By Lord Fiifi Quayle
As a Ghanaian deeply involved in our nation’s economic journey, I read Professor Isaac Boadi’s recent comments on our third-quarter GDP figures with great interest. While I respect his academic rigor, his characterization of our economy suffering from “fatigue” and being like a “tired parent dragging three stubborn children” misses the mark. It misreads a moment of active, intentional change for one of exhaustion.
Let’s start with the basic fact our Ghana Statistical Service confirmed: our economy grew by a solid 5.5% this past quarter compared to the same time last year. That’s a strong sign of sustained momentum. The real story, however, isn’t just in that top-line number. It’s in the powerful details that show where our growth is now coming from.
Professor Boadi focused on the different growth rates across our three main sectors. But what he sees as a weakness, I see as the very evidence of a necessary shift. For too long, our fortunes rose and fell with global commodity prices. What these new numbers tell me is that we are consciously building a more resilient, modern, and self-sufficient economy.
Look at our Services sector, which grew by 7.6% and contributed nearly 60% of all growth. This isn’t a tired parent; it’s our vibrant, youthful engine of the future. The standout was Information and Communication Technology (ICT), which exploded by 17%. This is the digital Ghana we are building, creating jobs and innovation that insulate us from external shocks.
Then, consider our Agriculture sector. Its growth of 8.6%, a dramatic turnaround from last year is a testament to targeted programs and hard work by our farmers and fishers. The Fishing sub sector alone grew by over 23%. This growth is about national food security, stable prices in our markets, and recognizing the foundational role of agriculture in our development. To downplay this success is to overlook the backbone of our nation.
Yes, the Industry sector slowed, and this is where the professor’s critique seems loudest. But a deeper look is crucial. The slowdown is almost entirely due to a sharp, temporary contraction in Oil and Gas. Crucially, the Manufacturing sub sector: the part that adds real value here at home, remained resilient with 3.9% growth. This distinction is everything. Our policy is to build an industrial base that isn’t hostage to oil prices, and the strength of manufacturing shows we are on that path.
So, no, I don’t see a tired parent. I see an economy in the midst of a deliberate transformation. The strong, broad-based growth in non oil sectors like Services and Agriculture isn’t about CARRYING a burden; it’s about leading us toward a more balanced and sustainable future.
We are not denying the challenges in specific areas like oil, but we are clear eyed about the bigger picture. The momentum is with our diversification. That is the story these numbers tell, and it’s a story of deliberate progress, not fatigue. Our focus remains on strengthening this positive trajectory for the prosperity of every Ghanaian.
THE RESET AGENDA IS TAKING SHAPE
African economic strategist, sovereign risk analyst, and public intellectual. Author of Pricing Uncertainty. Creator of the Africa Macro Intelligence Terminal.