ACET’s Compact project to transform Ghana’s economy, society

The African Center for Economic Transformation (ACET), a leading Pan-African economic policy institute, has stressed its optimism about transforming Ghana’s economy and society through its ambitious Ghana Compact project.

The initiative aims to address the country’s long-standing developmental challenges, focusing on economic transformation, job creation, and financial management.

Prof John Asafu-Adjei, a Senior Fellow with ACET, highlighted the need for substantial economic transformation in Ghana. He noted that while the country has experienced solid growth, especially post-2011, this growth has not translated into job creation or significant structural changes in the economy.

“Ghana has had solid growth, particularly after 2011, but this growth has not resulted in job creation. There has been no transformation,” Dr. Asafu-Adjei stated. He emphasized that since independence, Ghana’s economy has remained largely the same, primarily focused on exporting raw commodities without adding value.

Prof Asafu-Adjei also expressed concerns over the loss of trust among Ghanaians, especially the youth, in the country’s democratic processes due to corruption and other malpractices. He highlighted the divisive nature of the current political landscape, which has further eroded public confidence.

The Ghana Compact, initiated by ACET, seeks to address these critical issues. It is designed to tackle the lack of economic transformation, job shortages, and financial mismanagement. By focusing on these areas, ACET aims to foster a more robust and dynamic economy that can create meaningful employment opportunities and improve overall governance.

The Ghana Compact project embodies ACET’s commitment to driving sustainable economic transformation across the continent. Through this initiative, the institute hopes to promote value addition in the country’s primary commodity sectors, thereby enhancing economic diversification and resilience.

As ACET moves forward with the Ghana Compact, the institute remains dedicated to engaging with various stakeholders, including government officials, private sector partners, and civil society organizations, to ensure the successful implementation of its transformative agenda.

Prof Asafu-Adjei concluded, “We are optimistic about the Ghana Compact and its potential to address the deep-rooted issues facing our economy. By focusing on structural transformation, job creation, and sound financial management, we believe we can help build a more prosperous and equitable society for all Ghanaians.”