GEF 2024: High-level discussions on economic transformation begin today
Today – Thursday, August 8, 2024 – Accra becomes the epicentre of economic discourse as the Ghana Economic Forum (GEF) 2024 commences under the theme ‘Unlocking Opportunities: Re-engineering Ghana’s Economic Model for Sustainable Development’.
This high-profile event, a flagship of B&FT, brings together a constellation of experts, policymakers and industry leaders to chart a new course for Ghana’s economic future.
Ahead of the forum, Chief Executive Officer (CEO) of B&FT, Dr. Godwin Acquaye described the event as a crucial step toward reimagining and reshaping the nation’s economic future.
“The discussions and outcomes of this event are expected to influence policy directions and economic strategies in the coming years, making it a must-watch for anyone invested in Ghana’s economic prosperity. With a blend of seasoned experts, industry leaders and fresh perspectives, Ghana Economic Forum 2024 promises to be a catalyst for innovative ideas and collaborative solutions to drive Ghana’s sustainable economic development,” Dr. Acquaye explained.
A senior partner at KPMG, Anthony Sarpong, is expected to highlight the private sector’s role in driving national development. This comes with the growing recognition that Ghana’s economic challenges require a multi-stakeholder approach.
In a unique twist, the opening ceremony will also feature a presentation by the Head Girl of SOS Hermann Gmeiner International College, Nana Ahenfua Dankwa, offering a youth perspective on Ghana’s economic future.
This inclusion of young voices, the organisers said, signals a forward-thinking approach that acknowledges today’s decisions will shape the economic landscape inherited by future generations.
Plenary I: Reimagining Ghana’s Economic Landscape
The first plenary session, moderated by Bernard Avle of Citi FM, will dive deep into the core of Ghana’s economic challenges. Titled ‘Re-engineering Ghana’s Economic Model for Sustainable Development: A Robust Financial Sector, Political Leadership, & National Development Plan is Key’, this session promises a hard-hitting analysis of Ghana’s current economic model.
Speakers include Ghana Stock Exchange (GSE) Managing Director Abena Amoah; financial expert Richmond K. Frimpong and former National Planning Development Commissioner Dr. Eben Armah.
They are expected to address critical issues such as the recent economic struggles, including debt restructuring efforts and the impact of global economic shocks. With the public debt-to-GDP ratio hovering around 70 percent as of end-June this year, discussions on fiscal sustainability and economic resilience are likely to take centre-stage.
Furthermore, the Dean of UPSA Law School, Professor Kofi Abotsi, will touch on legal frameworks necessary for economic transformation, potentially addressing issues of corporate governance and the regulatory environment that could attract foreign investment.
The Director-Ghana Climate Innovation Centre, Ruki Sanusi, is set to highlight the intersection of economic development and environmental sustainability, a crucial topic as Ghana aims to balance growth with its commitments to climate change mitigation.
The session will also feature insights from the MD of Fidelity Bank, Julian Kingsley Opuni, who is expected to provide a banking sector perspective on Ghana’s economic transformation. With the financial sector playing a pivotal role in economic development, his input on credit accessibility, financial inclusion and digital banking innovations will be keenly anticipated.
Plenary II: Agriculture as an economic powerhouse
The second plenary shifts focus to one of the most crucial sectors – agriculture. Under the topic ‘Unlocking opportunities in the agricultural sector: a forward-looking approach key to sustainable food supply and security’, this session brings together a diverse panel of experts to discuss a sector that contributes approximately 20 percent to the nation’s Gross Domestic Product (GDP) and employs about 30 percent of the workforce.
Noteworthy speakers include the 2023 National Best Farmer, Charity Akotia, who is expected to provide on-the-ground insights into challenges and opportunities in the agricultural sector. Her practical experience will be invaluable in understanding the realities faced by Ghanaian farmers – from climate change impacts to market access issues.
A renowned agronomist and farmer, Abu Sakara, will likely address the technological advancements needed to boost agricultural productivity. With Ghana’s agricultural yield per hectare still below global averages for many crops, his insights on modernising farming practices will be crucial.
The Country Director-Alliance for a Green Revolution in Africa (AGRA), Dr. Betty Simawua Annan, is anticipated to discuss strategies for agricultural transformation – possibly touching on AGRA’s efforts to promote food security and sustainable agriculture across Africa.
CEO-Esoko Dr. Daniel Asare should highlight the role of digital technologies in modernising agriculture, showcasing how mobile and data-driven solutions can empower farmers with market information and agricultural extension services.
This session comes at a critical time when Ghana, like many African nations, is grappling with food security issues exacerbated by climate change and global supply chain disruptions. The discussion is likely to explore ways of increasing Ghana’s food self-sufficiency, a subject CEO-Agri-Business Chamber, Anthony Morrison, will elaborate on.
Managing Partner at Sustineri Attorneys PRUC, lawyer and agric enthusiast Richard Nunekpeku will steer the session.
Breakout sessions: Energy and state-owned enterprises
The afternoon features two concurrent breakout sessions, allowing for more focused discussions on critical sectors.The first focuses on sustainable energy financing and distribution, a topic of paramount importance given the nation’s recurring energy challenges. Experts from academia, the energy sector, and finance will explore innovative solutions to Ghana’s energy needs on the topic ‘Sustainable Energy Financing and Distribution: Key to Driving Economic Activities and Growth’.
With Ghana aiming to increase its renewable energy share to 10 percent by 2030, discussions on green energy financing and distribution infrastructure are expected to be at the forefront.
The panellists include esteemed professionals from diverse sectors – such energy consultant, Dr. Nii Darko Asante; Dr. Benjamin Batinge of the School of Energy at the University of Energy & Natural Resources; Dr. Charles Gyamfi Ofori, Policy Lead for Climate Change & Energy Transition at Africa Centre for Energy Policy (ACEP); Associate Director at KPMG Ralph Osei-Boafo; and Executive Vice President, Energy & Infrastructure/Real Estate Client Coverage, Corporate Investment Banking, Stanbic Bank Ghana. The session will be moderated by Fritz Delanyo Amegashie, a seasoned broadcaster.
The second breakout session tackles a contentious issue – State-Owned Enterprises (SOEs). Titled ‘The Future of State-Owned Enterprises: Catalyst for National Development’, this session will likely address ongoing debates about the efficiency and role of SOEs in Ghana’s economy. With SOEs contributing significantly to Ghana’s public debt, discussions on reforms, privatisation and performance improvement are expected to be robust.
Handling this will be the Managing Director of Bulk Oil Storage and Transportation Company Limited (BOST), Edwin Alfred Provencal; Fintech and Management Expert, Nana Owusu Banahene; CEO-EK Brand Consult, Elorm K. Foli; Senior Manager for Governance, Risk and Compliance at KPMG Ghana, Kwadwo Boateng; Partner at AB & David and Law Lecturer at GIMPA Law School, Ferdinand D. Adadzi. J. Nat Halm of Zed FM will guide the discussions.
GEF 2024 is powered by the B&FT and thebftonline.com
The event boasts KPMG and Arthur Energy Advisors as its knowledge partners.
A strong line-up of sponsors supporting GEF 2024 include the Bank of Ghana, Jospong Group of Companies, Fidelity Bank, Ghana Stock Exchange, OmniBSIC Bank, Minerals Income Investment Fund, Olam Agric, Stanbic Bank, The Bank Hospital and Ghana Link Network Services.
Others are MPS Port Tema, Volta River Authority, SIC Life, Food and Drugs Authority and GOIL.
Media partners for the event are TV3, 3FM, Asaase Radio, CitiFM, Happy FM, YFM, ZedFM and MaxTV.
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