In the past decade, economic growth has followed a pattern in Ghana that is largely prescribed by the constraints and frustrations experienced during policy implementation.

So for analytical purposes, the failure of sustainable but high growth for so long is a function of different ideologies by the only two political administrations that have held sway in Ghana over this last decade.

The government of Ghana have been to the IMF twice in the last decade simply because the government's total expenditures exceed its total revenues, excluding borrowing. Consequently, this has resulted in a high fiscal deficit leading to increased borrowing, higher public debt, and challenges in managing the economy. The economic situation of Ghana is likely to persist or even worsen due to the surge in currency depreciation, rising inflation, mounting debt burden and servicing declining public revenue mobilization.

The economic challenges are worsening each day due to excessive government expenditure and rising issues of corruption within the ruling government. The Transparency International’s Corruption Perceptions Index (CPI) measures a country’s corruption perception through surveys.

Ghana’s corruption indices from 2020 to 2024.

Here's an overview of the growth of Ghana's economy in terms of nominal GDP from 2012 to 2024. This period was marked by both growth and challenges, including fiscal deficits, currency depreciation, and corruption.

Historic Data on Ghana’s GDP Growth Rate

The 2024 December election will certainly be based on job creation and economic policies that will bring relief to the Ghanaian people. Ad hoc economic and social intervention policies implemented by the government to create jobs have either not created sustainable jobs for unemployed Ghanaians or have been abandoned during the first phase of implementation and sometimes due to budgetary constraints.

Let’s take a walk down memory lane and review the status of some of the government policy initiatives implemented since the last elections.

Planting for Food and Jobs which was launched in 2017, this agricultural initiative aimed to create hundreds of thousands of jobs by supporting farmers with input and improving food security has not been sustainable due to some challenges. One of the major challenges has been the lack of adequate storage and processing facilities. Many farmers faced post-harvest losses due to the inability to store excess produce, leading to wastage and reduced incomes. In many rural areas, poor road infrastructure made it difficult for farmers to transport their produce to markets, further exacerbating post-harvest losses and limiting market access.

There were instances of delays in the supply of seeds, fertilizers, and other inputs, which affected the timing of planting and overall productivity. Timely delivery of inputs is crucial for the success of agricultural programmes, and delays can significantly reduce yields. Concerns were raised about the quality of seeds and fertilizers provided under the programme. Some farmers reported that the inputs did not meet the required standards, which affected crop yields. Many smallholder farmers lacked access to affordable credit, which is necessary for purchasing inputs and investing in farming activities. The high cost of borrowing and stringent lending conditions often made it difficult for farmers to secure the financing needed for effective participation in the programme.

Some farmers who did access credit faced difficulties in repaying loans due to low yields or market fluctuations, leading to debt accumulation and financial strain. Bureaucratic inefficiencies led to delays in the disbursement of funds necessary for purchasing inputs and supporting programme operations, affecting the timely implementation of PFJ activities. In some cases, political interference affected the distribution of inputs and the selection of beneficiaries, leading to inefficiencies and reducing the programme's overall effectiveness.

Nation Builders Corps (NABCO) launched in 2018, NABCO aimed to provide temporary employment for 100,000 graduates across various sectors, including education, health, and digitization. One of the major challenges was the consistent funding needed to sustain the programme. NABCO participants received monthly stipends, and delays in payments were common due to budgetary constraints. This led to frustration among participants and affected the programme's credibility.

NABCO was designed as a temporary solution to unemployment, with the expectation that participants would transition to permanent employment or entrepreneurship. However, many participants struggled to find permanent jobs after their time in NABCO, raising concerns about the programme’s long-term impact. Many participants found it challenging to secure permanent employment after completing their tenure with NABCO. The public and private sectors were not always able to absorb the large number of graduates, leading to concerns about the effectiveness of the programme in providing long-term employment solutions. Participants often faced delays in receiving their monthly stipends, which created financial strain and dissatisfaction.

These delays were attributed to bureaucratic processes and funding shortfalls, leading to protests and calls for better management of the programme. The programme faced significant administrative challenges, including inefficiencies in managing a large number of participants, tracking their progress, and ensuring that they were adequately supervised and supported in their roles.

While NABCO was designed to provide participants with valuable work experience, the quality of training and mentorship varied widely across sectors and institutions. Some participants received meaningful work assignments, while others were underutilized or assigned tasks that did not enhance their skills or employability. There were concerns that NABCO did not provide enough opportunities for professional development or upskilling, which are crucial for participants to advance in their careers after completing the programme.

Despite the large number of participants, NABCO's impact on the overall graduate unemployment rate was limited. The programme provided temporary relief for many graduates, but the underlying structural issues in the job market, such as the lack of sufficient private sector jobs and the skills mismatch, remained unresolved. The programme could have benefited from more robust stakeholder engagement, including feedback from participants, host institutions, and industry experts. This would have helped to refine the programme and address challenges in real-time.

One District, One Factory initiative was designed to create jobs by establishing factories in every district, focusing on industrialization and manufacturing. Many local entrepreneurs and businesses interested in participating in the 1D1F programme have struggled to access affordable financing. The cost of credit in Ghana is relatively high, and securing loans or investment capital has been a significant barrier, especially for small and medium-sized enterprises (SMEs). There have been delays in the disbursement of funds promised by the government to support the establishment of factories.

