To create wealth and prosperity for a majority of Ghanaians, it is important to re-prioritise sectors wherein the country has a competitive advantage, Managing Partner-Ishmael Yamson and Associates, Michael Harry Yamson, has said.
If done properly – along with investments in research and development (R&D), innovation and infrastructure, he said it will support the creation of new industries, jobs and real economic value.
He also holds the view that a paradigm-shift is needed in use of the country’s resources if the economy is to transition from import-dependence to production and sustainable economic growth and development.
To him, core national resources such as tax revenue; cash crops like cocoa, shea; and natural resources like gold, bauxite, oil and gas, among others, must be diversified with value addition as an integral base.
He made these remarks in his speech on the topic ‘The case for wealth creation as the 4th horizon of Ghana’s growth’, at a roundtable discussion held by the Institute of Economic Affairs (IEA) in Accra.
Furthermore, Mr. Yamson said it is equally imperative to provide support for entrepreneurs in the targetted sectors to create high-value products or services; and focus on building the skills, competencies and capabilities of the workforce to create a pool of talent and expertise that can support the growth of new industries.
“Resilient wealth creation means building a high-value, high-growth and diversified economy that generates sustainable revenue flows to meet the aspirations of citizens for developmental and economic growth, and create reservoirs that will enable future generations to meet their own needs,” he said.
Mr. Yamson also emphasised the need for a shift from short-term thinking to long-term, sustainable development through investment in the growth of new industries, as well as building skills and capabilities of the workforce in sectors which contribute to sustainable development.
Integration of local and global economy
It is the integration of Ghana’s economy with the global economy that will present new opportunities for growth and resilient wealth creation, which is important to ensure that the benefits of global integration are shared broadly and equitably across the economy by using policies to promote inclusive growth – such as investing in education and social safety nets to support the vulnerable in society.
Mr. Yamson emphasised that this integration highly depends on the adoption of ultra-modern productive technology and digitalisation of the economy to fast-track access and eliminate bureaucratic practices caused by human interfaces.
Though the integration of economies presents great opportunities, it brings with it certain risks; including greater exposure to global economic shocks and volatility in external financial markets. Nonetheless, such risk can be handled with concerted policies which promote diversification of the economy and break the millennia-long reliance on a narrow range of export products and markets, he stressed.
