The President of the Republic of Ghana, H.E. John Dramani Mahama, and his administration have strategically ‘chessed’ the economic board to transform Ghana in a generation.
The generational transformation objective has seen initial powerful moves that the government has made, revealing economic priorities, social inclusivity, infrastructure to expand the economy, and firm assurance of transparency and accountability to the people of Ghana.
“The economy is the people and how the people perceive it,” an expert revealed. The government has caused a lot of running wheels within the economy simultaneously, hoping to checkmate in the next three years.
Sustained economic growth is generational; the economy must be transitionable and transferable. Against the backdrop of the first year of the government’s tenure, the government has focused on policy, structural reforms, discipline and efficiency, accountability to the people, prudence, institutional collaboration, and task-oriented appointments, which have yielded a robust foundation for the generation.
IMF’s Sustained Growth Model: ‘The Success Model’
According to the IMF, “the key features of countries that have been able to sustain long periods of high growth and escaped the middle-income trap include macroeconomic stability, modest inflation, and sustainable public finances.”
The ‘success’ countries adopted an outward-oriented stance to exploit global demand and demonstrated the capacity to advance in technological sophistication.
“They established a level playing field across and within sectors and maintained functioning markets that facilitated structural transformation, resource mobility, competition, innovation, and productivity.”
IMF
To transform a generation is to look beyond the short-term solutions to economic challenges and establish a system that generates solutions whenever a challenge arises.
The country, yearning for sustained growth, must develop the ability to build quality jobs that yield higher returns. This, in return, provides greater incentives for the population to acquire knowledge and skills, striving for upward socioeconomic mobility.
The IMF further engaged that “these countries have made significant progress in delivering quality and broad-based education through skills formation and capacity enhancement, enabling them to produce more complex goods and services.”
Urbanization must be an intentional objective to meet the growing population and demands of the economy. According to the IMF, the ‘success’ country must invest in “transforming urban environments and demonstrating the ability to address shocks and change courses when necessary.”
These reform strategies must be underpinned by a positive, enduring posture and orientation to stretch achievements to meet a generation. A country must position itself beyond short-term measures to achieve sustained growth.
“All these achievements were led and supported by committed, credible, and capable governments that understood that successful development requires a generation-long commitment and a trade-off between immediate but momentary rewards and long-lasting but persistent benefits.”
IMF
The IMF concluded that “throughout this generational process, citizens’ trust in policymakers is crucial, and the social contract should be credible and backed by strategic actions and concrete results.”
Mahama’s Year1 – Generational, Transformative
In terms of outward-orientation, the Ghanaian economy has increased exports, making provision for value addition for improved revenue, and has created a good working relationship with the world to attract investment and global competitiveness.
The government is building on inclusivity and diversity, where all sectors, especially the real sectors, have received the government’s attention and are being transformed to meet localized needs.
The President has mentioned on several occasions that he aims to restore credibility in the political and economic management that has been lost over the years. It requires doing things differently and sustainably. Economic and structural transformation has been set in motion, where ‘business as usual’ is no longer the norm.
President Mahama, according to analysts, has set a standard that will serve as a measuring rod for successive governments and even other African countries. A measuring rod of resilience, discipline, firmness, development-oriented, and transparency.
It is impressive that President Mahama receives heartfelt welcomes wherever he goes, both within the country, the continent, or beyond.
Ghana requires a long-term economic growth system to outlive generations. Although finished products may not be visible, in the lens of transforming Ghana in a generation, hope is inspired.
The President has announced the upgrade of Ho (regional capital) and Hohoe in the Volta Region from municipal to metropolitan status. These upgrades must be met with adequate resourcing.
Job creation, illegal mining ‘galamsey’ fight, youth development, women support and inclusivity, transforming education from knowledge-based to skills-based, and informal sector inclusivity and formalization are essential ingredients to an economic mix of reforms, growth, transformation, and sustainability.
The framework for medium- to- long-term growth has been established. However, like experts, professionals, international bodies always conclude, consistency, focus, and discipline will sustain current achievement and propel the Ghanaian economy to its full potential growth.
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