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Ghana Reaching the Next Level through Global Competitiveness: A Public/Private Partnership Summary of Conference Proceedings

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  • Type of document: PEF Research Report

Ghana Vision 2020: A Middle Income Country by the Year 2020

Ghana seeks to become a middle income country by the year 2020.  This ambitious objective, embodied in the Government's Vision 2020, requires an average annual growth rate of 8% from 1995-2020.  Maintaining the present policy framework, and thus its historical growth rate, will only achieve Half of what is required--Ghana must work twice as hard.  The accelerated growth needed to attain the Objective of Vision 2020 can only come from a radical and sustained shift in the policy framework, to One that effectively implements an outward-oriented growth strategy.  To achieve the required growth rate, exports must grow at least 10% per year--doubling every seven years.  But traditional exports, currently accounting for 85% of total exports, are projected to grow at most by 5% per annum.  This means that non-traditional exports must be the new engine of growth, growing at more than 15% per year from now to 2020.  Export growth rates of this magnitude will result only if the entire economy is Focused on international competitiveness.

The North Carolina Conference for Ghana's leaders was unprecedented in that it convened a broad cross-section of the Ghanaian polity to discuss difficult choices facing Ghana as it seeks to achieve Vision 2020. This conference was conceived in March 1997, at a workshop in Akosombo sponsored by the Private Enterprise Foundation (PEF) with support from USAID/Ghana. The conference at Akosombo initiated a public/private partnership for making the difficult choices required by Vision 2020. At Akosombo it was recognized that Vision 2020 goals could not be reached by business as Usual.  A set of pressing issues evolved out of that conference: controlling inflation, increasing the productivity of all resources, judicial system reforms, financial system reforms, and the "formalization" of the informal sector.  Conferees agreed that PEF, with Sigma One Corporation support, would organize a follow-up meeting in North Carolina for public and private sector leaders to forge a consensus on the strategy to be executed for reaching the next level of international competitiveness. This document communicates the essence of the consensus achieved by Ghana's leaders for reaching Vision 2020.

 

 

Read 1741 times Last modified on Wednesday, 11 May 2016 14:37
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