The Executive Director of the Institute for Economic Research and Public Policy (IERPP), Prof. Isaac Boadi, says Ghana’s economy has achieved some level of stability but government must now focus on creating jobs, expanding businesses and increasing production.

Speaking on Adom FM’s Dwaso Nsem, Prof. Boadi explained that economic stability should not be seen as the final stage of recovery but rather a foundation for stronger growth.

He said Ghana’s economy was making progress before the outbreak of COVID-19, which disrupted economic activities globally and affected the country’s ability to sustain growth.

According to him, indicators such as declining inflation, reduced interest rates and improved economic conditions suggest that Ghana has moved past the crisis period.

“When we talk about economic stability, it means interest rates have come down, inflation has come down, and other key indicators are improving. If all these things come down, it means we have recovered,” he said.

Prof. Boadi, however, stressed that stability alone is not enough, arguing that the next step must be to translate the gains into tangible improvements in the lives of Ghanaians.

“So now that we are stabilised, we have to run. By running, we mean creating jobs, increasing production, expanding industries and improving the incomes of individuals. That is where we are not there yet as a country,” he stated.

Commenting on the 2026 Mid-Year Budget Review presented by Finance Minister Dr Cassiel Ato Forson, Prof. Boadi said one of the major positives was Ghana’s progress in exiting the International Monetary Fund (IMF) programme.

“Looking at the indicators, it means the government is doing well, and we appreciate the fact that government has taken us out of the IMF programme,” he said.

However, he argued that the impact of the economic gains has not yet reflected strongly in the daily lives of citizens.

“With all these improvements, we have not created enough jobs, businesses have not expanded significantly, incomes have not increased, and production has not gone up as expected,” he added.

Prof. Boadi said government must avoid spending time blaming previous administrations and instead focus on delivering results within the remaining period before the 2028 general election.

“We are not saying government should spend all its time talking about previous years. They have two budget cycles left, and there is no time,” he said.

He urged government to make the most of the remaining period, warning that failure to achieve significant progress this year could affect public confidence.

“We have finished the mid-year budget, and by November another budget will come before the final one before the 2028 elections. We should expect much this year. If government is unable to do more this year, then I don’t know what will happen,” he stated.

The Finance Minister, Dr Cassiel Ato Forson, during the presentation of the 2026 Mid-Year Budget Review on Thursday, July 23, maintained that Ghana’s economic recovery remains on track.

He said the economy had performed better than most of the assumptions contained in the 2026 Budget but noted that government would maintain its fiscal discipline and avoid unnecessary adjustments through a supplementary budget.

ALSO:

• T-bills: Gov’t exceeds target by 30%; interest rates decline again