“Ghana’s next phase of development must be guided by principles of 3D growth” — Dr. Nii Moi Thompson

The Chairman of the National Development Planning Commission (NDPC), Dr. Nii Moi Thompson, has called for a fundamental shift in Ghana’s approach to measuring economic progress, advocating a “3D Growth” model that prioritises employment creation, wage growth, and overall improvements in living standards alongside traditional economic expansion.

Speaking at the IYA Business Roundtable 2026 in Accra, Dr. Thompson argued that Ghana’s long-standing dependence on Gross Domestic Product (GDP) as the primary indicator of economic performance no longer provides a complete picture of national development.

According to him, economic growth should not be assessed solely by increases in output, but also by the extent to which it creates decent jobs and raises incomes for citizens.

“Growth without jobs is meaningless. Growth without rising incomes is unsustainable,” he stated.

Dr. Thompson explained that the proposed 3D Growth framework seeks to ensure that economic progress translates into tangible benefits for ordinary Ghanaians, particularly the thousands of young people entering the labour market each year.

He warned that without a deliberate focus on jobs and incomes, economic growth risks becoming detached from the realities faced by many citizens.

Highlighting structural challenges within the economy, he noted that approximately 92 percent of businesses in Ghana operate within the informal sector and account for nearly 80 percent of employment, yet contribute only about 27 percent of the country’s GDP.

He stressed that achieving the objectives of the 3D Growth agenda would require sustained efforts to improve productivity, promote business formalisation, and enhance value addition across key sectors of the economy.

Dr. Thompson further emphasised the need for a new approach to infrastructure development, insisting that investments should be evaluated not only by the number of projects completed but by their impact on job creation, efficiency, and long-term productivity.

He identified electricity, water systems, transport and logistics, and digital infrastructure as critical enablers of economic transformation, while stressing the importance of strong institutions and consistent policy implementation.

The NDPC Chairman also raised concerns about persistent weaknesses in policy execution, arguing that poor coordination between planning and implementation has slowed Ghana’s development efforts over the years.

He called for stronger alignment between national development plans and budgetary allocations, as well as greater accountability within public institutions to ensure that development objectives are effectively delivered.

Concluding his address, Dr. Thompson maintained that Ghana’s next stage of development must be anchored on the principles of 3D Growth, where success is measured not only by GDP expansion but also by the number of jobs created, wages improved, and living standards enhanced.

Also addressing the gathering, Ishmael Yamson, Chief Executive Officer of Ishmael Yamson and Associates, challenged African leaders and businesses to move beyond discussions about the continent’s potential and focus on aggressive execution and wealth retention.

He argued that Africa’s growth model remains largely extractive and cautioned against overreliance on GDP figures that often conceal underlying structural weaknesses.

Mr. Yamson noted that while the extraction of natural resources may increase GDP, the benefits are often limited when profits are repatriated abroad rather than retained within African economies.

He further urged businesses across the continent to take advantage of the opportunities presented by the African Continental Free Trade Area by pursuing stronger cross-border partnerships and joint ventures capable of building globally competitive African enterprises.

Story by: Joshua Kwabena Smith