Prof. Peter Quartey's inaugural lecture at the Ghana Academy of Arts and Sciences (GAAS) was a celebration of scholarly excellence and the art of science communication. Held at the GAAS Kwame Nkrumah Auditorium, the lecture attracted a full auditorium of enthusiastic attendees including scholars, students, family, friends, journalists, and other interested members of the public – an impressive turnout reflecting his standing as an accomplished researcher and effective science communicator.
Emerita Professor Takyiwaa Manuh, who chaired the event, lauded the exceptional attendance. "I must start by congratulating Prof. Peter Quartey for making the Academy look like the Academy of old, of pre-COVID times," she remarked, acknowledging the impressive gathering of distinguished personalities.
Prof. Quartey delivered an engaging presentation on the topic "Debt, Investment and Growth in Ghana: Did We Borrow to Consume?”. He wove insightful anecdotes throughout his lecture, emphasising that "doing well with money has little to do with how smart you are but a lot to do with how you behave." With the thought-provoking question, "Have we used borrowed funds efficiently?” he launched into a comprehensive analysis of global and African public debt situations before focusing on Ghana's specific challenges.
The presentation revealed concerning trends, including how Ghana's debt-to-GDP ratio surged from 42.9% in 2013 to 82.9% in 2023, while capital expenditure as a proportion of GDP declined from 6.9% in 2010 to just 2.5% in 2023. These statistics underpinned Prof. Quartey's central argument questioning whether borrowed funds have been directed toward productive investments or primarily toward consumption and debt servicing.
His key findings were sobering: Ghana has spent a greater proportion of borrowed funds on recurrent expenditure and interest payments, especially in recent years. "Thus, a greater part of the debt accumulated was consumed rather than channeling into productive investment," Prof. Quartey concluded. He further noted that even funds designated for investment were often not efficiently utilised due to lack of competitive bidding and poor procurement practices.
The lecture offered practical recommendations, including the careful selection of capital projects through a national development planning process rather than partisan interests, and better resourcing for the Public Investment Unit at the Ministry of Finance to properly track investment expenditures.
At the conclusion of the presentation, the Chairperson praised the speaker, describing him as "a very able lecturer who has taken us through this very difficult topic." She added that it was "a richly illustrated lecture," acknowledging Prof. Quartey's skill in presenting complex economic concepts in an accessible manner.
The event, held on 13 March 2025, received extensive media coverage, with representatives from major news outlets documenting the proceedings. The evening concluded with a reception where attendees had the opportunity to engage directly with Prof. Quartey and continue discussions on Ghana's economic future.
Below are selected media reports drawing on the conclusions:
Myjoyonline
Citifmonline
Myjoyonline
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