A Senior Lecturer at the Department of Economics at the University of Ghana, Dr. Priscilla Twumasi Ampofo, has stated that the country’s economy is on the right path, citing a decline in inflation and a relatively strong Cedi as signs of recovery.
She said the country recorded 5.3% economic growth in the first half of the year, surpassing the government’s conservative projection of 4% GDP growth for the entire year, a signal of relative macroeconomic stability.
Speaking on Accra-based JoyNews on Thursday, July 24, Dr. Twumasi Ampofo attributed this progress to disciplined fiscal management, including a reduced appetite for borrowing and declining Treasury bill rates.
According to her, government appears to be managing expenditures prudently in line with its commitments under the IMF programme.
“You would see that the economy is on track, particularly when you look at the downward trend of inflation, the relatively strong performance of the Cedi, and also key issues such as government revenue and expenditure,” she said.
She advised that aside from the gains that are commendable, long-term stability must be protected to build investor confidence and promote sustainable growth.
“For us, like we always indicate, businesses need stability over a long period of time. So you need to protect and sustain the stability we see,” Dr. Twumasi Ampofo noted.
Meanwhile, the Minister for Finance Dr. Cassiel Ato Forson, is expected to deliver the mid-year review of the 2025 budget, with expectations of deliberate measures to shift from stability to growth, especially in areas that can drive employment and investment.
