Economist and Director of the Institute of Statistical, Social, and Economic Research (ISSER) at the University of Ghana, Prof. Peter Quartey, has highlighted the need for deliberate, strategic policies to accelerate Ghana’s economic progress.
He noted that at the current rate of growth, it would take Ghana 26 years to transition from low-middle-income to upper-middle-income status.
Prof. Peter Quartey was speaking at the launch of the World Bank’s “The Middle-Income Trap” report in Accra.
“From the data presented, it will take us, given the rate at which we are growing, 26 years to break from low middle-income to upper or higher middle-income. So that’s where intentionality comes in. What will you do?” Prof. Peter Quartey questioned.
He emphasized the importance of planning and policy-making, particularly in sectors like agriculture, education, and industrial transformation.
Ghana, he explained, has been overly reliant on exporting raw materials and rain-fed agriculture, without enough focus on adding value through processing and irrigation.
“Being intentional means being intentional about irrigation, being intentional about adding value, being intentional about exporting more processed materials than raw materials, and being intentional about training itself,” he explained.
He added that training manpower, particularly in STEM education, is critical to ensuring that industries and other sectors become more productive.
Prof. Peter Quartey underscored that a lack of continuity in national development planning has also hampered Ghana’s progress.
He called for a well-documented, long-term development plan that transcends political cycles and focuses on a clear vision for the future.
“There has to be a manual. There has to be a development plan. We cannot just get up and say, this is what we want to do. It has to be documented, and we must cost it and follow through,” he urged.
He lamented the frequent discontinuation of development strategies when new governments take office, noting that the absence of a long-term vision hinders progress.
“Oftentimes, a new government comes, throws our plans away, crafts a new medium-term strategy for four years, and then that one gets discarded. We need a long-term vision, a long-term development plan.”
Prof. Peter Quartey’s comments align with the World Bank’s findings on the middle-income trap, emphasizing the need for Ghana to adopt intentional, transformative policies to accelerate growth and achieve upper middle-income status.
His call for innovation in agriculture, value addition, and a focus on STEM education provides a roadmap for policy-makers to consider as they craft future strategies for sustainable development.
