By Akwasi OPONG-FOSU
As Ghana enters a pivotal phase of national renewal under a newly-elected government with an overwhelming electoral mandate, the urgency to reset the economy cannot be overstated.
The country stands at a critical juncture where bold and inclusive economic reforms are essential—not just for short-term recovery, but for long-term sustainability and equity.
In this context, the establishment of a statutory Economic Advisory Council (EAC) must be seen not as an option, but as a necessity.
Ghana’s past is littered with economic conferences, policy dialogues, and high-level summits that generated reports, communiqués, and headlines—but yielded little in terms of lasting outcomes. The time has come to break this cycle.
What is needed is a permanent, institutionalized platform that ensures continuity, inclusivity, and accountability in shaping the nation’s economic destiny. An EAC, properly constituted and empowered, would provide that platform.
The core value of an Economic Advisory Council lies in its capacity to democratize economic policy-making.
It would serve as a conduit for citizen engagement—bringing the voices of farmers, traders, entrepreneurs, youth, women, traditional authorities, academia, labour unions, consumer advocates, and civil society organizations into the heart of economic governance.
Such a council would reflect the reality that economic development is not the sole preserve of technocrats or political elites; it is a shared enterprise that must be informed by the lived experiences of all Ghanaians.
Moreover, the EAC would act as a real-time sounding board for government policy. By monitoring economic trends, evaluating the effectiveness of fiscal and monetary decisions, and proposing timely policy adjustments, the Council would help the government remain agile and responsive in a volatile global environment. This kind of feedback mechanism is crucial to avoid costly policy missteps and to restore public confidence in economic management.
Incorporating a broad spectrum of expertise and perspectives, the Council would help balance competing priorities—growth with equity, investment with regulation, innovation with stability. In doing so, it would promote a more holistic and sustainable approach to development.
Crucially, this would also deepen transparency. A statutory EAC, operating with a clear mandate and public accountability, would diminish the risk of economic policy being hijacked by narrow, vested interests.
Ghana’s economic challenges—from rising youth unemployment and inflationary pressures to debt sustainability and industrial underperformance—require more than political will.
They demand inclusive governance structures that are grounded in trust, participation, and evidence-based decision-making. An Economic Advisory Council, properly constituted by law and insulated from political manipulation, would be a bold step toward building such a structure.
As the nation begins this new chapter under the reset agenda, the government must seize the opportunity to institutionalize an Economic Advisory Council as a cornerstone of economic transformation.
It is only through inclusive, transparent, and responsive governance that Ghana can chart a path to prosperity that truly leaves no one behind.
The time for rhetoric is over. The time for structural innovation is now.
The writer is a Governance and Public Policy Analyst and a former Minister of State
