Prof. Peter Quartey, Economist and former ISSER Director, says Ghana’s recent economic stability is the result of a combination of coordinated policy efforts and the continuation of the IMF programme, not the achievement of a single ministry or individual.
He made the remarks on the JoyNews Business Economic Forum.
Prof. Quartey, who now heads the Legon Centre for International Affairs and Diplomacy (LECIAD), said the gains being recorded are the product of teamwork across government, including the Presidency, the Finance Ministry and the Bank of Ghana.
“But I also would like to acknowledge that it’s teamwork,” he said.
“There are other ministers, including the President,t who all work together for us to achieve what we are seeing now.”
He noted that while the Finance Minister and the Governor of the Bank of Ghana have led key portfolios, their efforts must be viewed within the broader context of the IMF programme, which he said has been central to restoring macroeconomic stability.
Prof. Quartey stressed that “we shouldn’t gloss over the fact that we had an IMF programme… and that is also helping us achieve the stability we are seeing.”
He added that had the government not continued with the Fund-supported reforms, the current progress would have been unlikely.
He also highlighted the strong coordination between fiscal and monetary authorities as a major factor in stabilising inflation and the cedi. According to him, alignment between the Finance Ministry and the Bank of Ghana is essential for policy credibility.
“The coordination especially if the minister of finance and the Bank of Ghana do not speak the same language, it’s a recipe for disaster,” he said. “And I see that coordination between the fiscal and the economic here is helping a lot in achieving the stability we see.”
The economist added that while various actors have contributed to the performance of the economy, leadership at the highest level ultimately shapes the policy direction.
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