Ghana Eyes Shift from Extraction-Led Growth to Innovation-Driven Economy
Government has set out an ambitious plan to reposition its economy towards higher productivity and global competitiveness, as policymakers seek to shift growth away from commodity dependence and informal activity.
Speaking at the ACI World Congress 2026, Deputy Finance Minister Thomas Nyarko Ampem said the government was pursuing a “fundamental re-engineering” of the economic structure, anchored on value addition, innovation and productivity gains.
The agenda, he said, marks a deliberate pivot from extraction-led growth towards industrialisation and export orientation, while also aiming to reduce vulnerability and deepen resilience in the face of external shocks.
“We want Ghanaian businesses to compete globally,” he said, adding that policymakers also wanted “African capital to finance African transformation” and for domestic financial markets to evolve into “engines of innovation, enterprise and long-term prosperity.”
The strategy places particular emphasis on expanding opportunities for young people to build technology-driven firms, rather than relying primarily on wage employment, alongside efforts to strengthen local manufacturing capacity and integrate agriculture more tightly into commercial export value chains.
It also envisages wider digital financial inclusion, as authorities seek to broaden access to financial services and deepen participation in formal economic activity.
The remarks come as Ghana continues to grapple with structural constraints that have limited productivity growth, even as policymakers look to attract investment and improve competitiveness in regional and global markets.
