The Founder and President of the African Center for Economic Transformation (ACET), Dr Kingsley Yeboah Amoako, has emphasized that transforming Ghana’s economy requires commitment and action rather than shortcuts.
He made the comments during a keynote address at the 2nd KB Amissah-Arthur Forum held at the Cedi Auditorium at the University of Ghana.
During his address, Dr Yeboah Amoako highlighted several examples to draw inspiration from when it comes to economic strategies that will lead to transforming a country’s economy.
He pointed to countries like Korea, Malaysia, Mauritius, and South Africa as examples that have embarked on successful transformation journeys.
He added that it is important to understand what works and what doesn’t work in Africa.
According to him, the fundamental components of successful transformation strategies include diversifying production and exports, enhancing competitiveness in global markets and boosting productivity.
“We know what it takes to transform, other countries have done it, most notably in Asia, where Korea and Malaysia and others offer examples to follow but we also have some examples from our own continent on countries that have started on the transformation journey such as Mauritius and South Africa. We have a good idea of what works and what doesn’t work in Africa.
“We know that all countries no matter their unique circumstances, must diversify production and exports, improve competitiveness in global markets and boost productivity, especially labour productivity, upgrade technology across industries and improve human well-being through wages and better jobs. these are the fundamental components of successful transformation strategies.
“I do not have to tell you that there are no shortcuts to the solutions we seek but we do not need shortcuts, we need commitments, we need action.”
The theme of the lecture was “Economic Policy Making in Ghana: Lessons Learned and the Way Forward.” It aimed to shed light on past experiences in economic policy-making and chart a path for future progress in Ghana’s economic development.
