African policymakers, business leaders and development experts are calling for a fundamental rethink of how economic success is measured on the continent, arguing that traditional GDP figures often fail to reflect whether wealth generated within African economies actually benefits local citizens.
The call emerged strongly during the 12th Ishmael Yamson and Associates Business Roundtable in Accra, where participants advocated a greater focus on value retention, economic sovereignty and Gross National Product (GNP) as more meaningful indicators of national prosperity.
Speakers noted that while GDP measures all economic activity within a country’s borders, it does not account for profits repatriated by foreign-owned companies, often masking the limited benefits retained by local economies. They warned that Africa’s longstanding dependence on extractive industries is increasingly being replicated in the digital economy, where data and profits frequently flow abroad.
Chief Executive Officer of Ishmael Yamson and Associates, Mr. Ishmael Yamson Jr., challenged African businesses to build stronger cross-border enterprises capable of competing globally. He stressed that economic integration must go beyond agreements and translate into the creation of continental supply chains and African-owned corporations.
Finance Minister Dr. Cassiel Ato Forson echoed concerns about Africa’s continued export of value, saying the continent must take greater control of its digital infrastructure, data systems and payment platforms. He also highlighted Ghana’s plans to add 3,000 megawatts of power generation capacity by 2030, with renewable energy accounting for 30 percent of the expansion.
Meanwhile, Chairman of the National Development Planning Commission, Dr. Nii Moi Thompson, presented data showing that sub-Saharan Africa has lost ground in key development indicators over the past quarter-century. He cited declining electricity consumption per capita, shrinking manufacturing output and low labour productivity as evidence that economic growth has not translated into broad-based development.
Dr. Thompson announced plans to adopt new performance indicators that will track employment creation and wage growth alongside GDP, arguing that economic policies should be judged by their impact on livelihoods rather than output alone.
Technology experts at the forum also underscored the importance of digital infrastructure, urging governments to pursue long-term investment strategies capable of supporting innovation, competitiveness and sustainable economic transformation across the continent.
