President John Dramani Mahama has established a seven-member National Economic Dialogue (NED) Planning Committee, an integral part of his 120-day Social Contract with Ghanaians. This initiative seeks to address Ghana’s pressing economic challenges while paving the way for sustainable growth and development.
The committee, chaired by renowned economist Dr. Ishmael Yamson, is tasked with organizing a high-level dialogue aimed at fostering consultation and consensus on policies essential for transforming Ghana into a high-growth, inclusive, and resilient economy. The group has been given four weeks to complete its work and submit a comprehensive report outlining its findings and recommendations.
Other distinguished members of the committee include Dr. K.Y. Amoako, Professor John Gatsi, Mohammed Samara, Nelly Mireku, Anthony Sarpong, and Ernest De-Graft Egyir. Their collective expertise spans economics, finance, governance, and private-sector development, ensuring a holistic approach to tackling the nation’s economic challenges.
In a statement released on January 26, 2025, Felix Kwakye Ofosu, Acting Spokesperson to the President, elaborated on the objectives of the NED. According to the statement, the initiative is designed to engage stakeholders and citizens in discussions that address the true state of Ghana’s economy while identifying pathways to reform.
“The NED will offer a platform for dialogue and consultation on the country’s pressing development challenges. It will also discuss policy trade-offs and build consensus on reforms needed to transform Ghana into a high-growth, inclusive, and resilient economy,” the statement noted.
The dialogue will serve as a platform for various stakeholders to contribute ideas and collaborate on solutions to address the economic challenges facing the country. In addition to fostering consensus, the committee is expected to develop a homegrown fiscal consolidation program to guide the national budget and identify structural reforms and policy priorities for resetting the economy.
The formation of the NED Planning Committee underscores President Mahama’s commitment to inclusive governance and his recognition of the importance of stakeholder engagement in addressing Ghana’s economic challenges. By involving a diverse range of experts and stakeholders, the initiative seeks to ensure that the policies and reforms developed are both pragmatic and widely supported.
The economic challenges confronting Ghana are multifaceted, ranging from fiscal sustainability to structural transformation and resilience. Recent years have seen the nation grappling with rising debt levels, inflationary pressures, and a slowdown in economic growth. These challenges have underscored the urgent need for a comprehensive and coordinated approach to economic management.
The NED Planning Committee’s work is expected to address these issues by focusing on both immediate priorities and long-term strategies. The emphasis on a homegrown fiscal consolidation program highlights the government’s commitment to self-reliance and the need to tailor solutions to the country’s unique circumstances.
The dialogue also aims to build consensus on critical policy trade-offs, ensuring that decisions are made transparently and with the input of key stakeholders. By fostering an environment of consultation and collaboration, the initiative seeks to bridge divides and create a shared vision for the nation’s economic future.
Dr. Ishmael Yamson, the committee’s chairman, brings a wealth of experience to the role. As a respected economist and former chairman of Unilever Ghana, his leadership is expected to provide the committee with the strategic direction needed to achieve its objectives. The inclusion of other esteemed professionals, such as Dr. K.Y. Amoako, founder of the African Center for Economic Transformation, and Professor John Gatsi, a renowned economist and academic, further underscores the caliber of expertise brought to bear on this initiative.
The National Economic Dialogue represents more than just a response to Ghana’s current economic challenges; it is a forward-looking initiative aimed at laying the foundation for a more resilient and inclusive economy. By addressing both immediate fiscal concerns and long-term structural issues, the dialogue seeks to create a roadmap for sustainable growth that benefits all Ghanaians.
The success of the NED will depend on the ability of the committee to engage effectively with stakeholders, communicate its findings clearly, and build consensus around its recommendations. With a mandate to deliver results within four weeks, the committee faces a tight timeline, but its members are well-equipped to rise to the challenge.
President Mahama’s decision to prioritize the National Economic Dialogue as part of his 120-day Social Contract reflects his administration’s commitment to transparency, accountability, and inclusive development. By involving experts, stakeholders, and citizens in the process, the initiative seeks to ensure that the policies and reforms developed are not only effective but also widely supported.
As the NED Planning Committee begins its work, the nation will be watching closely to see how it navigates the complex economic landscape and delivers on its mandate. The outcome of this initiative has the potential to shape the future of Ghana’s economy, providing a blueprint for sustainable growth and development that can withstand the challenges of a rapidly changing global environment.
The National Economic Dialogue is a testament to the power of collaboration and the importance of inclusive governance in addressing complex challenges. By bringing together diverse perspectives and expertise, the initiative seeks to create a shared vision for Ghana’s economic future and lay the foundation for a more prosperous and equitable society.
As Ghana looks to the future, the work of the NED Planning Committee will serve as a critical step in addressing the nation’s economic challenges and unlocking its full potential. With a clear mandate, a diverse team of experts, and a commitment to consultation and collaboration, the National Economic Dialogue represents a beacon of hope for a brighter economic future for all Ghanaians.
