Ghana Economic Forum 2023

The 12th Ghana Economic Forum (GEF) took place on October 10, 2023, at the Movenpick Hotel in Accra on the theme, "Build Back Better: IMF Support, Strategies to Build a Sustainable Economy, and a Dynamic Business Environment.".

The GEF is a private sector initiative by the B&FT to help shape Ghana’s agenda for economic growth. The objective of this forum is to bring together CEOs, CFOs, investors, and government officials to deliberate on topical issues.

The forum began with a welcome address from Dr. Godwin Acquaye, the CEO of Business and Financial Times. He emphasised the forum's significant contributions to shaping government policies for over a decade.

Andy Akoto, Partner and Head of Advisory, highlighted KPMG's role as the knowledge partner in his opening remarks. He commended the Business and Financial Times for the excellent initiative of the Ghana Economic Forum, an adaptation of the World Economic Forum held annually in Davos, Switzerland, and the role this forum plays in discussing pertinent economic issues, proposing solutions, and developing long-term sustainable strategies.

The CEO of the Business and Financial Times, Dr. Godwin Acquaye, highlighted some of the gains made by the forum in directing the policy formulation of governments over more than a decade.

The event was attended by individuals representing various sectors, international organisations, the business community, civil society, academia, and other stakeholders. Notable attendees included Ms. Abena Amoah, Hon. Seth Terkper, Dr. Joyce Afriyie, Dr. Humphrey Ayim-Darke, Dr. Richmond Atuahene, and Dr. Priscilla Twumasi Baffour.

Andrew Akoto also served as a panellist during the second plenary, where he shared his thoughts on the topic "Looming Global Recession: A Myth or Reality, Considering the Present Challenges Facing the Financial Sector and the Business Environment”. He offered insights into the global economic climate and the multitude of global events, such as geopolitical tensions, trade conflicts, disruptions in the supply chain, energy shocks, pandemics, depreciating currencies, high poverty and unemployment rates, etc., and their negative impact on the economic outlook for the world.

Andrew Akoto referred to the just-released KPMG's 2023 Global CEO Outlook Report, unveiling four key themes during the forum:

1. Economic Outlook:

Global CEOs remain optimistic about the world economy over the next three years.

Concerns over geopolitics, political uncertainty, rising interest rates, and tightening monetary policies are impacting CEOs' confidence in their company's growth prospects.

2. Disruptive Technology:

Generative AI is a major focus, with 70% of CEOs heavily investing in this technology.

Ethical concerns and regulatory gaps in AI are acknowledged, with 82% of CEOs identifying potential challenges.

3.Talent:

CEOs face challenges in adapting to the evolving global landscape.

There's a shift towards anticipated full returns to the office in three years, emphasising employee value and needs.

4. Environmental, Social, and Governance (ESG):

ESG integration is on the rise, with over two-thirds of CEOs fully embracing it.

Despite progress, 68% of CEOs believe their current ESG efforts may not withstand scrutiny from stakeholders.

In conclusion, Andy Akoto emphasised the importance of CEOs and business leaders utilising the KPMG CEO Outlook 2023 as a framework and leveraging the shared insights to address emerging challenges and maintain competitiveness.