The African Center for Economic Governance (ACEG) has urged the Ghanaian government and key stakeholders to adopt a comprehensive and integrated strategy to address the country’s economic challenges.

The Ghana @ 68 Culture, Heritage, Environmental, and Economic Growth Forum (CHEEGF) saw the host speaker, Economist, Environmentalist, and Human Security Management expert Alhaji D.S Mahama Iddrisu, the National Chairman of ACEG, deliver a passionate welcome address emphasizing the urgent need to integrate Ghana’s rich cultural heritage and environmental sustainability into its economic policies.

Addressing a distinguished audience, Alhaji Iddrisu highlighted the paradox of Ghana’s declining economic growth despite its abundant natural resources. He lamented the lack of value addition to these resources, hindering national benefit.

Alhaji Iddrisu underscored the significance of Ghana’s cultural heritage, both tangible and intangible, as a foundation for development when linked with environmental preservation to achieve economic growth. He sharply criticized the economic management under the previous administration led by President Nana Akufo-Addo, citing poor financial management and the misuse of foreign exchange reserves as key contributors to the current economic hardship. He dismissed international accolades bestowed upon the former Finance Minister as misrepresentative of the reality on the ground.

The National Chairman of ACEG emphasized that his organization, comprising over 500,000 Ghanaian economists, is committed to steering Ghana’s economy back to sustainable growth. He stressed the crucial need to learn from international best practices, inviting the attending High Commissioners to share insights on how their respective countries have successfully leveraged cultural heritage and environmental sustainability for economic advancement.

Alhaji Iddrisu outlined key pillars essential for building a strong and resilient Ghanaian economy, including:

Foundational Resources: Land, Environment, Water, and Capital.
Industrial and Commercial Drivers: Labor, Transportation, and Trade.
Human Capital Development: Education and Healthcare.
Enabling Infrastructure: Roads and Housing.

A significant emphasis was placed on the protection of Ghana’s water bodies and investment in irrigation for agricultural productivity, asserting that sustainable economic growth is impossible without a robust environmental framework. He commended President John Dramani Mahama’s administration for prioritizing climate change, contrasting it with the alleged inaction of the previous government, warning of potential food shortages and rising inflation if environmental challenges are not urgently addressed.

ACEG proposed concrete strategies to revitalize Ghana’s economy, including:
Revitalizing key sectors: Trade, agriculture, education, health, energy, transport, labor, water, and tourism to boost foreign exchange.
Reintroducing Ghana Airways: Through a Public-Private Partnership to enhance aviation and foreign earnings.
Exporting skilled professionals: Collaborating with local institutions to train and deploy teachers, nurses, doctors, and other experts to countries with demand, generating foreign income.

Prioritizing local production: Reviving industries like the Komenda Sugar Factory, Bonsa Tyre Factory, and the local rice and textile industries to create jobs and reduce reliance on imports.
Stabilizing the currency: Reducing dependence on imported goods and the US dollar, while considering fuel subsidies to control inflation.

Alhaji Iddrisu presented a global economic system categorization, placing Ghana in a group where fuel prices and foreign currency demand significantly impact the cost of living. He argued that for Ghana to achieve economic stability, it must prioritize export-oriented production, reduce imports, and stabilize fuel costs.

In a direct call to action, ACEG urged President Mahama’s administration to:
Reintroduce Ghana Airways for international operations. Revive the textile industry by investing in local cotton production. Rebuild the Bonsa Tyre Factory for domestic and export markets.
Focus on National Domestic Product (NDP) through the strategic export of skilled labor.

Alhaji Iddrisu cautioned against economic growth driven by debt and unemployment, advocating for strategic investments in production, labor development, infrastructure, and trade for true financial independence.

In a notable remark, Alhaji Iddrisu referred to President John Dramani Mahama as a “lucky President” and the “second coming of Jesus” in the Fourth Republic, acknowledging the significant task ahead in rectifying the economic challenges inherited from the previous administration.

He specifically called for the exploration of export markets for products like honey, cashew nuts, bottled water, mangoes, and salt.

Addressing environmental concerns, Alhaji Iddrisu highlighted the worsening situation under the previous administration, with deforestation and the impact of black carbon emissions contributing to climate change and health problems. He criticized the issuance of mining permits without proper environmental and community consultation, particularly regarding illegal mining (galamsey) and its encroachment on forest reserves and water bodies.

ACEG pledged its collaboration with the government to introduce environmental backup initiatives, including a “Single Tree Initiative” for afforestation and the development of comprehensive climate change strategies. The forum also proposed the adoption of modern metal roofing materials with subsidies to curb deforestation for timber and suggested utilizing prisoners in skills development and agriculture for national productivity.

Alhaji Iddrisu concluded his address with a strong plea to all citizens to protect the environment, warning of dire consequences if current destructive practices continue. He ended with well wishes for President Mahama, Ghana, Juliet Debra (likely a key member of ACEG), and the ACEG organization.

As Ghana navigates its economic challenges, the ACEG’s push for an integrated strategy adds to growing demands for sustainable solutions.

Reporting by KingsleyAsiedu, Newsghana