Ghana must redesign colonial-era economic system – Prof. Bokpin warns against growth that doesn’t create jobs

Professor Godfred Alufar Bokpin, a finance and economics expert at the University of Ghana, has called for a fundamental redesign of Ghana's and Africa's economic systems to better serve developmental goals. In a recent presentation at the 12th IMANI Africa-UPSA Students & Young Professionals African Liberty Academy (SYPALA) in Accra, Bokpin highlighted that the current economic framework, which prioritizes extraction, export of raw materials, and import dependency, was originally established by colonial powers and has remained largely unchanged since independence.

Speaking on the theme "Building Resilient Economies to Enhance Inclusive Governance in Africa," Bokpin warned against the Ghanaian government's ongoing fixation on stabilizing the cedi at all costs. He argued that this fixation is causing irreversible damage to the environment in the pursuit of economic figures that do not improve the lives of ordinary citizens.

Bokpin stressed that economic growth devoid of job creation and environmental sustainability is not genuine progress. He pointed out that illegal mining and other environmentally destructive practices are tolerated due to short-term gains in foreign exchange, but the long-term consequences to water bodies, agriculture, and public health are far more detrimental.

Bokpin emphasized that true progress should be measured by the creation of decent jobs for the youth, rather than being defined solely by economic growth metrics. He called for a shift in the conversation from mere exchange rates to the quality of growth and its capacity to foster inclusive development, ensuring that the benefits of economic expansion are equitably distributed rather than concentrated among a select few.