Ghana must change structure of economy - Legatum Institute

Ghana must change the structure of its economy to accelerate the growth and development of the country, Director of Policy of Legatum Institute, Stephen Brien, has said.

He said countries which had seen massive development transformed and changed the structure of their economies and Ghana must do same to catch up with its developed peers.

Mr Brien who disclosed this in an interview with the Ghanaian Times in Accra on Thursday after the launch of the Legatum Institute latest report on Ghana, said though the country was performing relatively well, but much needed to be done.

The report on Ghana titled “Economic Openness” analysed the country’s performance in the key areas of economic openness, investment environment, enterprise conditions and governance.

Mr Brien explained that the government must seriously focus on roads to facilitate the movement of goods and services across the country.

He also said the government must work to improve telecommunication infrastructure to improve communication in the country especially internet services.

The telecommunication sector, Mr Brien said offered best prospects for the country leapfrog in its development.

He said the government must work assiduously to improve on the country’s economic openness, stressing that there was strong correlation between economic openness and development.

Asked about the African Continental Free Trade Area, the Director of Policy said it was good Ghana has signed on the programme and offered to host the Secretariat.

He said the ACfTA would provide trade opportunities for Ghana and open up the economy to other countries.

To be able to fully benefit from the programme, he said Ghana must focus on the area it had expertise and competitive advantage in the various value chains of its raw materials.

The Vice President of IMANI Centre for Policy and Education, Kofi Bentil in a panel discussion said opening up a country’s economy facilitate its development.

 He said Ghana suffered greatly in the 70s and 80s when the economy was closed with people queuing for essential commodities such as soap, stressing that the reverse was the case when the economy was opened in the 90s.

Legatum is a British think tank with a global vision to all people lifted out of poverty and its mission is to create the pathways from poverty to prosperity, by fostering open economies, inclusive societies and empowered people.

By Kingsley Asare

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