Ghana’s approach to measuring economic progress may be set for a shift, as the Chairman of the National Development Planning Commission, Dr Nii Moi Thompson, advocates for a broader framework that goes beyond traditional GDP figures.
Speaking on Channel One TV’s The Point of View, Dr. Thompson argued that relying solely on Gross Domestic Product presents an incomplete picture of the economy, as it fails to capture the real impact of growth on citizens’ livelihoods.
He proposed a more comprehensive model that incorporates job creation and wage growth alongside output expansion, describing it as a “three-dimensional” approach to evaluating economic performance.
According to him, meaningful economic growth should reflect improvements in employment opportunities and income levels, not just increases in production.
Dr. Thompson emphasised that without tangible benefits such as jobs and better wages, GDP growth holds little significance for the average Ghanaian.
He maintained that aligning economic measurement with real-life outcomes would help policymakers design strategies that promote inclusive and people-centred development.
