Use agric to reset economy – Prof. Bokpin advocates at Graphic Business X Spaces forum
Economist and finance professor, Godfred Alufar Bokpin, has called for a paradigm shift in Ghana’s economic strategy, emphasizing agriculture as the key to achieving sustainable growth and addressing the country’s economic challenges.
Speaking during the Graphic Business X Spaces forum on the theme: “Resetting Ghana: What It Will Take,” Prof. Bokpin highlighted the need for heavy investment in irrigation systems, farmer support programs, and policies that attract private sector investment in agriculture.
Industrialising Agriculture as a Solution
Prof. Bokpin identified agriculture as the only sector with the potential to simultaneously reduce inflation, create employment, and stimulate economic growth.
“Industrialising agriculture is critical to achieving this vision. By adopting modern farming techniques, investing in irrigation systems, and developing value chains, Ghana can increase its agricultural productivity and competitiveness,” he noted.
He stressed that prioritising agribusiness and agricultural processing could transform Ghana into an agribusiness hub, leveraging the sector to reduce its dependence on imports, boost food security, and create jobs for the youth.
Addressing Inflation and Economic Challenges
Ghana has faced rising inflation, which stood at 23.8% in December, with food inflation reaching 27%. Prof. Bokpin argued that focusing on agriculture would help tame inflation by increasing local food production and reducing the country’s reliance on imports.
“By prioritising agriculture, Ghana can address these challenges and ensure economic survival. It’s time to act now for a brighter future,” he stated.
Recommendations and Support
Prof. Bokpin’s recommendations align with similar calls from stakeholders, including the Peasant Farmers Association of Ghana (PFAG), which has urged the government to provide tax waivers on farm inputs and machinery to support farmers.
He also warned against issues like fertilizer smuggling, which undermines agricultural productivity, and called for collective action by policymakers, stakeholders, and citizens to create an enabling environment for agribusiness to thrive.
Learning from Côte d’Ivoire
Citing Côte d’Ivoire as an example, Prof. Bokpin praised the country’s strides in agricultural self-sufficiency, particularly in rice production, and its diversification into cocoa, coffee, and rubber. He urged Ghana to adopt similar measures, including irrigation schemes and extension services for farmers, to boost productivity.
In Côte d’Ivoire, prominent individuals own large farms, which has inspired the youth to venture into agriculture. Prof. Bokpin believes Ghana can replicate this model to attract younger generations into farming.
The Path Forward
Prof. Bokpin concluded by asserting that resetting Ghana’s economy requires a multifaceted approach with agriculture at its core. “Making agribusiness a priority would not only ensure food security but also create jobs, stimulate economic growth, and reduce poverty,” he said.
As Ghana seeks to revamp its economic framework, Prof. Bokpin’s expert insights are expected to resonate with policymakers and stakeholders in shaping the nation’s development agenda.
