Renowned Ghanaian economist Andrew Kwame Pianim has revealed that the lack of effective leadership is costing every Ghanaian about $30,000.

Mr. Pianim said this when he delivered a lecture at the 5th University of Professional Studies’ Annual Leadership Public Lecture under the theme “Re-imagining Ghana’s Development Trajectory for Peaceful Prosperous Nation by 2057: Our 100th Anniversary through the Perspective of the People.”

The lecture sought to challenge the country’s leadership to rethink Ghana’s development path due to the failure of the old policies in bringing about sought-after growth and prosperity.

Addressing the gathering, Mr Pianim underscored that the ineffective and bad leadership in Ghana and Africa, in general, is very expensive.

Using Ghana’s peer in the 1960s, South Korea, as a case study, Mr. Pianim noted that Ghana at the time of independence had almost the same per capita income as South Korea.

About 62 years later, due to good leadership, the Asian country has been able to significantly increase its per capita income to about $33,000 while Ghana still hovers around $2000.

According to Mr Pianim, this is clear evidence of how leadership deficit is negatively impacting the lives and economic prosperity of Ghanaians.

He explained that “it has become increasingly and painfully evident that the leadership deficit in Africa is very expensive….Ghana and Korea started at the same level of per capita income around the 1960s.

"In fact, we were higher... 62 years later, Korea has a GDP per capita of $33,000. Ghana [is] $2,000.”
“The leadership deficit cost is $30,000 per head of every Ghanaian.

"Thus people like me and the political leaders of this country owe as a reparation to each Ghanaian the cost of their leadership deficit,” he added.