The government is defending the strength of Ghana’s economic recovery, pointing to improving macroeconomic indicators as evidence of a rapid turnaround. Officials say easing inflation, a stabilising exchange rate, and stronger external balances reflect the impact of recent policy reforms.
According to policymakers, the progress marks a significant shift from the economic pressures experienced during the 2022 crisis period, with key indicators now trending in a positive direction.
Speaking on Ghana’s Quarterly Economic Outlook, Technical Advisor at the Ministry of Finance Ghana, Theo Acheampong, said the pace of recovery is notable within such a short timeframe.
“Typically you don’t see these good economic numbers within one economic cycle,” he stated, arguing that the current administration has achieved substantial gains in just a year and a half.
He highlighted a sharp decline in inflation from previous highs and noted that the Bank of Ghana has begun easing its tight monetary stance, with the policy rate now at 14 percent.
External Sector Shows Strong Improvement
Dr. Acheampong also pointed to significant improvements in the country’s external position, particularly the current account balance.
“We have done this in a year and a half such that… your current account surpluses… has gone up six times what the baseline was.” - Dr. Acheampong
He further noted a reversal in currency trends, with the cedi showing signs of appreciation after years of depreciation. “For the first time we are seeing an appreciation of the cedi,” he added.
The government maintains that the gains are based on real economic adjustments rather than temporary fixes. “The numbers behind growth are real,” Dr. Acheampong stressed.
Despite global pressures, including geopolitical tensions that often affect fuel supply, he said domestic conditions remain stable. “We still don’t see people queuing up at the pumps looking for petrol,” he noted.
The government’s stance signals growing confidence that recent reforms are laying the foundation for sustained macroeconomic stability, with attention now shifting toward consolidating these gains.
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