In a recent appeal, Stanley S. Felten, CEO of African Art and Culture Development Company Limited, urged government officials to forgo their ex-gratia payments in 2024 as a measure to support Ghana's struggling economy. This call comes in light of a report from the Ghana Statistical Service indicating that approximately 7.3 million Ghanaians are multi-dimensionally poor, highlighting the urgent need for government interventions to improve the lives of the impoverished [891efaab].
Felten emphasized that the government must prioritize addressing critical issues such as illegal mining, water scarcity, and the creation of agricultural jobs. He believes that these areas require immediate attention and resources to foster economic recovery and stability [891efaab].
This appeal for sacrifice aligns with the recent statements made by Dr. Humphrey Ayim Darke, President of the Association of Ghana Industries (AGI), who has been advocating for structural reforms to tackle the economic challenges facing the nation. Dr. Darke has pointed out that high interest rates continue to burden businesses, despite recent reductions in policy rates, and has called for political parties to include these reforms in their manifestos ahead of the upcoming elections [12205caf].
The dialogue surrounding economic reform is crucial as Ghana navigates its development challenges. Former UN Governance Advisor, Professor Baffour Agyeman-Duah, has also stressed the importance of focusing on economic issues rather than divisive historical debates, reinforcing the need for a unified approach to tackle the country's pressing challenges [a84fbf51].
As Ghana seeks to elevate its local industries and improve economic conditions, the collective voices of business leaders and economists underscore the necessity for both sacrifice and innovative solutions to drive progress. Dr. Darke has expressed confidence that effective management of seasonal economic headwinds could mitigate their impacts, but he insists that addressing structural challenges is essential for sustainable growth beyond the current IMF program [12205caf].