Dr. Nii Moi Thompson, Chairman of Ghana's National Development Planning Commission (NDPC), has proposed a new economic measurement model. This model, called "3D Growth," focuses equally on economic output, employment numbers, and wage increases. He presented this idea at the IYA Business Roundtable 2026 in Accra.
Ghana traditionally measures its economic success primarily through Gross Domestic Product (GDP). Dr. Thompson argues that GDP alone does not show how many jobs are created or how much people's incomes are improving. He stressed that economic growth must create good jobs and raise wages for it to be meaningful and lasting. Growth that does not benefit ordinary citizens, especially young people, is not effective.
This proposal fits into Ghana's ongoing efforts to ensure economic development benefits all citizens. Previous data shows that a large part of the economy operates informally. About 92 percent of businesses are in the informal sector, providing roughly 80 percent of all jobs. However, these informal businesses contribute only about 27 percent of Ghana's total GDP. This highlights a disconnect between economic activity and formal contributions.
Dr. Thompson stated, "Growth without jobs is meaningless. Growth without rising incomes is unsustainable." He warned that without this broader approach, economic growth might not connect with the daily lives of most Ghanaians.
Moving forward, Ghana will need to focus on key areas to achieve the goals of 3D Growth. This includes improving productivity, formalizing more businesses, and adding more value to products across different sectors. Infrastructure projects, such as electricity, water, and transport, must also be judged by their impact on jobs and long-term productivity. Decision-makers will need to ensure that national plans are well-coordinated with how money is spent, and that public institutions are held accountable. This change could lead to new policies aimed at job creation and better wages.
Mr. Ishmael Yamson, CEO of Ishmael Yamson and Associates, also spoke at the event. He supported the call for a more impactful economic strategy. Mr. Yamson criticized Africa's reliance on the "Africa Rising" story without sufficient action. He noted that simply measuring GDP often hides real problems, especially when foreign companies take profits out of the country. This leaves little value inside African economies.
Mr. Yamson urged African businesses to work together more under the African Continental Free Trade Area (AfCFTA). This collaboration could build stronger, competitive businesses across the continent. Such partnerships are vital for ensuring that economic growth translates into wealth for African nations and their citizens, aligning with the principles of the 3D Growth model.