HIGHLIGHTS FROM THE UG@75 PUBLIC LECTURE ON GHANA'S ECONOMY

Story by: Samuel K. Owusu

On the 6th day of April 2023, the University of Ghana held the third in a series of UG@75 public lectures on topical issues of national concern, with a focus on the economy. The lecture was titled "Restructuring the Economy: The Need for a Paradigm Shift."

The event was moderated by Mr Bernard Avle, the General Manager of Citi FM and Citi TV. The keynote speaker for the occasion was Dr Yao Graham, Coordinator of Third World Africa-Network. 

The opening remarks were delivered by Prof Gordon A. Awandare, the Pro-Vice Chancellor in terms of Academic and Student Affairs, on behalf of the Vice Chancellor, Prof Nana Aba Appiah Amfo. Pro Awandare welcomed everyone to the Cedi Conference Centre, and the lecture and introduced the Chairperson for the occasion, Ms Abena Amoah, the Managing Director of the Ghana Stock Exchange. The Vice-Chancellor, Prof Nana Aba Appiah Amfo later joined the program after her meeting with the President of the Republic of Ghana, H.E Nana Addo Dankwa Akufo Addo

Dr Yao Graham, the keynote speaker, took the audience through the history of the Ghanaian economy from the 1970s to the present time. He explained that the Ghanaian economy has been in crisis for a long time, and there is a need for a paradigm shift to restructure the economy. He pointed out that the country's economy has been heavily reliant on primary commodity exports, such as gold, cocoa, and oil, and this has made it vulnerable to external shocks.

Dr Graham further explained that the structure of the Ghanaian economy is unbalanced, with the service sector contributing the most to GDP, followed by the industry sector, and then the agriculture sector. He emphasized that the country needs to restructure the economy to create a more balanced structure and reduce the overreliance on primary commodity exports.

During the discussion session, the discussants, Dr Philip Abradu-Otoo, the Director of Research at the Bank of Ghana, and Dr Priscilla Twumasi Baffour, a Senior Lecturer at the Department of Economics of the University of Ghana, provided reasonable answers and explanations to the questions posed to them. They agreed with Dr Graham's assessment of the Ghanaian economy and emphasized the need for a paradigm shift to restructure the economy.

Dr Abradu-Otoo spoke about the importance of improving the country's infrastructure, particularly in the energy and transportation sectors, to create an enabling environment for businesses to thrive. He also emphasized the need for government policies that encourage private-sector investment and job creation.

Dr Twumasi Baffour spoke about the importance of education in restructuring the economy. She stressed that education should be geared towards creating a skilled workforce that can drive the country's industrialization agenda.

The lecture was attended by notable personalities, including Dr Mohammed Ibn Chambas, former head of UNOWAS; Prof Akilagpa Sawyerr, former Vice-Chancellor of the University of Ghana; Prof Kwesi Yankah; Mr Inusah Fuseini, former Member of Parliament for Tamale Central; and Mr Fiifi Fiavi Kwetey, the General Secretary of the National Democratic Congress. The event was also attended by University officials, including Prof Felix Ankomah, Pro Vice-Chancellor, ORID; Prof Dan Ofori, Provost for Humanities; Mrs Emelia Agyei-Mensah, the Registrar; and Deans.

In conclusion, the lecture on "Restructuring the Economy: The Need for a Paradigm Shift" highlighted the need for Ghana to restructure its economy to create a more balanced structure and reduce the overreliance on primary commodity exports. 

The discussants emphasized the importance of improving the country's infrastructure, creating an enabling environment for businesses to thrive, and educating the workforce to drive the country's industrialization agenda. 

The lecture was well-attended by notable personalities and University officials, indicating the importance of the topic to the country's development agenda. I will like to use this opportunity to commend the UG@75 Planning Committee for organizing such a program, and it is hoped that similar events will be organized in the future to discuss other critical national issues


#UGIS75

#IntegriProcedamus


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Published by: SAMUEL KWAME OWUSU (SKO)

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