Togbe Afede XIV, Executive Chairman of the World Trade Centre Accra, calls for bold and disciplined leadership to ensure Ghana’s economic recovery. He warns that recent positive macroeconomic trends could be short-lived without deeper structural reforms and significant industrial transformation.
Speaking at the 10th Ghana CEO Summit in Accra, Togbe Afede emphasized that Ghana's recovery must extend beyond quick fixes. It needs to focus on long-term productivity, competition, and creating more value from its resources. He highlighted that a changing global economy, influenced by international tensions and new technologies, demands clear policies and stronger cooperation between the government and businesses.
This call comes as Ghana shows signs of economic improvement after facing severe financial difficulties. The country has experienced high inflation, a weakening cedi, and low investor confidence in recent years. Now, inflation is starting to fall, the cedi has been more stable at times, and investors are slowly regaining trust due to ongoing budget management and tighter monetary policies.
However, Togbe Afede cautioned that better financial numbers alone are not enough. He stressed that recovery must lead to real improvements in employment, factory output, and the daily lives of citizens. His concerns mirror those of other business leaders who worry that Ghana’s recovery remains weak if it does not include more investment, stronger export abilities, and growth of local businesses.
For Ghana, the next phase of economic growth requires more than just lower inflation and better government finances. It needs a stronger industrial base to produce goods, cheaper and more reliable energy, easier access to loans for businesses, and better roads and infrastructure. Policies must also support businesses to grow and hire more people.
Other business leaders and policymakers at the summit agreed with these points. They pointed to challenges like high production costs, weak industrial capacity, limited value addition to products, and ongoing unemployment. The summit highlighted the need for reforms that are actually put into practice, policies that attract investment, and stronger support for local industries.
For the private business sector, the message is clear. Ghana’s recovery should not only be judged by economic statistics. It must also be measured by whether businesses can produce goods competitively. It must show if young people can find jobs and if local companies can expand. The country needs to gain more value from its natural resources.
Togbe Afede’s statements push for discipline and transformation to be central to Ghana’s recovery discussion. Ghana may be moving out of a crisis, but its ability to stay on a stable path depends on its leaders. They must avoid short-term thinking, protect financial gains, and implement reforms that boost productivity. Without such a shift, recent improvements might offer only temporary relief and fail to deliver lasting prosperity. The current challenge is to turn economic stability into fundamental change. This will ensure Ghana's recovery is visible not just in official data, but also in factories, businesses, jobs, and household incomes.