Prof. Godfred Alufar Bokpin, Economist and Professor of Finance, has urged policymakers to measure Ghana’s economic recovery by improvements in the lives of citizens rather than by macroeconomic gains alone.
He said while Ghana had made significant progress in restoring macroeconomic stability through lower inflation, stronger economic growth and improved debt sustainability, many Ghanaians were yet to experience tangible benefits in terms of jobs, infrastructure and access to essential public services.
Speaking at the Ghana National Chamber of Commerce and Industry (GNCCI) Mid-Year Budget Review Seminar in Accra, Prof. Bokpin cautioned against celebrating recent economic gains without addressing the welfare of citizens.
“Macroeconomic stability is a means to an end. The end is economic transformation,” he said.
His remarks come as Ghana records improvements in key economic indicators. Inflation declined to 5.3 percent in June 2026, while the economy expanded by 6.4 percent in the first quarter of 2026 after growing by six per cent in 2025. The country has also restored debt sustainability ahead of schedule, moving from debt distress to a moderate debt risk classification.
Despite the positive outlook, Prof. Bokpin said labour market conditions and household welfare remained major concerns.
According to data from the Ghana Statistical Service, the national unemployment rate stood at 13 percent in the third quarter of 2025, while unemployment among persons aged between 15 and 24 years reached 32.4 percent. About 1.34 million young people in that age group were not in employment, education or training.
The Ghana Statistical Service also estimated food insecurity at 38.1 percent during the same period, underscoring the persistent challenges confronting many households despite improvements in the broader economy.
Prof. Bokpin said the true measure of economic recovery should be reflected in citizens’ ability to secure decent employment, access reliable public services and enjoy a better quality of life.
“We cannot celebrate these gains in isolation. You have not arrived,” he stated.
He observed that recent economic growth had not generated enough formal jobs, particularly for the growing number of young people entering the labour market each year.
Prof. Bokpin called for a shift from what he described as “jobless growth” to an economic development model that deliberately promotes employment creation and expands opportunities for the youth.
He also advocated increased investment in infrastructure, noting that poor road networks, traffic congestion and inadequate public services continued to reduce productivity and increase the cost of doing business.
He said the fiscal space created through debt restructuring and fiscal reforms should be directed towards growth-enhancing sectors, including infrastructure, education, healthcare and productive industries.
According to him, reducing debt and inflation alone would not transform the economy if the structural challenges affecting the welfare of citizens remained unresolved.
Prof. Bokpin further urged fiscal and monetary authorities to design policies that support the real sector of the economy, where jobs, incomes and wealth are created.
He noted that although Ghana had transitioned from the International Monetary Fund-supported programme to the Policy Coordination Instrument, the country continued to face substantial development and financing needs.
He therefore called on policymakers to prioritise policies and investments that deliver tangible improvements in the living standards of Ghanaians.
