Ghana Must Focus on Value Addition for Sustainable Growth

Economist Professor Patrick Asuming has warned that Ghana’s recent macroeconomic improvements under the IMF program risk being short-lived unless the country addresses structural weaknesses and prioritizes value addition in key economic sectors.

The University of Ghana lecturer stressed during an interview on Joy FM’s Middaynews on Friday that sustainability requires “deliberate efforts to restructure the economy” beyond fiscal stabilization measures. “The IMF programme can stabilise the economy, but it does not automatically improve productivity or determine where and how value is added,” he stated.

Professor Asuming highlighted Ghana’s continued vulnerability to international commodity price fluctuations as a critical concern. “If global prices enter a bear market, the value of commodities such as gold that we stockpile could decline significantly, undermining recent gains,” the economist cautioned.

He noted a growing disconnect between Ghana’s economic growth figures and citizens’ lived experiences. “The most productive sectors are largely run by foreign interests. When these sectors perform well, it doesn’t necessarily lead to significant job creation for Ghanaians,” Professor Asuming observed.

The economist proposed strategic public procurement policies as a solution, urging: “We must buy Ghana first and only look elsewhere when there’s genuinely no local alternative.” He particularly commended young entrepreneurs innovating in small-scale processing and manufacturing as deserving of state support.

Professor Asuming concluded that meaningful job creation and broad-based growth remain the true tests of whether Ghana can transition from IMF-backed stabilization to sustainable economic transformation.

Image Source: MYJOYONLINE