Ghana’s economic outlook for 2025 is a mixed bag. On one hand, the Ghanaian-German Economic Association’s (GGEA) recent forum on Ghana’s economy highlighted the need for the country to consolidate its macroeconomic rebound, particularly in an election year. Speakers emphasized the importance of implementing laws and good measures to boost production and manufacturing, as well as addressing issues like data protection laws and irresponsible mining.
The GGEA forum, held at the Lancaster Hotel in Accra on February 19, 2025, brought together esteemed speakers to discuss Ghana’s economic prospects. H.E. Daniel Krull, Ambassador to the Federal Republic of Germany, was the guest of honor. In his remarks, he highlighted the importance of data protection laws, citing concerns from German businesses interested in investing in Ghana.
“The lack of robust data protection regulations is a significant deterrent for German investors,” Ambassador Krull emphasized. “Ghana must prioritize the development of comprehensive data protection laws to attract foreign investment.”
Presidential Adviser on the Economy, Hon. Seth Terkper, stressed the need for effective implementation of laws and measures to revitalize Ghana’s production and manufacturing sectors. He noted that Ghana had slipped to third place behind Ivory Coast and Nigeria in cocoa production, attributing this decline to the activities of illegal miners.
Other speakers included Dr. M.C. Vasnani, President of GGEA, who discussed Ghana’s economy in relation to the IMF program, economic environment risks, unemployment, government policies, and the global economy.
Furthermore, Professor Godwin Bokpin, Economist and Professor of Finance at the University of Ghana, provided valuable insights into Ghana’s tax regime. He advocated for a flat tax rate and emphasized the need to address irresponsible mining practices, which he believes pose the greatest threat to Ghana’s sustainability.
Kofi Frempong-Kore, Partner and Head of the Tax Unit at KPMG Ghana, concluded the forum by stressing that Ghana cannot tax its way out of poverty. Instead, he recommended empowering citizens to earn more, thereby increasing their spending power. Frempong-Kore also underscored the importance of tax compliance.
The GGEA forum provided a platform for stakeholders to engage in constructive dialogue about Ghana’s economic future, highlighting the need for collaborative efforts to address the country’s challenges and capitalize on its opportunities.
