Following President John Mahama’s latest State of the Nation’s Address (SONA), the Centre for Economic Research and Policy Analysis (CERPA) has raised red flags over what it describes as significant omissions, highlighting areas requiring deeper clarity.
The policy think tank, although acknowledged improvements in macroeconomic indicators, CERPA argues that several structural and livelihood-critical issues were either underemphasised or not addressed substantively.
This situation, CERPA says, leaves important policy questions unanswered.
Energy Sector: A Growing Fiscal Risk
One of CERPA’s foremost concerns is the energy sector. Although the President admitted a staggering GHC80 billion in legacy debts, the policy think tank says the address did not sufficiently confront the persistent financial imbalances within the sector.
Quasi-fiscal losses projected by some observers to escalate by 2026 continue to pose risks to debt sustainability and fiscal consolidation.
Given that energy sector reforms form part of structural benchmarks under Ghana’s programme with the International Monetary Fund, CERPA considers the limited attention to the issue a notable policy gap.
It should, however, be noted that some reforms mentioned by the President include operationalizing the ECG Single Holding Account, renegotiating power purchase agreements with nine IPPs et.
CEPRA argues that the unresolved energy sector inefficiencies can translate into higher tariffs, increased government bailouts, and renewed pressure on public debt.
Cocoa Sector: Structural Threats Remain
CERPA also flagged the absence of discussion on the production challenges facing the cocoa sector, long regarded as the backbone of the Ghanaian economy.
For the think tank, concerns over ageing farms, limited youth participation, and insufficient modernisation were not addressed in the speech. The think tank warns that these structural weaknesses threaten long-term export earnings and rural livelihoods.
Macroeconomic stabilisation alone, CERPA argues, cannot resolve productivity challenges in agriculture. Without targeted reforms, Ghana risks undermining one of its key foreign exchange pillars.
Meanwhile, the President admitted that the decision taken to reduce cocoa producer price was a “painful but necessary decision”, it was aimed to resolve the acute liquidity challenges in the sector and also prevent excessive borrowing.
Micro-Economic Realities: Businesses Still Struggling
While headline macro indicators show signs of recovery, CERPA cautions that the benefits are not yet fully filtering down to businesses and households. CERPA believes the address lacked clarity on how these gains are benefiting Ghanaians and small businesses.
Although the President mentioned in the address that interest rates have declined significantly from above 30% to about 18%, CEPRA argues that many small and medium-sized enterprises (SMEs) continue to face high borrowing costs and constrained access to credit.
For ordinary Ghanaians, the think tank suggests these improved GDP figures may not yet translate into easier business operations, job creation, or improved purchasing power. The government, it says, must be intentional about translating the macro gains into micro benefits.
Poverty and Inequality: Growth Must Be Inclusive
Another major concern raised by CERPA is the limited attention to poverty trends, income distribution, and employment quality.
Although GDP is projected to reach $113 billion, the think tank stresses that sustainable recovery must be measured by improvements in living standards and labour market outcomes, not just aggregate output.
It should be noted that the President, in his address, indicated that about 950,000 people have escaped multidimensional poverty, while about one million Ghanaians have found employment, though the figure has been widely debated.
CERPA insists that there should be a clear policy direction on how economic growth will translate into inclusive gains for all Ghanaians. Without that, there are risks of widening inequality and deepening social vulnerabilities.
The Bottomline
CERPA’s assessment does not dismiss the progress cited in the 2026 SONA. Rather, it calls for a more comprehensive policy articulation, one that links macroeconomic stabilisation with structural reform and tangible improvements in livelihoods.
For Ghana’s recovery to be durable, policymakers must confront energy sector risks, revitalise cocoa production, ease financing conditions for businesses, and ensure that growth translates into reduced poverty and better jobs.
