CUTS calls for stronger local control to protect economy from shocks
The West Africa Regional Director of CUTS International, Appiah Kusi Adomako, has urged Ghana to strengthen domestic ownership of its economy as a safeguard against external shocks and vulnerabilities.
He noted that while foreign direct investment (FDI) and international partnerships play an important role in national development, sustainable growth and resilience require that Ghanaians take greater control of key sectors of the economy.
In a media engagement, Mr Adomako explained that Ghana’s overdependence on external financing, imports and foreign-controlled enterprises has often left the economy exposed to global uncertainties such as commodity price fluctuations, supply chain disruptions and shifts in international capital markets.
He stressed that reducing this dependence and building stronger domestic control would not only enhance economic stability but also ensure that the wealth created in Ghana remains within the country.
“As a country, we must ensure that Ghanaians have stronger stakes in the commanding heights of the economy. Domestic ownership guarantees that the benefits of growth stay within Ghana and contribute directly to national development,” Mr Adomako stated.
The CUTS Regional Director noted that despite decades of reforms and liberalisation, Ghana continues to rely heavily on external sources of funding and multinational-led investments, often at the expense of developing a vibrant local investment base.
He highlighted that while FDI remains welcome, it should complement rather than dominate Ghana’s economic trajectory.
Mr Adomako further called on policymakers to implement deliberate reforms that prioritise local entrepreneurs, build indigenous industries and empower Ghanaians to play a greater role in driving national economic growth.
“Without strong domestic ownership, the economy remains fragile and highly dependent. What we need is a deliberate strategy to encourage entrepreneurship, promote local content and support innovation among our people,” he emphasised.
Mr Adomako also urged private sector players and civil society to support the push for deeper domestic participation, noting that collective action is needed to ensure long-term resilience.
According to him, strengthening homegrown investment and innovation will enable Ghana to withstand external shocks and create a more inclusive growth path that benefits citizens directly.
He also stressed that building an economy anchored on strong domestic foundations will not only make Ghana less vulnerable to global uncertainties but will also guarantee that future growth translates into tangible improvements in the lives of ordinary citizens.
