Prof. Bokpin warns Ghana’s Economic Stability remains fragile despite recent gains

By Prince Antwi August 1, 2026

Economist Professor Godfred Bokpin has warned that Ghana’s recent economic progress remains vulnerable, stressing that the country has not yet developed the resilience needed to withstand a major external shock such as another global pandemic.

Speaking during the CEO’s Webinar Hub Series on July 31, 2026, Professor Bokpin responded to questions about Ghana’s ability to cope with future global economic disruptions. He said although the economy has shown signs of improvement, the current stability is not yet secure.

“We have seen some level of stability, but stability has not come to stay,” he stated.

According to Professor Bokpin, the government’s fiscal decisions demonstrate that it is aware of the economy’s fragile state. While the 2026 budget was initially expected to adopt a more expansionary approach, he noted that authorities have instead continued with fiscal consolidation to avoid reversing recent economic gains.

He explained that a rapid increase in public spending at this stage could weaken the progress made in restoring macroeconomic stability.

“The government itself recognises that the stability that we have is very fragile, and therefore they cannot switch immediately to fiscal expansion and begin to spend,” he said.

Professor Bokpin further observed that the 2026 Mid-Year Fiscal Policy Review introduced few significant policy changes because the government remains focused on implementing its two-year strategy to strengthen the economy and restore fiscal discipline.

He also highlighted the recent rise in inflation as a reminder that the recovery is still under pressure. According to him, inflation has increased for three consecutive months, rising from 3.7% to 5.3%.

While acknowledging improvements in areas such as debt management and overall fiscal performance, Professor Bokpin stressed that Ghana must continue to build stronger economic buffers to better withstand future global and external shocks.

He maintained that sustaining fiscal discipline and reinforcing macroeconomic stability will be essential to ensuring the country’s economic recovery becomes more durable.

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