Ghana’s economy has made a remarkable turnaround from the deep macroeconomic crisis that gripped the country just a few years ago, but sustaining that recovery will require a decisive shift from crisis management to long-term growth policies.
This is the observation of a World Bank economist, Kwabena Gyan Kwakye, who was speaking at PwC Ghana’s review of the 2026 Mid-Year Budget.
The economist, who is the senior operations officer at the World Bank Ghana Country Office, said the country’s recent macroeconomic gains are genuine and should not be overlooked.
According to him, Ghana has achieved significant progress in restoring economic stability, pointing to falling inflation, improving public debt indicators, stronger foreign exchange reserves and the return of investor and business confidence.
“On fiscal consolidation, there’s this [low] inflation, improved debt indicators and strong reserves. And of course, we have the return of the confidence that we have lost over the past few years,” he remarked.
He emphasized, “For a country that was in deep macroeconomic stress only a few years ago, that is really a significant achievement.”
However, Kwabena Gyan Kwakye stressed that the more important question is whether these gains can endure over time. He argued that while stabilisation has been largely achieved, making the recovery permanent will require policies that promote sustained economic expansion rather than merely responding to crises.
For him, the issue now is not just about stabilisation; it’s also about whether the gains can be made permanent. That requires moving from crisis management to growth management.
“Of course, there are also key questions of durability. The issue is also not just about the stabilisation, it’s also about whether the gains can be made permanent. That requires moving from that crisis management to the growth management,” he remarked.
His comments come as Ghana’s IMF bailout programme comes to an end to pave the way for the Policy Coordinating Instrument (PCI).
The economist’s remarks suggest that while the country’s economic recovery is increasingly evident, policymakers must now focus on creating durable growth through higher productivity, stronger private sector investment and structural reforms capable of withstanding future economic shocks.
