Professor Stephen Adei, former Rector of the Ghana Institute of Management and Public Administration (GIMPA), stated Ghana must translate its recent economic stabilisation into lasting economic transformation. He warned that maintaining stability alone will not secure sustainable development for the nation. This call comes as Ghana navigates a critical period following efforts to steady its economy.
Professor Adei described Ghana as being at an “inflection point,” needing to build on economic progress to deliver meaningful improvements. He emphasized that the country cannot afford to simply stabilize and then destabilize again. The former GIMPA rector highlighted the importance of moving beyond short-term fixes to implement structural changes that ensure long-term prosperity for all citizens.
This perspective fits into Ghana's broader economic narrative, which has seen periods of rapid growth followed by fiscal challenges. The nation recently engaged with the International Monetary Fund (IMF) for a GHS 3 billion Extended Credit Facility to restore macroeconomic stability. Such interventions often aim to stabilize the economy, but the challenge remains to convert these gains into sustained development and improved living standards.
Speaking at the 37th CIMG Annual National Marketing Performance Awards on Saturday, October 17, 2026, Professor Adei acknowledged progress. “I believe that in the past two years, Ghana has stabilised somehow in the economic area,” he stated. He added, “But we are at an inflection point, and the challenge is how to translate stability into transformation because we cannot destabilise and stabilise.”
Professor Adei pointed to several positive economic indicators. He cited economic growth, declining inflation, and improved foreign reserves as signs of progress. He also noted better creditworthiness and a recovery in both domestic and foreign investment. These factors collectively suggest a more favorable economic environment compared to recent years.
Data from the Ghana Statistical Service and international institutions support some of these observations. Professor Adei mentioned that Ghana is among the faster-growing economies in Africa and globally, with growth of about 6 per cent. The World Bank and the International Monetary Fund have projected growth within a range of 4.8 to 5.7 per cent for the country, indicating a positive outlook.
Inflation, a major concern for many Ghanaians, has seen a significant decline. Professor Adei noted that inflation fell from 54 per cent in 2022 to 5.2 per cent. He projected inflation to end the year at 4.8 per cent, provided the current trend continues. This reduction in the rate at which prices increase is a key achievement in economic stabilization efforts.
However, Professor Adei stressed the public needs to understand the difference between a decline in inflation and a fall in prices. He argued that political leaders must communicate this distinction clearly. Prices can continue to rise, albeit at a slower rate, even when inflation has fallen significantly. This nuance is crucial for managing public expectations and understanding economic realities.
On the external sector, Ghana’s reserve position has improved considerably. The country’s credit ratings, according to agencies like Moody’s and S&P, have also edged forward. These improvements signal increased confidence from international investors and financial markets. A stronger reserve position helps protect the cedi and supports import payments.
Professor Adei attributed the economic stabilisation largely to external windfalls and the government’s fiscal consolidation efforts. He also highlighted the government’s generation of a primary surplus as a positive development. A primary surplus means the government is collecting more revenue than it spends, excluding interest payments on its debt, which is a sign of fiscal discipline.
Despite these gains, Professor Adei cautioned that they remain vulnerable. He pointed to indications that the country’s reserves had slipped slightly, suggesting that stability is not yet fully entrenched. He also questioned the government's target of 15 months of import cover by 2028, stating the strategy for reaching this level had not been adequately explained. Clear communication on such targets is essential for transparency and accountability.
Professor Adei called for clarity on the specific measures needed to sustain the current gains. He urged the government to outline a comprehensive strategy to move the economy towards long-term development. While the government has introduced specific flagship projects, Professor Adei stressed the broader need to turn this period of stabilization into a more transformative phase for Ghana. This transformation requires strategic planning and consistent execution across various sectors.