The IMANI Centre for Policy and Education has called on the Ghanaian government to move away from its significant reliance on natural resources. The think tank advocates for a more productive and diversified economic model to ensure sustainable growth.
Economist Professor Godfred Bokpin stated that economies heavily dependent on natural resources often struggle to achieve lasting development. He emphasized that Ghana must fundamentally rethink its economic foundations. Professor Bokpin argued that no country has achieved sustainable development solely through a natural-resource-dependent growth model.
This call for diversification fits into Ghana's ongoing efforts to stabilize its economy and reduce vulnerability to global commodity price fluctuations. Ghana has historically relied on exports like gold, cocoa, and oil, which contribute significantly to its foreign exchange earnings but also expose it to external shocks. The country's recent debt restructuring and engagement with the International Monetary Fund underscore the urgency of building a more resilient economic base.
Professor Godfred Bokpin, speaking at the 2026 Students and Young Professionals African Leadership Academy, asserted, “Any growth model that relies extensively on natural resources would never deliver sustainable growth and development.” He highlighted Africa's historical integration into the global economy, which often left countries focused on raw material exports, hindering diversified economic growth.
The implications for Ghana are significant, requiring a strategic shift in government policy and investment. Decision-makers must prioritize sectors beyond traditional resource extraction, focusing on manufacturing, technology, and services. This transition aims to create more stable revenue streams and generate sustainable employment opportunities for Ghana's growing youth population. Markets will closely watch government initiatives aimed at fostering economic diversification and improving policy coherence.
IMANI President Franklin Cudjoe also criticized what he termed “policy illogicality” within Ghana's governance framework. He argued that poor coordination between government policies undermines efforts to build a resilient economy. Mr. Cudjoe cited public financial management reforms and fiscal responsibility measures as examples where inconsistent implementation hampered intended results.
He questioned how major public financial management reforms and the Fiscal Responsibility Act could coexist with Ghana's subsequent severe debt and liquidity challenges. Mr. Cudjoe stressed the need for stronger homegrown policy thinking and greater coordination across government interventions. He stated, “You have a policy that doesn't seem to be synchronised with another one.”
The think tank's recommendations align with broader global development goals that advocate for economic transformation in developing nations. Diversifying the economy would reduce Ghana's exposure to volatile global commodity markets. This strategy could also foster local value addition, creating more jobs and boosting domestic industries.
Participants at the leadership academy also presented policy proposals addressing Ghana’s economic challenges. One participant suggested targeted tax incentives for start-ups, proposing tax exemptions for one to seven years. This would allow young businesses to accumulate capital and expand, addressing Ghana’s persistent youth unemployment challenge.
Another participant called for increased investment in evidence-based policymaking. This approach would ground government decisions in research, statistical analysis, and reliable data. Stronger research capacity would help policymakers better understand economic challenges and develop effective interventions.
IMANI maintains that Africa’s future economic growth must be anchored in productivity, innovation, and sound policies. The organization emphasizes the ability to transform ideas into sustainable economic opportunities. Sustainable development requires African economies to move beyond extracting raw materials towards building productive industries and strengthening institutions. A diversified economic base would help Ghana build greater resilience against external shocks.