Edward Effah, founder of Fidelity Bank Ghana, has called for a structured and ambitious partnership between Ghana’s business community and government to drive the nation’s next phase of economic transformation. Speaking at the 10th Ghana CEO Summit on May 28, Effah emphasized the need to move beyond macroeconomic stability and achieve sustained growth, industrialization, and large-scale job creation.
Context: A Nation at a Crossroads
The 10th Ghana CEO Summit convened under the theme “The CEO-Government Compact 2026: Accelerating Ghana’s Economic Transformation.” The event brought together key stakeholders, including President John Dramani Mahama, government ministers, the Governor of the Bank of Ghana, and prominent private sector leaders.
Effah framed his call within a context of unique opportunities for Ghana. He cited a favorable convergence of macroeconomic stability, demographic pressures, regional economic potential, technological advancements, and governmental willingness to lead.
The Call for a CEO-Government Compact
Effah argued that Ghana has achieved significant macroeconomic progress, with GDP growing from an estimated $56 billion in 2016 to $115 billion currently, positioning it as the eighth-largest economy in Africa. Inflation stood at 3.3%, and gross international reserves reached USD 13.8 billion, achievements he described as hard-won.
However, he highlighted persistent challenges, noting that 1.5 million young Ghanaians are currently not in employment, education, or training. “To transform our economy and to create jobs, we, the private sector and the government, urgently need to work together,” Effah stated.
The proposed compact is envisioned with two key components. The first is a National Economic Transformation Council, to be chaired by the President. This council would be responsible for setting national targets, identifying and removing obstacles, accelerating reforms, and overseeing progress.
The second component is an operational Transformation Delivery Unit. This unit would be professionally staffed and organized around critical sectors such as agribusiness, technology and digitalization, industry and manufacturing, energy and infrastructure, and financial services.
To ensure longevity and effectiveness, Effah suggested that the Transformation Delivery Unit be established by an Act of Parliament, drawing inspiration from enduring models like Singapore’s Economic Development Board and Rwanda’s Development Board.
Mobilizing Investment for Growth
A substantial investment target underpins this proposed compact. Effah called for the mobilization of approximately $25 billion over the next five years, directed towards priority sectors.
This ambitious financial goal would be pursued through a blended financing model, integrating capital from commercial banks, local development finance institutions, international development partners, and direct private investment.
Effah explained the necessity of this investment scale: “If we are to absorb half a million new labour market entrants each year, sustain seven to 10 per cent economic growth, and double our export base, the investment envelope must be of that order of magnitude.”
Private Sector Readiness
Effah asserted that the private sector is prepared to collaborate actively with the government. He cited previous successful private sector-led initiatives as evidence of this capability.
Examples include the COVID-19 Private Sector Fund, coordinated by Fidelity Bank, which raised GH¢48 million and delivered the Ghana Infectious Disease Centre in just 100 days. Another instance was the Energy Sector Levies Act, which addressed GHS 10 billion in sector indebtedness.
“With a clear transformation agenda which identifies priority areas, investment needs and returns for investors, the private sector will step up to the plate, work with government and deliver, as it always does,” Effah assured the audience.
Looking Ahead
The success of Effah’s proposed compact hinges on the establishment of clear national priorities and the creation of an environment conducive to investment and reform. The coming months will likely see discussions on the formation of the proposed National Economic Transformation Council and the framework for the Delivery Unit. The ability of the government and private sector to align on specific targets and mechanisms for the $25 billion investment mobilization will be crucial indicators of progress towards accelerated economic transformation and job creation in Ghana.
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