IMF report shows Ghana must move beyond stability to Transformation – Boako

The Deputy Ranking Member of Parliament’s Finance Committee and Member of Parliament for Tano North, Dr Gideon Boako, has said Ghana must shift its focus from stabilising the economy to implementing deeper structural reforms that will drive long-term growth and transformation.

In an economic analysis titled “The Boako Economic Digest – #001/26”, Dr Boako said the latest assessment by the International Monetary Fund (IMF) recognises the country’s progress in restoring economic stability but also highlights the need for broader reforms beyond short-term recovery measures.

He explained that while achievements such as declining inflation, improved fiscal conditions and greater exchange-rate stability are significant, they should not be viewed as the ultimate measure of economic progress.

According to him, true economic transformation should be reflected in increased opportunities, improved livelihoods and better living standards for Ghanaians.

Dr Boako noted that the IMF had identified a number of underlying challenges that could undermine the sustainability of Ghana’s economic recovery if they are not addressed.

Among these concerns are the country’s heavy reliance on gold exports, limited fiscal benefits from the mining sector despite Ghana’s position as Africa’s leading gold producer, the continued impact of illegal mining activities, financial challenges at the Bank of Ghana, risks within the energy sector and the need to ensure that foreign reserve accumulation supports productive investment.

He said the IMF’s findings should encourage policymakers to pursue economic diversification, strengthen state institutions, improve governance systems, expand domestic revenue mobilisation and introduce reforms that enhance productivity.

“Macroeconomic stability is the foundation of development, but it is not development itself,” Dr Boako stated.

He stressed that Ghana’s next phase should focus on converting recent economic gains into a stronger, more diversified and inclusive economy that creates jobs, supports businesses and improves the welfare of citizens.

Prince Antwi

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