Akufo-Addo restates vision for economy …as he makes third bid for presidency

Nana Akufo-Addo has restated his vision for structural transformation of the economy in a speech declaring his intention to lead the New Patriotic Party (NPP) for the third successive time in the 2016 presidential election.

Speaking yesterday from his home in Nima, where expectant party members and pressmen had gathered to hear the much-anticipated announcement, Mr. Akufo-Addo, who turns 70 in a few days, said Ghana needs a comprehensive national industrialisation programme that will add value to the country’s raw materials and create jobs for the unemployed youth.

“We can no longer postpone the structural transformation of our economy. Our current raw material-producing economy is incapable of generating the jobs our young people need and deserve.

“We need to work out the fiscal, monetary and technological incentives that can stimulate local production of goods and services by the private sector. That is the way to deal with widespread unemployment and low wages.”

Such a programme needs the backing of the state, the veteran politician who lost the 2008 and 2012 elections by thin margins added.

“As the experiences of the successful countries in Asia and elsewhere have shown, government has a very important and positive role to play in spurring industrialisation and economic transformation. It need not be state-owned; it rather needs the vision, commitment and intelligent support of the state.”

Nana said his decision to lead the NPP this time -- after trying unsuccessfully to overturn the results of the 2012 election through a petition at the Supreme Court that was heard for eight months – is born out of the “trust and confidence millions of Ghanaians” have placed in him.

The lawyer and former foreign minister said: “The biggest threat to [Ghana’s] democracy is the potential loss of confidence in the democratic system and the takeover of fear where there used to be hope.

“Our people see all around them corruption, economic hardship, falling standards in education, an inefficient public service system, joblessness -- especially among the youth, and insecurity.

“They see a wide gap between what some politicians promise and what they deliver. That is dangerous for all of us. We need to restore hope and confidence in our young people; we need to restore hope and confidence in the leadership of the nation. Every child must have the best education that this nation can provide. We need to offer young people hope, education and skills for decent jobs with decent pay.”

Analysts say while his bid to lead the NPP will likely be a walk in the park, given the vociferous support showed him by the party’s rank and file, he will have to work hard to broaden his appeal outside the NPP’s strongholds -- especially in light of the ethnic and regional dynamics that have swayed election results since the relaunch of multi-party politics 22 years ago.

His likely advantage could be the goodwill and respect he won from many Ghanaians after his acceptance of the Supreme Court’s judgement in the election petition – which brought peace to a potentially volatile situation. Growing frustration with economic conditions, if it persists for the next two years, may also help the NPP’s chances.

By Leslie Dwight Mensah & Benson Afful | B&FT Online | Ghana