As Ghana looks to strengthen its economy and foster a culture of responsible governance, the proposal of a social contract between presidential candidates and CEOs marks a profound and necessary shift.

This contract, based on mutual commitments for growth, transparency, and accountability, would align political ambitions with the economic realities and goals of Ghana’s private sector.

At the heart of this partnership is the belief that lasting, equitable development is best achieved when government leaders and business executives work in tandem toward shared outcomes, each upholding their part of a collective responsibility to the nation.

Why CEOs and Presidential Candidates Need Each Other for Ghana’s Future

The private sector is the engine of Ghana’s economy, contributing significantly to employment, innovation, and revenue. CEOs of major companies and small businesses alike understand the economic landscape firsthand—the hurdles of regulatory frameworks, the challenges of sourcing capital, and the necessity of cultivating talent. Yet, without the support of political leadership that is committed to consistent, transparent, and business-friendly policies, the sector cannot thrive. This is why a structured relationship between Ghana’s political leadership and the private sector is essential.

Political leaders must see CEOs not only as economic players but as partners in development. By engaging the business community in structured, contractual relationships before assuming office, candidates can help cultivate a trust-based dialogue where both parties commit to specific objectives. CEOs can advise on practical needs and challenges, while candidates if elected, can act on informed policies that support sustainable growth.

Key Areas of Commitment for Sustainable Growth and Accountability

A social contract between Ghanaian CEOs and presidential candidates should focus on several key areas that are vital for the country’s future. These include inclusive economic growth, transparency, private sector engagement, ethical governance, sustainable development, and social inclusion. Here’s how these elements could transform Ghana’s economic and political landscape.

1. Promoting Inclusive Economic Growth
   Ghana needs policies that do not merely favor large corporations but also uplift SMEs, women-led businesses, and local industries. An inclusive growth model creates opportunities across sectors and encourages foreign investment, which, in turn, drives employment. Through a social contract, presidential candidates can promise to implement policies that reduce barriers and provide equitable support across business types, promoting growth that reaches all Ghanaians.
2. Ensuring Political Accountability and Transparency
   Ghanaians are calling for transparent governance, particularly in economic matters that directly impact businesses and communities. By committing to this in a social contract, candidates would guarantee that their future administration’s actions are open to scrutiny. CEOs, as stakeholders, could advocate for regular, public reporting mechanisms, which would keep citizens informed and hold politicians accountable.
3. Fostering Private Sector Engagement and Collaboration
   The private sector needs a supportive environment to succeed, one free from restrictive regulations and policies that stifle innovation. By signing onto a social contract with CEOs, presidential candidates would demonstrate their commitment to building a business-friendly ecosystem—one where industry leaders feel confident to invest, expand, and take risks. A collaborative approach to policy-making ensures that the private sector’s needs are taken into account from the outset.
4. Upholding Ethical Business Practices and Good Governance
   Corruption and unethical business practices are barriers to growth, deterring investment and slowing progress. A social contract would underscore the importance of ethical governance, requiring both political leaders and business executives to uphold standards of integrity. This joint commitment would signal to Ghanaians and the international community that Ghana is serious about creating a fair and competitive business landscape.
5. Championing Sustainable Development and Environmental Responsibility
   Sustainable growth is not only about economic prosperity but also about environmental stewardship. As Ghana industrializes, the need for sustainable practices becomes increasingly pressing. Through a social contract, candidates can commit to environmental policies that balance economic growth with conservation. CEOs, in turn, can pledge to implement eco-friendly practices within their companies, ensuring that growth today does not come at the cost of tomorrow’s resources.
6. Prioritizing Social Inclusion and Human Capital Development
   Ghana’s greatest resource is its people. By investing in education, health, and skills development, the country can create a resilient and skilled workforce that propels the nation forward. Presidential candidates and CEOs alike should commit to initiatives that enhance social inclusion and human capital development, ensuring that every Ghanaian benefits from economic progress. This is an area where the private sector’s influence can be invaluable, from providing internships and apprenticeships to funding educational initiatives.

The Benefits of a Social Contract for Ghana

1. Building Trust Between Government and Business
   In Ghana, as elsewhere, there can be a divide between government intentions and business expectations. A social contract formalizes collaboration, bridging that divide and fostering trust. When candidates commit to clear objectives and transparent practices, CEOs feel more secure in planning long-term investments that benefit the economy.
2. Aligning Economic Policies with Practical Needs
   When CEOs have a seat at the table, policies are more likely to be relevant, effective, and supportive of business growth. This ensures that Ghana’s economic agenda reflects the practical needs of the private sector, leading to job creation, innovation, and wealth generation.
3. Enhancing Political Accountability
   The promises made in a social contract are not just campaign rhetoric; they become commitments to be honored. This raises the standard for accountability, as business leaders and citizens can measure a leader’s performance against specific, agreed-upon benchmarks.
4. Demonstrating a New Era of Governance
   By publicly signing a social contract with business leaders, candidates show their dedication to a progressive and transparent approach to governance. It sends a powerful message to Ghanaians that they are prepared to lead with integrity and to work for the collective good.

Conclusion: A Prosperous Ghana Through Partnership

Ghana stands at a pivotal moment, one where political accountability and private sector engagement can make the difference between economic stagnation and prosperity. A social contract between CEOs and presidential candidates embodies a bold, forward-thinking approach to national leadership. This partnership would ensure that both sectors—public and private—are aligned in their commitment to a prosperous, equitable, and sustainable Ghana.

As the country’s leaders gather at the 1st Ghana CEO Presidential Manifesto Gala Dinner, let this event be a call to action. Presidential candidates should pledge to work with Ghana’s business leaders, committing to a shared vision that prioritises the welfare of all Ghanaians. Together, they can establish a legacy of trust, growth, and integrity, positioning Ghana as a beacon of responsible governance and inclusive development in Africa.

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Ernest De-Graft Egyir
Founding CEO, Chief Executives Network Ghana