The Immediate Past President of the Ghana Academy of Arts and Sciences (GAAS), Professor Kofi Opoku Nti, has called for a comprehensive redesign of Ghana’s agrarian and industrial economy to align with global demands and unlock the nation’s full economic potential for its youthful population.
He made the call during a public lecture organised by the Academy under its Humanities Lecture Series on the theme “Prospects and Pathways for Economic Transformation in Ghana.” The lecture examined the opportunities and challenges confronting Ghana as it transitions into a full-fledged middle-income economy.
Professor Opoku Nti noted that data from the Ghana Statistical Service and international development organisations indicate that Ghana’s per capita income has stagnated for almost a decade, constraining the country’s prospects for inclusive and sustainable transformation.
“The economy of Ghana, from the colonial era through to independence, has largely depended on the production and export of raw materials to boost foreign earnings. However, this model cannot sustain long-term, trans-generational growth,” he stated.
He emphasised that Ghana’s continued reliance on the export of primary commodities such as cocoa and gold limits its ability to achieve sustainable development.
“This damning statistic must push state actors to move beyond the production of simple agro-products to creating industries where Ghana has competitive advantage. By investing in value addition, producing semi-finished or finished products, the country can meet global and continental demands, generate higher incomes, and build an economy driven by innovation and technology,” he added.
Professor Opoku Nti urged the government to identify high-value sectors for targeted investment that could drive inclusive growth and structural transformation.
“The global economy is highly competitive. Developed nations are not waiting for us to catch up. We need a radical economic reawakening that uses our strengths in resources, minerals, and cash crops to establish scalable manufacturing industries. The success of Malaysia and Indonesia in the oil palm industry offers a clear example of how value addition can transform economies,” he stressed.
He cautioned that maintaining Ghana’s traditional role as a producer of raw materials would perpetuate its position at the lower end of the global value chain.
“It is not too late to reset the primordial economic model foisted on us since independence, one that positioned us as suppliers of raw materials that fuel the economic turbines of Western powers,” he said.
Chairing the lecture, Emerita Professor Takyiwaa Manuh, the Vice President of the Arts Section of the Academy, attributed the persistent underdevelopment of countries in the Global South to what she described as “closed-source thinking,” where leaders prioritise personal ambitions over collective national goals.
“The stagnation in development across the Global South is largely due to a mismatch between rational economic planning and the use of natural resources to drive transformation. Leaders must embrace localised models that reflect our realities instead of depending on utopian foreign frameworks,” she remarked.
Emerita Professor Manuh further underscored the need for active citizenship and morally grounded leadership committed to national progress.
The lecture, held on 30th October 2025 at the Academy’s premises in Accra, was attended by Fellows of the Academy, academics, members of corporate organizations, industrialists, journalists, and the general public, including students from Accra Girls Senior High School and Accra Academy, among others.