These delays have slowed the pace of implementation and affected the viability of some projects. Many districts, particularly those in rural areas, lack the necessary infrastructure to support industrial activities. Poor road networks, unreliable electricity supply, and inadequate water supply have made it difficult to establish and operate factories in some regions.

The lack of efficient transportation and logistics systems has posed challenges in moving raw materials to factories and finished products to markets, increasing operational costs and reducing competitiveness. While the initiative aims to promote exports, many 1D1F companies face challenges in accessing international markets, including meeting international standards, navigating complex export regulations, and competing with established global players/ Entrepreneurs have reported difficulties in navigating bureaucratic processes, including obtaining permits, licenses, and approvals. These administrative bottlenecks have slowed down project implementation and increased the cost of doing business.

There have been concerns about the environmental impact of some factories, particularly in areas where environmental regulations are not strictly enforced. Ensuring that industrialization does not come at the cost of environmental degradation is a significant challenge. Economic downturns, both domestically and globally, have affected the profitability and viability of some 1D1F projects. For instance, fluctuations in commodity prices or demand shocks can have a significant impact on industries that are heavily reliant on exports.

The Ghana Enterprises Agency was created to support small and medium-sized enterprises (SMEs) with funding and capacity-building, indirectly leading to job creation however, this was abandoned days after its implementation due to financial constraints.

Youth Employment Agency continued efforts to provide employment opportunities for young people, particularly in community service roles and vocational training. The Youth Employment Agency (YEA) in Ghana was established to address the issue of youth unemployment by providing skills training, temporary employment, and facilitating permanent job placements for young people. While the YEA has made strides in creating opportunities for the youth, it has faced several challenges that have affected its effectiveness and sustainability. The YEA has often faced financial challenges, including insufficient budget allocations and delays in the release of funds. This has hampered the agency’s ability to implement its programmes effectively and has led to delays in paying beneficiaries, causing frustration and dissatisfaction among participants.

Digital Economy Initiatives introduced by the government focused on digital transformation, aiming to create jobs in ICT through initiatives like the Ghana CARES "Obaatan Pa" programme. Digital economy initiatives in Ghana have been central to the government’s strategy to modernize the economy, improve efficiency, and create new opportunities in various sectors. These initiatives encompass a wide range of activities, including digital infrastructure development, e-governance, fintech innovations, digital literacy programmes, and the promotion of a cashless society. While these initiatives hold significant potential, they have encountered several challenges.

Some questions on the minds of Ghanaians ahead of the 2024 elections;

1. Accra SkyTrain was projected as a fully automated, elevated light railway metro network for Accra. The government of Ghana has paid $2 million to a company called AI Sky Train. Will your government investigate this payment and prosecute those who have caused financial loss to the state?
2. Article 71 officeholders of successive governments under the 4th Republic have, after their term of office, received huge sums of money as ex-gratia after their 4-year term. Will your government allow for constitutional review and abolish Article 71?
3. $58 million of Ghanaian taxpayers’ money has been sunk into a hole at the heart of Accra for the construction of a National Cathedral. Will your government investigate this expenditure and prosecute any individuals/groups who may have caused financial loss to the state?
4. Exactly three and half years ago, eight innocent Ghanaian citizens were murdered in cold blood during the 2020 general elections, by people, who were believed to be seen in military uniforms, or the company of the Military and/or the police. Three years after the act, there is no information about the arrest of even a single person associated with the crime. Do you prioritize the lives of Ghanaians and will you investigate and prosecute the killers?
5. Ambiguous land ownership rights and land tenure conflicts can impede agricultural development and investment in the primary industries. Unclear land ownership titles and disputes can hinder access to land for agricultural purposes and discourage long-term investments in farming activities. How does your government plan to resolve the land issues in Ghana?
6. Insufficient post-harvest infrastructure, inadequate storage facilities, and poor handling practices contribute to significant post-harvest losses in the agricultural sector. Addressing these losses through improved storage and preservation methods can help enhance the profitability and sustainability of primary industries. Will your government implement a plan to deal with post-harvest challenges?
7. An amount of $10 million of Ghanaian taxpayers’ money has been paid out of a total of $34.9 million to a company called Service Ghana Auto Group Limited to secure spare parts for the 307 Ambulance without following the procurement laws of the country. Will your government investigate and prosecute if there is any causing financial loss to the state?
8. While the judiciary is constitutionally independent, there are concerns about political interference in judicial appointments and decisions. Perceived or actual pressure from the executive branch compromises the judiciary's independence and impartiality. How and what will your government do to keep the judiciary independent?
9. Corruption within the judiciary remains a significant problem. High-profile cases of judicial corruption were revealed involving judges and court officials. Allegations of bribery and favouritism undermine the credibility of the judiciary and erode public trust. Will your government investigate corruption cases involving the judiciary and prosecute them?

10.Corruption within security forces undermines public trust and operational effectiveness. Cases of bribery, extortion, and involvement in criminal activities by security personnel damage the reputation of these agencies. Inadequate oversight and accountability mechanisms contribute to a lack of discipline and misconduct within the security services. What will your government do to purge the security services of corruption and instill discipline?

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The Author, Jerry.J.AFOLABI (PhD) is a Financial & Economic expert who believes that ordinary people can do extraordinary things when given the opportunity. He is a change-maker with the ability to easily get people to get things done for the good of humanity. Email: jelilius@gmail.com.