The Chief Executive Officer of the Ghana Association of Banks (GAB), Mr. John Awuah has weighed in on Ghana’s economic challenges, stressing the need for a strong commitment to implementing structural reforms and solutions that have long been discussed but never fully executed.
Speaking about the National Economic Dialogue Initiative, Mr. Awuah rejected the notion that Ghana was merely repeating the same old solutions to its economic problems, instead emphasizing that fresh perspectives and structural reforms were necessary to drive real change.
”We’ve had these problems for decades. What we have not had is— we have not attempted resolving or executing the solutions we put on the table.”
Mr. John Awuah Chief Executive Officer of the Ghana Association of Banks (GAB)
According to him, the real challenge has been the lack of execution and commitment to driving these solutions forward. He described the current moment as a unique opportunity for Ghana, provided that those in charge of the economy take decisive action.
New and Innovative Approaches
Mr. Awuah, who was actively involved in the National Economic Dialogue day two private sector engagement, emphasized that many of the ideas being considered were innovative and not just repetitions of past strategies. He noted that many of these proposals were designed to challenge the status quo and push Ghana towards a more sustainable economic model.
”We are now dreaming and hoping that the managers of the economy will take these solutions by the bootstrap and run with them.”
“Do we have the willpower to change course? And as a country, as a people, do we also agree on the sacrifices that we must make?”
Mr. John Awuah Chief Executive Officer of the Ghana Association of Banks (GAB)
He pointed out that implementing some of the solutions might lead to short-term difficulties before yielding long-term benefits. Using the example of local rice production, he noted that Ghanaians might initially have to accept a lower quality of rice in order to build a sustainable local industry and to rescue the depreciation of the Cedi.
“It means perhaps in our lifetime; we may not have the best of rice. But in our children’s lifetime, they will be exporting rice. That is how other countries that have developed went about it.”
“The country’s problems are structural. And once you change the structure, things will break down. And when things break down, that is where you start re-digging and rebuilding the foundation. It’s not something that, in my view, is going to be achieved in four years. If we work aggressively at it, we can see some results within two, three years. But a lot of it, we will begin seeing the results after four years.”
Mr. John Awuah Chief Executive Officer of the Ghana Association of Banks (GAB)
Presidential Leadership is Key
Mr. Awuah emphasized that the ultimate responsibility for implementing these solutions rested with the President. He urged the government to take bold actions, even if they proved unpopular in the short term.
He pointed out that true leadership sometimes requires making tough decisions for the greater good.
One of the key takeaways from recent discussions, according to Mr. Awuah, was the need to leverage private sector participation in infrastructure development. He criticized the current approach of burdening the national balance sheet with all financial obligations.
He cited successful examples such as the National Identification Authority (NIA) and Independent Power Producers (IPPs), where private sector involvement had led to efficient service delivery of the Ghana Card.
Mr. Awuah concluded by reiterating that the real challenge was not a lack of ideas but rather the willingness to implement them, even when it required sacrifices.
His message was clear; Ghana has a unique opportunity to drive meaningful economic reforms, but success depends on strong leadership, public commitment, and a willingness to embrace change.
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