Accra: Mr Edward Effah, founder of Fidelity Bank Ghana, has proposed the establishment of a National Economic Transformation Council, chaired by the President, to drive reforms and accelerate Ghana's economic transformation and industrialisation agenda. He said the Council should be responsible for setting national economic targets, fast-tracking reforms, and monitoring implementation to ensure sustainable growth and competitiveness.
According to Ghana News Agency, Mr Effah made the proposal at the 10th Ghana CEO Summit in Accra, held on the theme: 'The CEO-Government Compact 2026: Accelerating Ghana's Economic Transformation'. He also proposed the creation of a professionally staffed Transformation Delivery Unit, organised around strategic sectors including agribusiness, technology and digitalisation, industry and manufacturing, energy and infrastructure, and financial services.
Mr Effah asserted that the Unit should be established through an Act of Parliament to ensure continuity beyond any single administration. He suggested that Ghana could learn from successful development models such as Singapore's Economic Development Board and Rwanda's Development Board. He emphasised the establishment of a structured partnership between the government and the private sector to remove bottlenecks and ensure sustainability.
He noted that Ghana had made gains in macroeconomic stability and was well-positioned to take advantage of emerging opportunities. 'There is a tide in the affairs of men, which, taken at the flood, leads on to fortune,' he stated. 'The tide is here. 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.'
Mr Effah highlighted Ghana's economic growth, noting that the country's GDP had grown from USD 56 billion in 2016 to an estimated USD 115 billion today, making it the eighth largest economy in Africa. He stated that inflation stood at 3.3 per cent, while gross international reserves had reached USD 13.8 billion. Despite these advancements, he acknowledged significant challenges remained, particularly youth unemployment.
'Today there are 1.5 million young Ghanaians who are not in employment, education or training,' he said. Mr Effah stressed the importance of collaboration between the private sector and government to create jobs and transform the economy. 'To transform our economy and to create jobs, we, the private sector, and the government urgently need to work together,' he added.
He called for the mobilisation of about US$25 billion over the next five years for investment in priority sectors, using a blended financing model involving commercial banks, local development finance institutions, international development finance partners, and direct investors. 'If we are to absorb half a million new labour market entrants each year, sustain seven to 10 per cent economic growth, and double our export base, the investment envelope must be of that order of magnitude,' he said.
Mr Effah cited the COVID-19 Private Sector Fund, led by Fidelity Bank, as an example of successful private sector mobilisation, noting that it raised GHS48 million and delivered the Ghana Infectious Disease Centre within 100 days. He also referenced the Energy Sector Levies Act, which helped address about GHS10 billion in sector indebtedness, as evidence of what could be achieved through coordinated action between government and the private sector.
'With a clear transformation agenda that identifies 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,' Mr Effah concluded.