A Professor of Finance at the University of Ghana Business School, Godfred Bokpin, has challenged the conventional celebration of Gross Domestic Product (GDP) growth.

According to him, there is a need for a more comprehensive approach to measuring development and progress.

Speaking on JoyNews' PM Express, Mr. Bokpin expressed a shift in perspective, stating, "We are no longer going to celebrate GDP growth because it doesn't necessarily imply that standards of living or development has arrived or has come."

The professor mentioned the concept of the "5Ps" as a framework for assessing development.

According to Prof Bokpin, development must impact 'people', reflect 'peace', demonstrate 'partnership', lead to 'prosperity' and preserve the 'planet earth'.

He called for a critical evaluation of whether the progress touted by President Akufo-Addo when delivering the State of the Nation Address on Tuesday aligns with these five metrics.

"When we talk about development, progress, it must impact the people," he reiterated.

He further indicated that Ghana has seemingly been "laying a foundation" without clear progress towards sustainable development since 1992.

"I don’t know what kind of building we want to put up on that foundation that it has taken us 32 years, and we are still laying a foundation, restoring, and rebuilding," he remarked.

The Professor also questioned the tangible impact of these efforts on the lives of Ghanaians.