the dialogue will be structured for implementation.
According to him, the recommendations will be formally presented first to the Finance Minister and then to the President. The plan is for the National Development Planning Commission (NDPC) to integrate these recommendations into Ghana’s medium- to long-term economic policy framework.
“Some of the recommendations will be implemented directly by the President, others by relevant ministries such as Finance, Agriculture, Trade, and Energy, depending on the sector they fall under,” he explained.
Beyond influencing long-term policy, the dialogue’s recommendations will also have immediate impact, shaping the 2025 national budget.
“One agenda is to influence the budget that will be read for 2025, while other policies will have a medium- to long-term nature,” he added.
To further ensure follow-through, ministers from key economic sectors will be actively involved in the breakout sessions related to their ministries. This, according to Prof. Gatsi, will ensure direct government buy-in and follow-up action.
“These ministers will not just receive the recommendations after the event. They will be part of the discussions, ask questions, and take notes on actionable solutions,” he stated.
Professor Gatsi also highlighted a presidential commitment to implementing the final recommendations.
“The President has already given his assurance that he will be guided by the dialogue’s recommendations, whether they are palatable to the government or not,” he said.
With these assurances, the success of the dialogue now depends on how well these plans are executed beyond the discussions.
“If we truly want economic stability, we must move beyond discussions. Implementation is everything,” Prof stated.
