Prof. David Millar urges focus on economic transactions at launch of Upper East PEARL Framework

Professor David Millar has urged policymakers and development planners to focus on creating vibrant economic opportunities rather than merely constructing physical infrastructure, saying markets should be viewed as centres of economic transactions rather than simply buildings.

Speaking as Chairman at the launch of the Prosperity through Enterprise, Agriculture, Resilience and Livelihoods (PEARL) Framework, a 10-year development plan for the Upper East Region, Prof. Millar challenged conventional thinking about market development and economic growth.

The framework, spearheaded by the Upper East Regional Coordinating Council, brought together government officials, development partners, traditional leaders, academics and other stakeholders to discuss strategies for transforming the region's economy over the next decade.

Prof. David Millar

Addressing participants, Prof. Millar said the success of a market economy depends more on the exchange of goods and services than on physical infrastructure.

“A market economy is just a space and a place,” he said. “I’ve heard comments like, ‘Oh, they are just building markets.’ But marketing, as many great economists will affirm, is a transaction arena. You don’t even need a physical structure for a market to exist. It’s all about transactions.”

He illustrated his point by referring to the gold trade, explaining that the value of gold is sustained by the existence of buyers and sellers.

“If there were no market for gold, we wouldn’t even be talking about it. No one would be struggling to sell it. That is the essence of a market,” he said.

Prof. Millar also shared his perspective on the government's proposed 24 hour economy, saying the concept should extend beyond the construction of physical markets to creating continuous opportunities for economic activity.

“For us, at my university, the 24 hour economy is not just about a structural market. It’s about a transactional space, and we are positioning ourselves to contribute to this broader discourse,” he said.

He stressed that economic planning should prioritise creating environments that encourage commerce, innovation and investment for the benefit of the wider economy.

“Physical structures can be labelled NDC or NPP, but the economy itself is more generic, more nationalist. I hope the planners capture this in their designs,” he said.

Prof. Millar cautioned against reducing market development to the provision of buildings equipped with electricity and telecommunications infrastructure.

“The true price of the challenge is to look beyond the visible structures and focus on the vibrant transactions that drive our economy,” he said.

His remarks set the tone for discussions at the launch, underscoring the importance of building an economy that promotes enterprise, trade and innovation alongside physical infrastructure as the Upper East Region pursues its long-term development agenda.