Use agric to reset economy - Prof. Bokpin advocates at Graphic Business X Spaces forum

Economist and professor of finance, Godfred Alufar Bokpin, has called for a drastic shift in Ghana's economic strategy, emphasising the need to prioritise agriculture as the backbone of the economy.

To achieve this, Professor Bokpin recommends that the government must invest heavily in irrigation systems, provide support for farmers and implement policies that encourage private sector investment in agriculture.

During a conversation on X, formerly Twitter, as part of the Graphic Business X Spaces forum on the theme: “Resetting Ghana; What it will take,” the professor of finance at the University of Ghana Business School also called for increased investment in agriculture, agribusiness and agricultural processing to enable the country to become an agribusiness hub, leveraging its agricultural sector to drive economic growth and development.

“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 stated.

Prof. Bokpin believes the sector can significantly help to revolutionise the economy.

"Agriculture is the only sector that has the potential to tame inflation, create employment and stimulate economic growth.

“It's time for Ghana to rethink its economic strategy and prioritise agriculture as the driving force behind its development,” he said.

Rising food inflation

Prof. Bokpin's call to action comes amid concerns over Ghana's rising inflation rate, which stood at 23.8 per cent in December last year, with food inflation reaching an alarming 27 per cent. 

The economist said a concerted effort to boost agricultural production and agribusiness was crucial to addressing those economic challenges.

"By prioritising agriculture, Ghana can reduce its reliance on imports, increase food security and create jobs for its teeming youth. It's a matter of economic survival, and we must act now to ensure a brighter future for our country," Prof. Bokpin stated.

The finance lecturer stressed that Ghana's economic turnaround hinged on its ability to take agriculture seriously and make it the focal point of its development agenda.

Support

Prof. Bokpin's proposal has been hailed by stakeholders in the agricultural sector, who believe that a renewed focus on agriculture is long overdue.

As Ghana seeks to revitalise its economy, Dr Bokpin's expert advice is likely to resonate with policymakers and stakeholders in the days ahead.

His recommendations follow a similar input by the Executive Director of the Peasant Farmers Association of Ghana (PFAG), Dr Charles Nyaba, who also called for tax waivers on farm inputs and machinery to sustain the sector.

Prof. Bokpin backs such an action as one of the surest ways to industrialise agriculture in the country.

“One major obstacle to Ghana's agricultural development is the smuggling of fertilisers out of the country. This does not only deprive Ghanaian farmers of essential resources but also undermines the country's agricultural productivity,” he said.

“Resetting Ghana requires a multifaceted approach that prioritises agribusiness and agricultural development. By doing so, Ghana can unlock its full potential and build a brighter future for its citizens,” he asserted.

According to him, making agribusiness a priority would not only ensure food security but also create jobs, stimulate economic growth and reduce poverty.  

“It is imperative that policymakers, stakeholders and citizens work together to create an enabling environment for agribusiness to thrive,” he said.

Cote d’Ivoire

The economist and professor of finance called on Ghana to learn from Cote d'Ivoire's journey to self-sufficiency in agriculture as the country had made significant strides in that sector.

“To boost rice production, the government has implemented various initiatives, including irrigation schemes and extension services for farmers. These efforts have led to increased production, which Ghana can learn from,” he said.

He also revealed that most prominent people in Cote d’Ivoire owned large farms which attracted the youth into agriculture, while the country had also diversified its agricultural production to include other crops such as cocoa, coffee and rubber.

“This diversification has helped to reduce dependence on a single crop and increased the country's overall agricultural productivity,” he stated.