Friday, 26 June

Beyond GDP: Ghana charts new path to measure growth progress

Business
Gross Domestic Product

Ghana is taking steps to redefine how it measures national progress by placing greater emphasis on sustainability, social well-being, and environmental stewardship alongside economic growth.

That is according to the Acting Deputy Government Statistician for Economic Statistics and Data Science, Francis Bright Mensah.

He mentioned that economic growth alone is no longer sufficient to measure a nation's success, but rather growth must be accompanied by environmental sustainability, social innovation, and tangible improvements in the quality of life for all citizens.

Speaking at a policy workshop here in Accra, Mensah emphasised that Ghana has already laid a strong foundation for this broader approach through the implementation of the Sustainable Development Goals (SDGs), and other national development planning frameworks.

“i have consistently emphasised that the economic growth must be accompanied by environmental sustainability, social innovation, and measurable improvement to the quality of life of all citizens. Through the implementation of sustainable development goals, national development planning frameworks, climate and environmental policies, and ongoing work on the system of environmental, economic, and housing, Ghana has already established a important foundation for measuring the progress in our growth and achievement,” he said.

He described the Beyond GDP agenda as both timely and strategically important for Ghana, noting that it is not intended to replace Gross Domestic Product (GDP) but to complement it.

"Now let me make it clear that the Beyond GDP agenda is not about amounting GDP or increasing it. Rather, it is to complement it by enriching our understanding of natural progress with measures that capture the full worth of our nation, our people, our natural resources, our institutions, and our commitments," he added.

He further explained that the workshop presents an opportunity to consolidate these initiatives into a unified national framework that reflects what Ghanaians truly value while providing policymakers with more comprehensive data for planning and decision-making.

Source: Classfmonline.com