We need to invest a lot in human capital - Kwame Pianim

Renowned economist, Kwame Pianim, has emphasised the critical need for substantial investments to be made in human capital to propel Ghana's development.

Speaking at the UPSA Annual Leadership Lecture 2023, in Accra, on the theme, "Re-imagining Ghana’s development trajectory for a peaceful prosperous nation by 2027," Pianim outlined some key strategies for achieving this vision.

During his presentation, Kwame Pianim urged the government to redirect its resources towards areas where it can make the most impact.

He noted the necessity of developing a highly skilled workforce, citing Korea as a model with a robust education system that has contributed to its success.

“By reimagining the state by right sizing the government, the government will now be limited to where its core competencies are to provide security, primary health, education and all the good things that we need to have a human capital that will help us develop.

“If we take a look later on at the graph that we will show, the education rate of Korea, it has the best, most skilled workforce in the world. You cannot develop with a work force or with a human capital that is low. So, we need to invest in human capital. We can do that, if the government has enough resources to do that and then we urge the government to get away from the things that others can do better” he stated.

He suggested that with a capable workforce, the government could step aside, allowing citizens to take charge of development initiatives.

“I compare it with the companies also. When Volta Aluminium Company Limited (VALCO) came to Ghana in the early 60s. They were in private to provide services to it. So, they built the VALCO hospitals, Kaiser flats and had its own transportation. But now, the companies that come now, the companies that come can take care of themselves. It is the same way when the Ghana government lacked the people, imagine Osagyefo Dr Kwame Nkrumah trying to develop this country, how many engineers did we have, doctors, skilled professionals, negligible. Now in Ghana, there is no field, there is no field of human endeavour that there are no Ghanaians at the highest level,” he noted.

He continued: “We have the people, now the government can step aside and let the people do the work. The only thing the people don't have is the capital and you and I are going to reimagine how we are going to capitalise them.”

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