Ghana Must Diversify Economy To Create Wealth, Reduce Unemployment

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Economic Diversification
Economic Diversification

Source: Frank Owusu Obimpeh

Science, Technology, and Innovation have now become a means that enhances human endeavour in transforming the economies of every nation. Ghana’s economy can be placed among the top 20 best-performing economies of the world by 2030 but a lot needs to be done to achieve that.

In a world where the growth of developed and developing economies is tied to efficiency in Science Technology and Innovation, STI, a mono-economy country like Ghana must not be left behind in accelerating its technological development potentials to sustain its growth.

As oil prices dwindle and global alternatives are scaled up to replace fossil fuel in favour of green and safe energies, Ghana has identified the need to diversify its economy from over-dependency on gold, cocoa, and oil with a bias to engineer a digital and science-propelled economy for industrial development.

In this direction, policymakers have agreed that the principle of comparative advantage dictates that Ghana cannot afford to neglect not only its agriculture sector but also the engineering sector to ease utility, create jobs, and grow its industrial base.

Freelance Journalists Network (FJN) believes that worldwide, it is a fact that economic diversification brings about stability, improves the standard of living, minimizes the use of potentially underutilized resources, creates jobs, and generates wealth for the teeming youth, considering the depletion nature of from the oil that we have depended since time immemorial.

By bridging the technological power vacuum, more Ghanaians can be adequately mobilized as needed human resources to tackle the challenges confronting the nation, especially towards arresting the menace of poverty, youth restiveness, terrorism, kidnapping, and banditry currently ravaging the country.

It is a fact that Science, Technology, and Innovation, hold the key to the present and future development of any nation as they play an important role in wealth creation, improvement of quality of life, and real economic growth and transformation in any society
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