The Institute of Statistical, Social and Economic Research (ISSER) has urged the Ghanaian government to ensure its strong macroeconomic performance translates into meaningful job creation and improved living standards for citizens. This call came during ISSER's review of the 2026 Mid-Year Budget in Accra.
Professor Robert Darko Osei, Director of ISSER, stated that while Ghana has achieved encouraging gains in economic growth, fiscal consolidation, and price stability, these successes are insufficient if they do not improve the lives of ordinary Ghanaians. He emphasised that economic indicators should not be an end in themselves. The focus must shift to how these positives enhance the daily well-being of the average Ghanaian.
Ghana's economy has shown resilience, with consistent growth and efforts towards fiscal stability. However, the benefits have not always been widely felt across the population. This disconnect between headline economic figures and household incomes is a recurring theme in Ghana's economic narrative. The services sector continues to be the largest contributor to economic growth, a trend that ISSER believes must now directly lead to more employment opportunities.
Professor Osei specifically stated, "Economic growth, fiscal consolidation, price stability etc. should not be an end in themselves. How is the average Ghanaian's daily 'bread and butter' better because of these positives?" He stressed that the country's next phase of economic policy must prioritise creating jobs over merely improving macroeconomic indicators. This direct quote underscores the urgency of ISSER's message to policymakers.
The Institute also warned against the continued restraint in public spending. While such restraint supports fiscal consolidation, it risks undermining investments in critical infrastructure. These investments are essential for sustaining long-term economic growth and development. Neglecting infrastructure could hinder future productivity and competitiveness.
Furthermore, ISSER highlighted Ghana's increasing dependence on gold exports as a significant economic risk. A sharp decline in global gold prices could adversely affect export earnings and overall economic stability. Diversifying export products and adding value to raw materials would create buffers against such price fluctuations. This strategy would improve Ghana's economic complexity and resilience.
ISSER's recommendations suggest a strategic pivot for Ghana's economic policy. Policymakers are encouraged to pursue growth strategies that create sustainable employment across various sectors. Diversifying the economy away from over-reliance on a single commodity like gold is crucial. Ensuring that the benefits of macroeconomic stability are broadly shared across the population will foster inclusive growth. This approach aims to bridge the gap between national economic performance and individual prosperity.
The government's response to these recommendations will be critical. Future budget allocations and policy statements will indicate whether an employment-led growth strategy becomes a central pillar of Ghana's economic agenda. Investors and citizens alike will be watching for concrete measures that address job creation and economic diversification. The 2026 Mid-Year Budget review provides an opportunity for the government to demonstrate its commitment to these vital areas.