Prof. Seidu Al-hassan with Dr. Nii Sowa at the public lecture on Ghana’s development policy choices
University for Development Studies (UDS) School of Economics, has organised a public lecture on Ghana’s development policy choices.
The lecture on the topic: “Whither Development? An Exposition of Ghana’s Development Policy Choices and Outcomes, and the Lessons Thereof” brought together academia, industry, and student body.
Prof. Mohammed Muniru Iddrisu, Principal of the Nyankpala Campus, expressed his pleasure in hosting the event and highlighted the campus’s significant contributions to the university’s developmental objectives, stressing the importance of such intellectual discussions in shaping policy dialogue.
Dr. Nii Sowa, Country Director of International Growth Centre (IGC), presented a historical overview of Ghana’s economic policy decisions from independence to the present day.
He discussed the challenges the country faced, particularly during the early 1980s, referencing the staggering 123% inflation rate in 1982, the severe drought in the Sahel region, and the resulting economic difficulties that prompted policy changes.
He provided insights into Ghana’s interactions with international financial institutions, including the International Monetary Fund (IMF) and the World Bank, focusing on the structural adjustment programmes (SAPs) and their lasting effects on the economy.
Dr. Sowa pointed out that Ghana’s policy decisions have fluctuated between state-led and market-driven strategies. While some policies yielded short-term benefits, others led to economic downturns due to inadequate implementation and external shocks.
He noted that Ghana’s frequent reliance on the IMF reflects underlying systemic economic vulnerabilities, and urged policymakers to learn from past economic experiences, emphasising the importance of fiscal discipline, investment in productive sectors, and sustainable debt management.
He indicated that for Ghana to achieve long-term economic stability, it must prioritise industrialisation, add value to raw materials, and improve domestic revenue mobilisation, and warned against policy inconsistencies and the politicisation of economic management, which he stated have often hindered progress.
The Vice-Chancellor of UDS, Prof. Seidu Al-hassan, who chaired the event, lauded Dr. Nii Sowa for accepting the invitation to speak at the public lecture on Ghana’s development policy choices organised by the School of Economics, UDS.
He noted Dr. Sowa’s significant impact in both academia and the economic sector, saying, “Dr. Nii Sowa has educated and guided numerous prominent individuals in Ghana, including the current Governor of the Bank of Ghana, the Deputy Governor, and the Director of ISSER at the University of Ghana. His extensive experience makes him an ideal speaker for today’s discussion.”
The Dean of the School of Economics, Prof. Joseph Awuni, emphasised that the school aims to establish the lecture series as a regular part of its academic calendar to promote discussions on Ghana’s economic development.
FROM Eric Kombat, Nyankpala