The Bank of Ghana (BoG) has stated that macroeconomic stability alone cannot drive Ghana’s economic reset, calling for bold reforms to address longstanding structural transformation challenges.
The Central Bank’s call follows recent macroeconomic improvements, particularly the Cedi’s approximately 18 per cent appreciation against the US Dollar since the beginning of 2025, contributing to an overall improvement in economic indicators.
Speaking at the Daily Graphic/Ecobank Economic Forum in Accra on Wednesday, Mr Osei Gyasi, a Director at the BoG, said government must prioritise long-term reforms.
“It is important to recognise that macroeconomic stability is a necessary condition, but not sufficient to fully reset the Ghanaian economy. Stability strengthens the economic fundamentals, but structural transformation provides the direction for sustainable and inclusive growth,” he said.
The government’s economic reset agenda aims to revitalise productivity and governance to create jobs, promote accountability, and ensure prosperity for all, through fiscal stability and debt sustainability.
Mr Gyasi called for a diversified growth model, with value addition to Ghana’s competitive resources and their export, especially through enhanced intra-African trade.
“Undoubtedly, gold and cocoa are key drivers in the recovery process but are limited in scope. We need to build on the extractive sector with value addition and diversification to achieve long-term prosperity and employment generation.
“We must leverage the African Continental Free Trade Area (AfCFTA) to position Ghana as a regional hub for agro-processing, light manufacturing, and logistics,” he said.
Mr. Gyasi urged the government to focus on tourism, education, and health sectors, supported by targeted policy interventions and infrastructure investments.
That, he noted, would also require addressing deep structural constraints and prioritising institutional reforms.
On revenue, Mr Gyasi called for broadening domestic mobilisation through enhanced tax compliance, efficiency, and fairness. He also recommended performance-based budgeting and stronger public financial management systems to ensure value for money.
“The economic reset agenda is not just about policy tools – it is about policy consistency and institutional reforms. If we get these fundamentals right, Ghana can move from resilience to transformation,” he said.
He reaffirmed the Central Bank’s commitment to prudent monetary policies that would stabilise and grow the economy, supporting Ghana’s goal of becoming a stable, sovereign, and globally competitive nation.
Mr Seth Terkper, Presidential Advisor on the Economy, supported the call for structural reforms, stating that the country’s policy framework was falling behind economic transformation, as the economy had become predominantly service-led.
He expressed concern over the decline of agriculture in favour of services and said the government remained committed to reversing the trend through private sector collaboration to enhance value addition and economic diversification.
Mr Terkper added that government is also focused on strengthening domestic taxation to raise the tax-to-GDP ratio to between 18 and 20 per cent.
“As the President has said, when we start borrowing, we should channel it towards projects that can pay for the loan, that’s or put some money outside, so that if it’s social infrastructure, then we can develop,” he said.
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