GOVERNANCE, LEADERSHIP & WEALTH CREATION

In 2014, when we first launched the Ishmael Yamson & Associates Business Roundtable, our purpose was to help develop strong foundaons on which to build much more robust economies in Ghana and Africa. We decided therefore to focus on issues of economic growth, governance, and leadership, and how these must drive and shape Ghana's efforts towards building a fast growing, sustainable and resilient framework for wealth creaon, especially as Ghana had discovered oil and begun producing crude oil and gas in commercial quanes in 2011. Suddenly signs of the Dutch disease were beginningtoemerge,andthatwasaworrytous.

In the fourteen (14) years since 2010 Ghana's economic growth has been inconsistent, with high growth rates between 2010 and 2013, low growth rates between 2014 and 2016, high growth rates in 2017 and 2018, a crash to 0.51% growth in 2020 following the covid-19 disrupons, a recovery in 2021 of 5.36% and a sharp decline in 2022 to 3.5%. The forecast for 2023is1.5%.

This clearly is an economy without resilience and sustainability. It is an economy which is overly dependent on a very narrow commodity export base but highly import driven, oen dried around by global economic developments. Sadly, for instance, even with Ghana's enormous arable land, the country is the most dependent on food importsinAfrica.

To my mind, two factors have accounted for this dismal and inconsistent economic performance; poor governance and leadership without conscienceandpurpose.

Issues of leadership and governance in Ghana have been discussed extensively because of the impact they have had on the performance of the economy and the country's ability to create wealth on a widespread basis. The only period that Ghana has witnessed real economic transformaon was under the leadership of Dr Kwame Nkrumah, who had a clear purpose to build an industrial economy, a clear agenda to build Ghana's economic and social infrastructure and a clear understanding of how to build resilience and sustainability into Ghana's economy. And he was in power for only nine (9) years!

While the disrupve military intervenons of the 60s, 70s and 80s created major setbacks for the economy, it is even more true that poor governance and poor leadership have aggravated the difficules facing the Ghanaian economy There is no administraon that has not been accused of serious economic mismanagement, greed, and corrupon. And regreably our democracy has itself become a vicm of the greed and corrupon that have captured our leadershipinGhana.

The recent report- Understanding How Dirty Money Fuels Campaign Funding in Ghana- An Exploratory Study, Commission by Adam Smith Internaonal and prepared by William Nyarko and Kojo Pumpuni Asante of CDD- Ghana, clearly demonstrates how Ghana's polics has been captured by dirty money and excluded many capable and visionary young people from acvely parcipang in the polics of the country This is due to the prohibive cost of running for public office as the young men and women are normally unable to raise those funds. The example of the destrucon caused by State-capture in South Africa, should make it clear to Ghanaians that any f o r m o f c a p t u r e i s d a n g e r o u s a n d counterproducve, and we must as a naon fight it.

Aer sixty-six (66) years of independence from colonial rule, which we oen blame as the cause of our backwardness and lack of development, Ghana is currently a highly and unsustainably indebted and poor country. Many thousands of educated and capable young men and women cannot find jobs and are leaving our shores in drovesforhopeelsewhere,hopetheycannotfind inGhana.

Governance and government are meaningless if they do not create growth. Good governance and good leadership cannot be separated from Ghana's effort to create a wealthy, prosperous country. The two are inseparable, and Ghana must make every effort to embed them in its governanceculture.

But even in the midst of this deep crisis, I believe that a return to prudent economic management, an embrace of good governance, and aggressive fight against greed and corrupon are possible. What remains is our ability and determinaon as a people to reject purposeless and rudderless leadership and elect leaders who can perform and who have integrity to lead our economic and socialtransformaon.

The Ishmael Yamson & Associates Business Roundtable started this Journey ten (10) years ago and it is our intenon to connue on this path. We therefore invite you to join us, as Ghana embarks on a new journey to create an enabling economic and social environment in which its cizens are empowered and feel proud to be Ghanaians.