Fidelity Bank’s Edward Effah proposes national body to drive Ghana’s economic transformation

Fidelity Bank Ghana’s Founder, Edward Effah has made a proposal for the institutionalization of a National Economic Transformation Body to facilitate the next level of Ghana’s Economic transformation 

Speaking at the 10th Ghana CEO Summit in Accra themed: “The CEO-Government Compact 2026: Accelerating Ghana’s Economic Transformation.”, Mr. Effah noted that it was time to stride past minimum economic stability into giant strides by Industrialization and job creation.

“We have macroeconomic stability, demographic pressure, a regional opportunity, a technology window, and a government willing to lead. We can either take this moment, or watch it pass,” he said.     

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Effah spotlighted Ghana’s Gross Domestic Product (GDP) growth of $115 billion, together with inflation and gross international reserves, that stood at 3.3 percent and $13.8 billion respectfully but mentioned there were issues that must be addressed.

In his words: “Today there are 1.5 million young Ghanaians who are not in employment, education or training.”

He further went ahead saying; “To transform our economy and to create jobs, we the private sector and the government urgently need to work together.”

Effah called for; the mobilization of around $25 billion into priority sectors over the next five years, through a hybrid financing model concentrated on local development finance institutions, commercial banks, international development finance partners, and direct investments.

He pointed to previous examples of private sector mobilisation, including the COVID-19 Private Sector Fund led by Fidelity Bank, which raised about GH¢48 million and delivered the Ghana Infectious Disease Centre in the space of 100 days.