The National Economic Dialogue 2025 commenced at the Accra International Conference Centre, bringing together policymakers, economists, business leaders, and civil society groups to discuss Ghana’s economic challenges and propose solutions for sustainable growth.
Dr. Ismael Yamson, Chairman of the Planning Committee, delivered a candid and hard-hitting address, highlighting Ghana’s economic struggles and the urgent need for reform. His speech, delivered just days before the country’s 68th Independence anniversary, painted a stark picture of the nation’s economic reality.
Dr. Yamson lamented that despite nearly seven decades of independence, Ghana remains economically dependent and heavily indebted. He described the country as being in a state of “economic denomination and servitude,” burdened by unsustainable debt, rising unemployment, and a failing manufacturing sector.
“Unemployment, particularly youth unemployment, has become widespread and poses a serious security risk,” he noted, emphasizing that the nation’s economic challenges threaten not only livelihoods but also national stability.
Additionally, Dr. Yamson pointed out that Ghana is the only country in Sub-Saharan Africa that relies so heavily on food imports to feed its population—a sign of failed agricultural policies and a weakened local production system.
The chairman attributed Ghana’s economic woes to poor governance, corruption, and a self-serving political class. He criticized a political culture driven by personal gain rather than national development, where leaders loot state coffers with impunity.
“Ghana today is characterized by a political mindset motivated by power—to loot state resources for personal gain,” he stated bluntly. “Selfishness, arrogance, and impunity by political leaders and public officers have taken precedence over patriotism and service to the nation.”
Dr. Yamson also condemned opposition parties for failing to play a constructive role in governance, accusing them of undermining genuine efforts to develop the country.
“There is no longer love for our country,” he said, lamenting that political rivalry has replaced national interest.
The chairman outlined several critical economic issues, including macroeconomic instability driven by poor fiscal management, institutionalized corruption and greed undermining public trust, inefficient state institutions that are weak, compromised, and ineffective, a bloated and ineffective government that prioritizes political patronage over governance, expensive but ineffective economic and social infrastructure.
Dr. Yamson also criticized state-owned enterprises (SOEs) for continuously recording financial losses, which not only drains public resources but also fosters corruption.
“A large number of SOEs are destroying the country’s productive assets, accumulating debt, destabilizing the budget, and above all, becoming a major source of corruption,” he warned.
Dr. Yamson urged the government and stakeholders to adopt bold economic reforms to rescue Ghana from its current economic crisis.
The Chairman of the Planning Committee of the National Economic Dialogue, Dr. Ismael Yamson has professed the need to strengthen agriculture to ensure food security and reduce dependence on foreign food supplies, overhaul governance structures to eliminate corruption and improve efficiency and empower the private sector by removing bureaucratic bottlenecks that hinder business growth.
Story by Freedom Lavoe.
