Ghana may need about 15 years of consistent reforms and investment to turn its current macroeconomic stability into meaningful economic transformation, economist Professor Godfred Alufar Bokpin has said.
The University of Ghana Business School Professor of Finance said stabilising key economic indicators should be seen as the starting point, not the end of the country’s recovery.
“Normally, moving from macroeconomic stability to greater economic transformation takes close to 15 years of doing the right thing consistently and the necessary reforms bundled together reinforcing each other.” - Prof. Bokpin
He was speaking on the sidelines of the National Policy Dialogue on Philanthropy and Social Investment in Accra.
Spending cuts could hurt businesses
Prof. Bokpin acknowledged progress in restoring stability but cautioned against relying heavily on expenditure cuts to maintain fiscal discipline.
He said government spending on goods and services had fallen by more than 47 per cent before 2025, an adjustment which helped contain deficits but also affected smaller businesses dependent on public contracts.
The next stage, he argued, should focus on productive expenditure capable of expanding businesses and creating jobs.
Agriculture, agribusiness, agro processing and rural urban road infrastructure should receive greater attention because of their potential to raise productivity and strengthen economic activity.
Technology must drive productivity
Prof. Bokpin also called for deeper use of artificial intelligence and digital technology in economic management, including revenue mobilisation and efforts to reduce inefficiencies.
Drawing on China’s development experience, he said deliberate investment in infrastructure and technology could speed up transformation from the grassroots.
Government is expected to provide details of its New Economy Agenda when Finance Minister Dr Cassiel Ato Forson presents the 2027 Budget to Parliament on November 12.
For Prof. Bokpin, the test will be whether Ghana can sustain reforms long enough for economic stability to translate into jobs, stronger businesses and improved living standards.
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