The Chairman of the National Development Planning Commission (NDPC), Dr Nii Moi Thompson, has called for a major shift in how Ghana measures economic progress, proposing a new “3D Growth” framework that gives equal attention to GDP growth, job creation and wage growth.
Speaking at the IYA Business Roundtable 2026 in Accra, Dr Thompson said Ghana’s long-standing dependence on Gross Domestic Product (GDP) as the main measure of economic performance no longer reflects the true state of citizens’ wellbeing.
According to him, GDP growth on its own often fails to capture critical issues such as employment opportunities, income levels and improvements in living standards.
Under the proposed “3D Growth” model, he explained, economic success should be measured not only by how much the economy grows, but also by how effectively it creates decent jobs and improves wages.
“Growth without jobs is meaningless. Growth without rising incomes is unsustainable,” Dr Thompson stressed.
He warned that if Ghana fails to adopt a broader approach to measuring development, economic growth could become increasingly disconnected from the everyday realities of ordinary citizens, especially the growing number of young people entering the labour market each year.
Dr Thompson also highlighted structural weaknesses within the Ghanaian economy, noting that although nearly 92 per cent of businesses operate in the informal sector and account for about 80 per cent of employment, they contribute only around 27 per cent of GDP.
He said achieving the goals of the 3D Growth agenda would require greater emphasis on productivity, formalisation and value addition across all sectors of the economy.
The NDPC Chairman further argued that infrastructure projects should no longer be assessed solely by physical completion, but by their impact on jobs, efficiency and long-term productivity.
According to him, sectors such as electricity, water systems, transport and logistics, and digital infrastructure remain critical to economic transformation, but must be backed by strong institutions and consistent policy implementation.
Beyond the economic indicators, Dr Thompson pointed to persistent weaknesses in policy execution, warning that Ghana’s development efforts have often suffered from poor coordination between planning and implementation.
He called for stronger alignment between national development plans and budgetary allocations, as well as greater accountability within public institutions.
Dr Thompson concluded that Ghana’s next phase of development must be driven by the principles of 3D Growth, where progress is measured not only by GDP expansion, but also by the number of jobs created, wages improved and living standards enhanced.
Delivering the welcome address at the event, Chief Executive Officer of Ishmael Yamson and Associates, Mr Ishmael Yamson, urged African countries to move beyond rhetoric about the continent’s potential and focus on decisive execution and wealth retention.
He argued that Africa has become overly comfortable with the “Africa Rising” narrative despite its abundant natural resources and economic opportunities.
“Potential without aggressive execution is simply prolonged failure,” Mr Yamson stated, adding that Africa’s current growth model remains largely extractive.
He criticised the continued reliance on GDP as the main indicator of economic progress, saying it often conceals structural weaknesses within African economies.
“When foreign conglomerates extract lithium from our soil and repatriate the profits offshore, our GDP rises and we celebrate, yet little value remains within our economies,” he said.
Mr Yamson also called for stronger collaboration among African businesses under the African Continental Free Trade Area (AfCFTA), encouraging joint ventures capable of building globally competitive continental enterprises.