Increased efforts needed to sustain long-term macroeconomic stability – Deloitte

Country Managing Partner at Deloitte Ghana, Daniel Kwadwo Owusu, has called for increased efforts to sustain long-term macroeconomic stability. He stressed that stability is vital for planning and forecasting crucial elements in constructing a robust and dynamic economy. This endeavour aims to create jobs and accelerate poverty reduction.

His comment followed the International Monetary Fund’s prediction of improving economic outlook for Sub-Saharan Africa, including Ghana. Mr. Owusu noted that despite positive growth projections, achieving long-term macroeconomic stability remains paramount.

“Indeed, the International Monetary Fund has assured us that the economic outlook for Sub-Saharan Africa, including Ghana, is gradually improving, indicating that growth will rise from 3.4 percent in 2023 to 3.8 percent in 2024. For us, it is welcome news as inflation and other macroeconomic indicators are expected to improve this year.

“However, we need to do more as a country to achieve long-term macroeconomic stability. Long-term macroeconomic stability is very critical for planning, forecasting and overall building a strong and vibrant economy that not only creates jobs but also boosts the per capita income of the people and accelerates poverty reduction,” he reiterated.

He made these remarks during the launch of the 8th Ghana CEO Summit in Accra. The summit, themed ‘Reigniting Business and Economic Growth: Charting a Path Forward’, is scheduled to take place on May 27, 2024.

Embracing AI

Mr. Owusu emphasised the transformative power of artificial intelligence (AI) in reshaping society and business operations, noting that rather than fearing redundancy, AI should be viewed as an opportunity to enhance efficiency and innovation.

“If you ask me, the next biggest thing that is changing everything we do is AI. As a country and as a business, we need to find out how we can utilise this knowledge, how we can make use of it to bring advantage to the business that we do. And for us, this is the most important change that is coming into our society – the fourth revolution that we are talking about; and everyone will have to take advantage of it for the business and for what we do. The summit could not have come at any better time than now as we strive to build hope and confidence in Ghana’s economy,” he stated.

He assured that as a knowledge partner, his outfit will collaborate with industry leaders and policy-makers to foster a robust, inclusive and sustainable future in line with the summit’s objectives.

He added that their expertise will be instrumental in advancing the summit’s theme, especially in areas like economic diversification and artificial intelligence transformation.

“At Deloitte, it is all about making an impact that matters, setting high standards of excellence and achieving them and helping our clients realise their ambitions. We also create connections with our clients, the communities and the leaders far and wide to make an impact that matters most, a reason we see the Ghana CEO Summit as an important tool to share our projects and programmes with a wider and larger audience,” he stated.

Deloitte recently launched its predictions for the Technology, Media and Telecom sectors in 2024, focusing on four pillars: Generative Artificial Intelligence, Sustainability, Media, Entertainment and Sports, as well as Technology and Telecom.