As Ghana prepares for its upcoming National Economic Dialogue, the Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu Aboagye, has urged policymakers and stakeholders to prioritize homegrown solutions over externally prescribed strategies.
Speaking on the relevance of the dialogue, Badu Aboagye stressed that Ghana’s economic challenges, ranging from macroeconomic instability, high inflation, exchange rate volatility, and declining business productivity, cannot be solved by relying solely on textbooks and international development partners.
“We don’t have to always adopt textbook solutions from development partners. We can sit down and look at the challenges because largely, the challenges are internal,” he emphasized in an interview with The High Street Journal.
According to him, while external shocks like COVID-19 and the Russia-Ukraine war have contributed to Ghana’s economic struggles, the country must take responsibility for its internal inefficiencies. He noted that businesses have been particularly hard hit by the unstable economic environment, with many struggling to meet capacity due to rising costs and policy inconsistencies.
Badu Aboagye’s comments come at a time when Ghana is preparing for the National Economic Dialogue, scheduled for March 3rd and 4th, 2025, at the Accra International Conference Centre. The forum aims to bring together government officials, business leaders, policymakers, and development partners to discuss strategies for stabilizing the economy and driving sustainable growth.
A Call for Pragmatic and Sustainable Solutions
Badu Aboagye pointed out that previous national dialogues have resulted in valuable recommendations, but a lack of implementation has prevented meaningful change. He referenced the Senchi Consensus and other past policy recommendations, stating that had they been fully implemented, Ghana might not be facing its current economic difficulties.
“Most of the policy recommendations that came out of the Senchi Consensus—if we had implemented them fully—probably we wouldn’t find ourselves in this situation,” he said.
He emphasized that the upcoming dialogue must focus on macroeconomic stability, business-friendly policies, and a resilient economic framework.
The Business Perspective: Private Sector at the Heart of Economic Recovery
With Ghana’s business community grappling with high-interest rates, excessive taxation, and an unfavorable investment climate, Badu Aboagye stressed the need for government collaboration with the private sector. He reiterated that economic growth should translate into job creation, improved business productivity, and enhanced living standards for citizens.
The key question remains: Will this dialogue be different, or will it become another forgotten conference with unimplemented resolutions?
