Accra, May 30, GNA Ghana – Mr Edward Effah, founder of Fidelity Bank Ghana, has called for a structured and ambitious partnership between Ghana’s business community and the Government to drive the next phase of the country’s economic transformation.
He made the call at the 10th Ghana CEO Summit, held in Accra on the theme: “The CEO-Government Compact 2026: Accelerating Ghana’s Economic Transformation.”
Mr Effah noted that it was time to move beyond micro economic stability to industrialisation and job creation.
“We have macroeconomic stability, demographic pressure, a regional opportunity, a technology window, and a government willing to lead. We can either take this moment, or watch it pass,” he said.
The Business Executive highlighted Ghana’s Gross Domestic Product (GDP) growth of USD 115 billion, together with inflation and gross international reserves, which stood at 3.3 percent and USD 13.8 billion respectfully, but said there were issues that must be addressed.
“Today there are 1.5 million young Ghanaians who are not in employment, education or training,” he said.
“To transform our economy and to create jobs, we the private sector and the government urgently need to work together,” he noted.
He called for the mobilisation of approximately USD 25 billion into priority sectors over the next five years, through a blended financing model drawing on commercial banks, local development finance institutions, international development finance partners, and direct investment.
“If we are to absorb half a million new labour market entrants each year, sustain seven to ten percent economic growth, and double our export base, the investment envelope must be of that order of magnitude,” he said.
Mr Effah pointed to past examples of private sector mobilisation, including the COVID-19 Private Sector Fund led by Fidelity Bank, which raised GHS 48 million and delivered the Ghana Infectious Disease Centre within 100 days.
Also was the Energy Sector Levies Act, which resolved GHS 10 billion in sector indebtedness, which were evidence of what coordinated private sector commitment could achieve with the right conditions in place.
“With a clear transformation agenda identifying priority areas, investment needs and returns for investors, the private sector will step up to the plate, work with government and deliver, as it always does,” he added.
He proposed a National Economic Transformation Council, chaired by the President, to set national targets, remove bottlenecks, fast-track reforms, and monitor delivery.
He further suggested an operational Transformation Delivery Unit, professionally staffed and organised around sectors including agribusiness, technology and digitalisation, industry and manufacturing, energy and infrastructure, and financial services.
The Unit should be established by an Act of Parliament to ensure it outlasted any single administration, he noted, pointing to Singapore’s Economic Development Board and Rwanda’s Development Board as models built to endure.
GNA
Edited by Agnes Boye-Doe