The 2025 National Economic Dialogue commenced in Accra today with a resounding call for a radical transformation of Ghana’s economic trajectory.
Delivering the keynote address at the opening ceremony, Dr. Ishmael Yamson, Chairman of the National Economic Dialogue Planning Committee, emphasized the urgent need to “reset Ghana and build the economy we want together.”
The event, graced by President John Dramani Mahama, Vice President Professor Naana Jane Opoku-Agyemang, top government officials, private sector leaders, and civil society organizations, is aimed at addressing Ghana’s longstanding economic challenges and forging a new pathway to sustainable growth.
Dr. Yamson, a veteran economist and business leader, described Ghana’s post-independence economic journey as “not spectacular,” stressing that after 68 years of political independence, the country has yet to attain genuine economic freedom.
“When the President asked me to chair this dialogue, I agreed without hesitation because I felt the same way as his excellency, that Ghana indeed needs its destiny to be urgently reset.
“Your excellency, on 03/06/1957, 68 years ago, when I first entered secondary school, the Gold Coast became an independent sovereign state called Ghana. And when it was argued that Kwame Nkrumah declared that our beloved country, Ghana, is free forever, he genuinely and passionately believed it.”
Dr Ishmael Yamson, Chairman of the National Economic Dialogue Planning Committee
Recalling the ambitious vision of Ghana’s first President, Dr. Kwame Nkrumah, he noted that Nkrumah sought to create a strong and self-reliant economy, free from external domination.
According to Dr. Yamson, Nkrumah’s Ghanaian dream was “a strong and progressive society in which no one, repeat, no one will have any anxiety about the basic needs of life, about work, food, and shelter.”
He indicated that under President Nkrumah’s leadership, diseases were brought under control and educational facilities provided all the children of Ghana with the best possible opportunity for the development of their potential.
“That was Nkrumah’s Ghanaian dream, and he executed this vision with passion, but by clear and credible actions and a separate devotion to the to reset agenda. The transformation of Ghana was dazzling.
“Close to 400 vertically integrated agricultural and manufacturer ventures were university with jobs waiting for them, and workers happily sang work and happiness everyday at noontime”.
Dr Ishmael Yamson, Chairman of the National Economic Dialogue Planning Committee
However, he lamented that the overthrow of Nkrumah in 1966 derailed the country’s economic progress, leaving Ghana trapped in a cycle of poverty, debt accumulation, and economic mismanagement.
A Nation in Economic Decline
Dr. Yamson painted a grim picture of Ghana’s current economic state, highlighting high youth unemployment, over-reliance on food imports, and a collapsed manufacturing sector.
He expressed deep concern about the rise of what he called “Generation Hustlers”—a frustrated youth demographic desperate to leave Ghana in search of better opportunities abroad.
“Ghana remains under economic domination and servitude, and a poor, highly, and unsustainably indebted country. Unemployment, particularly youth unemployment, has become widespread and a security risk.
“Ghana is the only country in Sub Saharan Africa that depends most on food imports to feed its people. Our manufacturing sector has collapsed while hardship is pervasive. And we know why we are where we are today”.
Dr Ishmael Yamson, Chairman of the National Economic Dialogue Planning Committee
He also criticized the country’s political culture, describing it as self-serving and lacking patriotism. According to him, politicians prioritize personal gain over national development, while the opposition often seeks to undermine the ruling government rather than collaborate on solutions.
Furthermore, Dr. Yamson identified several structural economic weaknesses, including economic mismanagement and corruption, over-reliance on commodity exports and food imports and a weak private sector stifled by public sector inefficiencies
He also lamented that almost all state-owned enterprises generate consistent losses and foster corruption
A New Beginning: The Reset Agenda
The Reset Agenda, spearheaded by President John Mahama, seeks to restore economic stability, promote inclusive development, and build a resilient Ghanaian economy.
Dr. Yamson commended the President for initiating this dialogue as part of his 120-day social contract with the Ghanaian people.
He urged stakeholders to take ownership of Ghana’s economic destiny, warning that failure to act would have severe consequences.
“Ghana has also suffered severe disruptions and dislocations from external shocks, including the COVID-19 pandemic and major supply chain disruptions following Russia’s Invasion of Ukraine and now the great disruption originating from the current US administration.
“We cannot ignore them. But the stark truth is that the overwhelming majority of our problems are homegrown and self-inflicted. Only our leaders and the people of Ghana can and must resolve these problems. Let us take the responsibility of resetting our destiny in our own hands”.
Dr Ishmael Yamson, Chairman of the National Economic Dialogue Planning Committee
To ensure the Reset Agenda does not become another “talk shop”, Dr. Yamson proposed that the National Economic Dialogue be transformed into a permanent consultative mechanism.
He recommended that government, private sector actors, civil society organizations, and Ghana’s international partners regularly convene to discuss economic challenges, emerging opportunities, and potential risks.
“The commitment to institutionalizing dialogue should be prioritized to dispel doubts about its effectiveness,” he stated. Following the plenary session, the dialogue is set to feature six breakout sessions, each focusing on key economic challenges and policy recommendations.
By the close of tomorrow’s session, participants are expected to submit concrete proposals to aid government in executing the Reset Agenda.
Dr. Yamson concluded his speech with a poignant reference to Shakespeare’s Julius Caesar, emphasizing the urgency of action: “There is a tide in the affairs of men, which taken at the flood leads on to fortune; omitted, all the voyage of their life is bound in shallows and miseries.”
He stressed that the time to act is now, urging Ghanaians to embrace bold reforms that would reshape the country’s economic destiny.
As Ghana marks 68 years of independence, the 2025 National Economic Dialogue represents a pivotal opportunity to chart a new course for the nation’s future.
With strong leadership, national unity, and a commitment to genuine reforms, Ghana has a chance to reverse its economic decline and build a prosperous and resilient economy.
The coming days will determine whether this dialogue translates into tangible reforms or remains yet another political rhetoric. The responsibility, as Dr. Yamson emphasized, rests in the hands of Ghanaians themselves.
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