Accra: Mr. Akwasi Opong-Fosu, a Governance and Public Policy Analyst, emphasized the critical need for establishing a statutory Economic Advisory Council (EAC) as Ghana embarks on a phase of national renewal under a newly-elected government. He highlighted the necessity of bold and inclusive economic reforms for both short-term recovery and long-term sustainability.
According to Ghana News Agency, Mr. Opong-Fosu articulated that Ghana's history of economic conferences and policy dialogues has often failed to yield lasting outcomes. He stressed the need for a permanent, institutionalized platform to ensure continuity, inclusivity, and accountability in shaping the nation's economic destiny. An EAC, properly constituted and empowered, would provide such a platform, he asserted.
Mr. Opong-Fosu, a former Minister of State, pointed out that the Council's core value would be its ability to democratize economic policymaking. It would serve as a conduit for citizen engagement, bringing diverse voices from various sectors into the heart of economic governance. He argued that economic development is a shared enterprise, not limited to technocrats or political elites, but informed by the lived experiences of all Ghanaians.
He further explained that the EAC would act as a real-time sounding board for government policy. By monitoring economic trends and evaluating fiscal and monetary decisions, the Council would help the government remain agile and responsive to the global environment. Such a feedback mechanism is crucial to avoid costly policy missteps and to restore public confidence in economic management.
The inclusion of a broad spectrum of expertise and perspectives within the Council would help balance competing priorities like growth with equity and innovation with stability. Mr. Opong-Fosu emphasized that this approach would promote a more holistic and sustainable development model while deepening transparency.
He highlighted that a statutory EAC, with a clear mandate and public accountability, would mitigate the risk of economic policy being influenced by narrow, vested interests. Addressing challenges such as rising youth unemployment and debt sustainability requires inclusive governance structures grounded in trust and evidence-based decision-making.
Mr. Opong-Fosu concluded by stating that a legally constituted EAC, insulated from political manipulation, would be a significant step toward inclusive and responsive governance, essential for Ghana to chart a path to prosperity that leaves no one behind.