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Tue, 21 Jan 2025 Feature Article

Revolutionizing Ghana's Economy: A New Path Forward

Revolutionizing Ghanas Economy: A New Path Forward

As the golden light of dawn breaks over our beautiful and bountiful Motherland Ghana daily, it strikes one that our wise and aspirational people could awaken to the promise of a new era. Beneath the surface of this resilient land, a quiet revolution could be brewed - a revolution seeking to shatter the shackles of economic stagnation, to empower the masses, and to forge a new path to prosperity. At its heart could be the gem of a simple yet profound idea: that by democratizing ownership of our publicly owned commercial undertakings, and harnessing the power of transparency, Ghana can unlock its true potential and become a beacon of hope for Africa.

The numbers are stark. Ghana's debt-to-GDP ratio stands at 104.6% (Source: World Bank, 2024). Our economy is heavily reliant on imports, with a trade deficit of $3.3 billion (Source: Bank of Ghana, 2024). However, the World Bank observes that Ghana's economy is expected to recover by 2025, with growth projected to slow down to 1.5% in 2023 and 2.8% in 2024, before rebounding.

To achieve this recovery, Ghana must adopt a new economic paradigm. Partial privatization of state-owned companies, combined with employee stock ownership and public share allocation, can increase transparency, accountability, and economic growth. The Ghana Oil Company Limited (GOIL) privatization model serves as a great example, demonstrating the potential for increased transparency and accountability.

To ensure the national interest is protected, the government can retain a golden share in these companies. This safeguard will prevent hostile takeovers and decisions that might compromise national security or strategic interests.

Key Benefits of this approach:

  • Increased transparency and accountability
  • Economic empowerment for Ghanaians through share ownership
  • Improved economic growth and competitiveness
  • Protection of national interest through the golden share

However, implementing such reforms will not be without challenges. The World Bank notes that Ghana's economy requires structural reforms, improved fiscal management, and enhanced revenue mobilization. Addressing these complexities will be crucial to the success of this new economic paradigm.

As we forge a new economic path, let's draw inspiration from our nation's rich history and resilience. Ghana has always been a beacon of hope and democracy in Africa. Now, it's time to become a shining example of economic empowerment and transparency.

Let's seize this moment and create a brighter future for all Ghanaians.

#GhanaEconomicRevolution #ShareOwningDemocracy #EconomicEmpowerment #Transparency #Accountability #NationalInterest #GhanaAt67 #AfricaRising

Kofi Thompson
Kofi Thompson, © 2025

Writer & activist for environmental justice & human rights. . More Born into a farming family, I speak truth to power to amplify the voices of victims of injustice.Column: Kofi Thompson

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