Edward Effah, founder of Fidelity Bank Ghana, has proposed a structured partnership between Ghana's private sector and government. This compact aims to mobilise $25 billion (approximately GHS 370 billion) in priority investments over the next five years. The initiative seeks to create 1.5 million jobs for young Ghanaians.
Mr. Effah highlighted an urgent need for this collaboration to move beyond macroeconomic stability. The goal is to deliver sustained economic growth, industrialisation, and large-scale job creation. This partnership would address the 1.5 million young Ghanaians currently not in employment, education, or training.
Ghana's economy has demonstrated significant progress, with its GDP growing from $56 billion in 2016 to an estimated $115 billion today. This makes Ghana the eighth-largest economy in Africa. Inflation stands at 3.3%, and gross international reserves have reached USD 13.8 billion, showcasing a strong foundation for further development. These figures, highlighted by Mr. Effah, reflect a period of hard-won stability.
Speaking at the 10th Ghana CEO Summit on May 28, Mr. Effah emphasised that Ghana is at a unique convergence of favourable conditions. He urged stakeholders to seize this moment, warning of high costs if action is delayed. The Summit, titled “The CEO-Government Compact 2026: Accelerating Ghana’s Economic Transformation,” drew high-profile attendees. These included President John Dramani Mahama, various ministers of state, and the Governor of the Bank of Ghana.
The proposed compact features two main tiers. First, a National Economic Transformation Council, chaired by the President, would set national targets and oversee reforms. Second, an operational Transformation Delivery Unit, staffed by professionals, would focus on key sectors. These sectors include agribusiness, technology, industry, energy, infrastructure, and financial services. Mr. Effah suggested establishing this Unit through an Act of Parliament for long-term sustainability, referencing models like Singapore’s Economic Development Board.
The investment ambition calls for a blended financing model. This model would involve commercial banks, local development finance institutions, and international development partners. It would also attract direct investment into these priority sectors. This substantial capital injection is deemed necessary to absorb half a million new labour market entrants annually.
Mr. Effah stated the private sector is ready to collaborate with the government. He cited past successes, such as the COVID-19 Private Sector Fund, which raised GHS 48 million. This fund delivered the Ghana Infectious Disease Centre within 100 days. Another example is the Energy Sector Levies Act, which resolved GHS 10 billion in sector debt. These examples demonstrate the private sector's capability when conditions are right.
This initiative represents a critical pathway for Ghana to convert its current economic stability into sustained job growth and industrial expansion. Decision-makers and markets will closely monitor the government's response to this proposal. Its implementation could significantly impact Ghana's economic trajectory over the medium term.