By Samuel Lartey( Prof.)
Throughout history, financial philosophers have highlighted the importance of recognizing and capitalizing on nearby opportunities for wealth and growth.
Their teachings emphasize the dual concepts of “Copper Sense” and “Common Sense”, the ability to spot undervalued resources and apply practical strategies to harness them effectively.
In Ghana’s economy, where abundant resources and a dynamic workforce coexist, these principles resonate deeply. By focusing on what lies within reach, Ghanaian entrepreneurs, policymakers, and citizens can shift towards economic independence and resilience.
A call to action
This feature explores the profound wisdom embedded in financial philosophy, advocating for local empowerment and sustainable wealth creation through practical principles like “Copper Sense” and “Common Sense.”
The author aims to illuminate how these values can be applied in Ghana’s unique economic landscape, guiding readers toward an appreciation of the rich, yet underutilised resources within their reach.
The inspiration for this article stems from the author’s commitment to seeing Ghana thrive by maximizing its intrinsic potential. Through a balanced combination of practical wisdom and local resourcefulness, the author aspires for Ghanaians to recognise and harness the abundant assets in their communities, from natural resources to human capital.
The aspiration is to inspire individuals, businesses, and policymakers to adopt a mindset that prioritises the cultivation of Ghana’s internal strengths, ultimately reducing dependency on external solutions.
By advocating for a deeper understanding of these philosophies, the author hopes to spark a national movement toward self-reliance, economic resilience, and growth that is rooted in Ghana’s unique resources and collective ingenuity.
This piece is a call to action for Ghanaians to view their nation not as a supplier of raw materials but as a creator of value, propelling itself toward sustainable and inclusive prosperity.
Seeking solutions from outside: In a land of extraordinary abundance
Ghanaians across every spectrum from individuals and talents to small businesses, large corporates, and government find themselves positioned in a land of extraordinary abundance, yet often seeking solutions from outside.
As the sentiment goes, “in the abundance of water, the fool is thirsty.” Ghana is endowed with vast natural wealth: mineral resources like gold, bauxite, and copper; fertile lands that yield cocoa, yams, and a range of agricultural produce; and a youthful, innovative population.
Yet rather than fully utilizing these assets, the nation frequently looks outward, relying heavily on imported goods, technologies, and skills. Raw materials are exported without local transformation, while finished goods are bought back at higher costs, creating a cycle of dependency.
This tendency has not only stifled local industries but has also created a workforce that looks beyond Ghana’s borders for employment and opportunity, while the potential for vibrant, self-sustaining industries remains dormant within.
Historically, Ghana’s economy has been shaped by the extraction and export model, dating back to colonial times when resources were sent abroad to benefit external markets, establishing a dependency that continues today.
Now, in a globalized world, Ghanaians often find themselves competing on scarce foreign resources and markets while overlooking what is within arm’s reach.
In the tech sector, for instance, Ghana’s young innovators often aim to work for global corporations or seek opportunities abroad instead of developing local tech ecosystems that could drive nationwide progress.
Similarly, social assets such as community bonds and collaborative traditions are underutilized, as many businesses prioritize individualistic growth over collective prosperity.
This thirst in the midst of abundance highlights the need for a fundamental shift from viewing Ghana’s resources and talent through the lens of scarcity to recognizing and cultivating their intrinsic value.
By leveraging the natural resources, agricultural richness, technical skills, and social strength at home, Ghana can transform its latent wealth into a robust, self-sufficient economy that supports growth and prosperity for all.
In Ghana, where there is an undeniable abundance of resources, talents, and opportunities, the saying “in the abundance of many, the fool lacks” reflects a recurring paradox.
The country is blessed with vast mineral wealth, rich agricultural lands, energetic youth, and deep-rooted cultural values. Yet, many individuals, businesses, and institutions often overlook the rich potential within their grasp.
Instead of nurturing homegrown industries, producing locally, and investing in Ghanaian talent, there is a tendency to rely heavily on imports, outsource skills, and seek foreign expertise.
This mindset leaves significant untapped potential on the table, resulting in missed opportunities for economic independence and sustainable growth.
Despite being a global leader in cocoa production, for instance, Ghana continues to export raw beans while importing processed chocolate, a stark example of failing to fully harness what is abundant.
Historically, the country’s focus on exporting raw materials rather than building internal value chains has perpetuated this cycle of lack in the midst of plenty.
Talented youth, who could drive innovation and progress locally, frequently seek opportunities abroad, while sectors like technology and agribusiness remain ripe for development.
In the business ecosystem, collaborations and partnerships, crucial for maximizing collective growth are often underutilized as individualistic goals prevail. As a result, while Ghana has the “many” in terms of resources and capabilities, a lack of cohesive strategy and local investment leads to gaps in economic growth and self-reliance.
Embracing a shift toward recognizing and using these resources effectively could empower Ghanaians to create value at home, fostering a sustainable and resilient economy that maximizes the abundance already present.
