Dr. Nii Moi Thompson, Chairman of the National Development Planning Commission (NDPC), has called on Ghana to adopt a three-dimensional economic growth model that places equal emphasis on gross domestic product (GDP) growth, job creation, and rising wages.
Speaking at the Ishmael Yamson & Associates (IYA) Business Roundtable 2026 in Accra, Dr. Thompson said Ghana’s development strategy must move beyond measuring economic success solely through GDP expansion.
According to him, focusing only on GDP growth conceals structural weaknesses in the economy and fails to reflect the actual living conditions of citizens.
“Growth without jobs is meaningless. Growth without rising incomes is unsustainable,” he stated.
Dr. Thompson explained that economic growth must translate into decent employment opportunities and improved incomes to have a meaningful impact on the welfare of Ghanaians.
He noted that Ghana’s informal sector currently employs nearly 80 percent of the workforce but contributes just 27 percent to the country’s GDP, highlighting significant productivity challenges within the sector.
The NDPC Chairman stressed the need for policies that promote productivity enhancement, formalisation of businesses, and value addition across key sectors of the economy.
He argued that improving the productivity of informal businesses could help expand the tax base, create more sustainable jobs, and increase incomes for workers.
Dr. Thompson also underscored the importance of aligning national development plans with budgetary allocations to ensure effective policy implementation and better development outcomes.
According to him, poor coordination between development planning and public spending has often undermined the execution of government programmes and projects.
He called for stronger institutional commitment to long-term national planning to support inclusive and sustainable economic transformation.
Delivering the welcome address at the event, Mr. Ishmael Yamson, Chief Executive Officer of Ishmael Yamson and Associates, urged African countries to move beyond the “Africa Rising” narrative and focus on practical execution of development strategies.
He said many African economies continue to rely heavily on extractive growth models that generate limited value retention within local economies.
Mr. Yamson stressed the need for African countries to deepen economic cooperation and leverage opportunities under the African Continental Free Trade Area (AfCFTA) to boost industrialisation and intra-African trade.
He noted that stronger regional collaboration could help African businesses scale operations, improve competitiveness, and reduce dependence on external markets.
The IYA Business Roundtable brought together policymakers, business leaders, and development experts to discuss strategies for driving sustainable economic growth and transformation in Ghana and across Africa.
