Why Ghana’s Economy Is Stuck — Nii Moi Thompson Speaks on Face to Face
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Chairman of the National Development Planning Commission (NDPC), Nii Moi Thompson, says Ghana's repeated reliance on the IMF is a symptom of deeper structural weaknesses in the economy.
Speaking on Face to Face with Umaru Sanda Amadu, he noted that Ghana has returned to the IMF 17 times and warned that without fundamental reforms, the country risks repeating the cycle.
He explained that despite recent fiscal measures, Ghana still lacks a comprehensive long-term national development plan to guide economic transformation.
According to him, over 90% of businesses operate in the informal sector, limiting productivity, tax revenue, and the country's ability to finance development sustainably.
Dr. Thompson contrasted Ghana's situation with more formalised economies, noting that countries with stronger formal sectors are able to achieve higher tax-to-GDP ratios and more stable development outcomes.
He also highlighted regional inequality, pointing out that most of Ghana's poorest areas are concentrated in the Savannah belt despite its vast land and agricultural potential.
The NDPC Chairman stressed the need for a consolidated national development plan focused on long-term transformation and shared prosperity, rather than short-term policy fixes.
He urged policymakers and lawmakers to prioritise national development over distractions, calling for stronger focus on structural reforms that can lift productivity and reduce dependency on external support.
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