Flying high with Achilles’ Heels

Ghana’s economy is flying high in 2026! A stable growth trajectory, with Gross Domestic Product (GDP) predicted to grow between 4.8 per cent and 5.9 per cent, improved exports, declining inflation, and a strengthening cedi, Ghana is positioning itself as a model economy in Sub-Saharan Africa.

In short, things look good … what could possibly go wrong?  

Economic progress and the Accra Reset Initiative 

Ghana is noted as a vigorous Africa leader, evidenced by President Mahama’s pet project: the Accra Reset Initiative (ARI), outdoored in September 2025 on the sidelines of the 80th Session of the United Nations General Assembly.

The ARI has three core principles: sovereignty, workability, and shared value.

Underpinning the strategy is a shift from foreign aid to investment via ‘prosperity spheres’, designed to attract investment for local, self-sustaining systems.

Health is another key issue, highlighting its crucial position as a ‘front-line’ sector crying out for restructuring.

Third, there is the need to expand local manufacturing of vaccines and medical supplies, create a skilled workforce, increase domestic health investment, and diminish imported medical items’ market share. 

How to achieve both ARI goals and economic progress and development? Like the 24-Hour Economy programme, the ARI envisages accelerated industrialisation and manufacturing, prioritisation of local production, and creation of manufacturing hubs, especially in areas of significant valued added, such as pharmaceuticals and technology.

Then there is the issue of Ghana’s increased financial autonomy and reducing international debt.

To deal with these crucial issues, the ARI and the government speak with one voice: fix things by attracting tens of millions of externally held dollars back home to help finance development.

A third ARI and government priority is to reduce youth unemployment.

Ghana is of course not alone here: African countries generally have serious problems of youth unemployment, affecting an estimated 900 million young people in the region.

South Africa, Djibouti, and Eswatini record the highest youth unemployment rates in Africa, frequently exceeding 50 per cent for the 15-24 age group.

Other nations struggling with critically high youth unemployment include Angola, Botswana, Namibia, Libya, and Nigeria, driven by, among others, rapid population growth and skills mismatches.

Ghana too has an urgent need to deal with youth unemployment via skills development – particularly in digital literacy, green energy, and advanced manufacturing.

Achilles’ heels: Youth unemployment, galamsey and corruption

President Mahama will stand down as president in January 2029, less than three years from now.

He has rightly garnered kudos for Ghana’s economic recovery and for the recent launch of the Accra Reset Initiative.

But youth unemployment is proving a tough nut to crack.

In addition, due to what critics claim is non-materialisation of key campaign promises (dealing with corruption, galamsey and protecting the environment), the government’s policies are under intense political scrutiny.

The opposition New Patriotic Party NPP claims that policy and programme weaknesses seriously undermine the government’s reputation for efficiency and sense of purpose. 

Perhaps the most prominent and glaring Achilles’ heel is rising unemployment and what critics call ‘mirage’ policies.

(An Achilles’ heel, named after the Greek mythical figure of the same name, is a weakness despite overall strength, which can lead to downfall.)

Recent Ghana Statistical Service data reveal that youth unemployment among persons aged 15 to 24 surged to 34.4 per cent in the third quarter of 2025: around 1.34 million young people are classified as NEET (Not in Education, Employment, or Training).

In addition, critics label the flagship 24-Hour Economy policy—a central 2024 campaign promise designed to create jobs through shift systems—a ‘mirage’ and a ‘scam’ because it has not yet materialised in tangible job creation in the 13 months that President Mahama has been in power.

The opposition NPP Youth Wing accuses the administration of deceiving the youth to win power, citing growing desperation that led to the recent fatal incident during a security service recruitment drive.

The slow start of the 24-Hour Economy plan to curb joblessness has led to intense public frustration, while the apparent failure of other programmes like the Women’s Development Bank, are seen by some as evidence of weak governance.  

The current administration also exhibits two further serious weaknesses: failure to show palpable progress to diminish galamsey and bring the big galamseyers to justice, and the slow progress of the ORAL initiative which, like the failure to deal with youth unemployment, is fuelling public frustration. 

Going forward

The opposition NPP accuses the government of worsening economic hardship, causing businesses to collapse, and failing to provide promised jobs.

A perceived lack of competence in managing the economy deepen concerns.

The 24-Hour Economy, proclaimed to be a job-creation engine, is being actively criticised as a failed concept.

Overall, the gap between the promised 24-Hour Economy and the reality of rising unemployment (34.4 per cent for young people), a perceived failure to crack down on corruption or to tackle galamsey seriously collectively threaten to clip the government’s wings, bring it crashing down to earth to suffer the pain of Achilles’ heels. 

The writer is an Emeritus Professor of Politics, London Metropolitan University, UK