Fidelity Bank founder Edward Effah has called for a structured partnership between Ghana's business community and the government. This partnership aims to channel approximately GHS 25 billion into priority sectors over the next five years. The goal is to drive Ghana's economic transformation, moving beyond basic macroeconomic stability.
Mr. Effah highlighted the urgent need to address job creation and industrialization. He noted that 1.5 million young Ghanaians are currently without employment, education, or training. This lack of opportunities creates significant demographic pressure on the economy. The proposed investment would involve commercial banks, local development finance institutions, international partners, and direct foreign investment.
This push for deeper business-government collaboration comes amid Ghana's ongoing efforts to achieve sustainable economic growth. The country's Gross Domestic Product (GDP) stands at 115 billion. Inflation registered 3.3 percent, and gross international reserves reached 13.8 billion. While these figures indicate some macroeconomic stability, Mr. Effah emphasized the need for targeted interventions to absorb new labour market entrants. Ghana aims to absorb half a million new workers each year. It also seeks to sustain 7 to 10 percent economic growth and double its export base.
Mr. Effah made his appeal at the 10th Ghana CEO Summit in Accra. The summit's theme was 'The CEO-Government Compact 2026: Accelerating Ghana's Economic Transformation.' He stated, "We have macroeconomic stability, demographic pressure, a regional opportunity, a technology window, and a government willing to lead. We can either take this moment, or watch it pass." He urged immediate action to capitalize on current economic conditions and trends.
The successful mobilisation of GHS 25 billion could significantly impact sectors like agribusiness, technology, manufacturing, energy, and infrastructure. This investment would create new jobs and boost productivity across the economy. Establishing a National Economic Transformation Council, chaired by the President, could provide strategic direction. This council would set national targets and remove bottlenecks to investment. Mr. Effah also suggested an operational Transformation Delivery Unit. This unit would be professionally staffed and focus on specific sectors. It would fast-track reforms and monitor delivery, ensuring effective implementation of economic policies. Such a unit, established by an Act of Parliament, would outlast any single administration. It could take inspiration from models like Singapore's Economic Development Board or Rwanda's Development Board.
Previous examples demonstrate the impact of coordinated private sector engagement. The COVID-19 Private Sector Fund, led by Fidelity Bank, raised GHS 48 million. This fund financed the Ghana Infectious Disease Centre, completed in 100 days. Similarly, the Energy Sector Levies Act helped resolve GHS 10 billion in sector indebtedness. These instances show what is achievable when the private sector and government work in tandem. A clear transformation agenda identifying priority areas will be crucial. This agenda must also detail investment needs and potential returns for investors. This comprehensive approach would encourage the private sector to actively participate and deliver on these ambitious goals.