The Essence of Copper Sense
Financial philosophers have long advocated appreciating and utilizing local resources before looking outward. This approach, termed here as “Copper Sense,” is about spotting overlooked assets within one’s environment and maximizing their value.
Ghana is rich in natural resources, including minerals like gold and copper, fertile agricultural land, and renewable energy potential, but many of these remain underexploited.
For instance, while Ghana’s gold mining sector is well established, other valuable minerals, like copper, hold significant untapped potential.
Copper is increasingly critical in the global shift towards renewable energy and digital technology, creating an opportunity for Ghana to diversify its mining industry. According to the Ghana Chamber of Mines, the mining sector contributed about 7% to Ghana’s GDP in 2021.
Expanding into copper could enhance this contribution, positioning Ghana as a diversified player in the global metal markets and strengthening its economic base.
Beyond mining, the agricultural sector represents another “Copper Sense” opportunity. Ghana’s cocoa industry has substantial room for value-added processing, where raw beans are typically exported with limited local transformation into finished goods.
By developing local facilities for processing and packaging cocoa, Ghana could capture greater value along the cocoa supply chain, boost the economy, and support the livelihoods of cocoa farmers, who are a critical segment of the country’s rural population.
Common Sense in Business and Resource Management
“Common Sense” is about implementing practical, often underused strategies to make the best use of resources. In Ghana’s financial and socioeconomic context, an excellent example is the success of mobile money.
Ghana has seen rapid adoption of mobile finance solutions, which offer banking access to large parts of the population without traditional banking infrastructure.
In 2021, mobile money transactions in Ghana reached GH₵1.2 trillion (around $100 billion), proving the effectiveness of practical solutions to bridge financial access gaps. This focus on accessible technology reflects “Common Sense” in action—innovating within existing frameworks to meet people’s needs.
However, significant economic challenges persist, such as high inflation, which reached 40.1% in October 2023. These pressures underscore the need for diversification and resilience to shield the economy from global market fluctuations.
In this sense, “Common Sense” also involves reducing dependency on imports and investing in domestic industries that can strengthen the economy.
The agricultural sector, for example, can benefit from agri-tech initiatives to increase productivity and reduce Ghana’s reliance on imported food products, which amounted to $2 billion in 2020. By prioritizing agricultural development, Ghana could stabilize food prices, improve food security, and generate local employment.
Copper and Common Sense for Sustainable Development
Applying the wisdom of financial philosophy, Ghanaian businesses and entrepreneurs are encouraged to seek opportunities for local development, reducing external dependency while nurturing homegrown industries.
“Copper Sense” urges a mindset shift to view Ghana’s resources as assets for local growth rather than raw materials for export.
This could be pivotal in sectors such as renewable energy, where Ghana’s solar potential remains largely underutilized despite its geographical advantages.
Additionally, “Common Sense” involves creating an environment where small and medium-sized enterprises (SMEs) can flourish, fostering innovation, and encouraging investment in workforce skills development.
The government’s Ghana CARES “Obaatan Pa” program, a GH₵100 billion initiative to stimulate post-COVID economic recovery, reflects this philosophy by focusing on key sectors like health, education, and industrial transformation.
This program aims to rebuild a self-reliant Ghana, echoing the principles of financial philosophers who emphasize reinvesting in one’s own assets for lasting prosperity.
Financial Implications and the Path Forward
Ghana’s 2023 budget outlines a fiscal deficit target of 7.7% of GDP and includes measures to curb inflation, reminding us of the need for effective “Copper Sense” and “Common Sense” strategies.
For example, Ghana’s rising food import bill highlights the need to boost local agricultural production. With abundant fertile land and favorable climates for diverse crops, the potential exists to reduce dependency on imports, stabilize food prices, and enhance food security.
“Copper Sense” here emphasizes fully harnessing local agriculture, while “Common Sense” points toward developing reliable supply chains for efficient distribution and export.
The path forward for Ghana’s economy lies in balancing resource extraction with value addition and self-sufficiency, where practical business principles ensure resilience against external economic pressures.
For instance, encouraging local industries to venture into areas like agritech, which combines agricultural knowledge with technological innovation, could help address youth unemployment, which stood at around 12.6% in the last census.
These strategies would not only foster sustainable employment but also mitigate the impact of inflation and currency instability on the economy.
Conclusion
In conclusion, as financial philosophers often highlight, the true wealth of a nation is found not in the resources it exports but, in the value, it generates within its borders. Ghana’s own “diamonds” lie in its vast, untapped potential from its vibrant youth and rich resources to a deep-rooted entrepreneurial spirit.
By embracing the principles of “Copper Sense” and “Common Sense,” as narrated in this feature, Ghanaians can unlock the promise of a resilient, self-sustaining economy.
These guiding philosophies underscore that prosperity is not merely about searching for new avenues but about recognizing, nurturing, and maximizing the abundant resources already at hand.
Through this shift, Ghana can transition from dependency to empowerment, fostering growth that benefits generations to come.
