Development Economist George Domfeh has called for a fundamental overhaul of Ghana’s economic model, arguing that the country’s reliance on macroeconomic growth metrics fails to address systemic vulnerabilities and everyday hardships for citizens.
Speaking on TV3’s KeyPoints, Domfeh criticized policymakers for celebrating a 6.3% GDP growth rate while neglecting structural reforms in agriculture and manufacturing that could stabilize the cedi, curb import dependency, and uplift marginalized communities.
“Growth figures mean little if they don’t translate to better lives for Ghanaians,” Domfeh asserted, noting that decades of prioritizing foreign exchange earnings over local production have left the economy exposed to global shocks. He singled out cocoa—a sector employing nearly 800,000 smallholder farmers—as emblematic of this imbalance. Despite Ghana’s status as the world’s second-largest cocoa producer, Domfeh highlighted plummeting yields and smuggling crises that have slashed output, exacerbating rural poverty. “The poorest depend on agriculture, yet we’re not investing enough to sustain it,” he said.
The economist also lambasted chronic delays in paying contractors, a issue paralyzing the construction sector. Outstanding debts totaling billions of cedis have stalled infrastructure projects, eroded business confidence, and left workers unpaid. “Growth must be felt in the real economy,” Domfeh stressed, urging the government to clear arrears and enforce prompt payment laws to revive productivity.
Central to his critique was Ghana’s political polarization, which he blamed for stifling consensus on critical reforms. “Progress demands setting aside partisan battles,” he said, referencing recurring clashes over fiscal policy and resource allocation. Domfeh’s appeal echoes broader frustrations in a nation where legislative gridlock has delayed everything from debt management plans to anti-corruption measures.
His call for a manufacturing revival aligns with longstanding appeals from industry leaders to curb imports of basic goods—from rice to textiles—that Ghana could produce domestically. Data from the Ghana Importers and Exporters Association shows the country spends over $2 billion annually on food imports alone, a figure Domfeh called “indefensible” given its arable land and workforce.
While the government has touted initiatives like the One District, One Factory program, critics argue implementation remains sluggish, with inadequate financing and bureaucratic hurdles stifling local enterprises. For Domfeh, the path forward is clear: “Without prioritizing self-sufficiency, the cedi’s freefall will continue—and so will the cycle of crisis.”
As Ghana navigates IMF-led austerity and mounting public discontent, Domfeh’s challenge poses a critical question: Can leaders pivot from short-term fixes to a vision that empowers communities, not just spreadsheets? The answer may define the nation’s economic future.
