Wednesday, 5 July 2017

Role Of Institute Of Chartered Economists In Ghana’s Development And Growth

Education, and for that matter higher education, ensures effective development, training, and formation of, the most valuable resource of every nation's, human capital. Human capital comprises academics and professionals of all forms found in various institutions, corporate bodies, and industries established within an economy. In this regard the role of chartered and certified institutes, including the Institute of Chartered Economists of Ghana in churning out strong intellectuals for socio-economic development of countries such as Ghana, cannot be overemphasised. The ultimate objective of ICEG is to identify and train human capital to become expertise who could effectively harness the other factors of production, including land, natural resources, equipment, and financial resources, to positively affect development of the Ghanaian, African, and global economies.

The World Bank Group, in 2017, released the economic rankings of one hundred and ninety (190) countries based on eleven (11) criteria: ease of doing business, starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting minority investors, paying taxes, trading across borders, enforcing contracts, and resolving insolvency. The data revealed Ghana was ranked one hundred and eighth (108th). The relatively low ranking of the Ghanaian economy at the global level affirms the relevance and responsibility of ICEG. It is imperative for the Institute to develop and maintain strong checks and balances to constantly keep governments on the right economic track. The ICEG is strongly committed to training and providing the requisite human resource for effective development of the nation, continent, and the world at large. ICEG makes cogent and meaningful contribution to the socio-economic development of the Ghanaian economy through various media, including print and electronic media.

In spite of its challenges, ICEG has made considerable social, academic, and professional gains in its relatively few years of existence through meaningful contributions to the socio-economic development of Ghana. The institute aims to unearth, nurture, produce and acknowledge individuals with enormous qualities and potentials who could propel the Ghanaian economy to unimaginable heights. The activities of the institute point to the realisation of this noble objective. It is worth emphasising that national, continental and global recognitions are, but few of it's aspirations. Members and Fellows of the institute are expected to exude strong academic intellectualism; and demonstrate effective ideas in governance, leadership, entrepreneurship, and diversity. The insatiability of human wants and continuous emergence of socio-economic crises render the work of ICEG unending. There is a need for Members and Fellows of ICEG to continue to research into, and debate issues of national importance; and emerge with cogent measures that would chart, positively, the forward movement of the continent, and the global economy.

To this end, all key stakeholders are entreated to play an active role by providing the requisite intellectual and financial resources needed by the Institute to effectively occupy its enviable position in the socio-economic development and growth of the Ghanaian economy. Stakeholders must help Members and Fellows of ICEG to transform their creative, innovative and productive ideas into actionable ones for an accelerated economic growth.

BY: EBENEZER MENSAH ASHLEY (PHD) LEAD CONSULTANT/CEO EBEN CONSULTANCY FELLOW CHARTERED ECONOMIST & COUNCIL MEMBER, ICEG

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