Member of Parliament for Nhyiaeso, Dr. Stephen Amoah, is calling for significant changes to Ghana's economy. He believes these reforms are vital to stop the country from needing more financial help from the International Monetary Fund (IMF). His comments come as Ghana moves away from an IMF-backed programme towards a new policy coordination instrument.
Dr. Amoah argues that simply cutting government spending is not enough. He says these cuts must be based on careful economic study and national goals. He questioned the method of making broad spending cuts without knowing their impact on growth. He stated, “There are so many fundamental anomalies that we need to fix first. The way we even embark on expenditure control, to me, I disagree. You cannot just wake up and say you are cutting expenditure by 30%—by what econometric analysis?” He also highlighted that cutting essential sectors could harm Gross Domestic Product (GDP).
The Nhyiaeso MP also voiced strong disapproval of the government borrowing money from local sources. He explained that high interest rates on these loans make it harder for private businesses to grow and invest. Dr. Amoah also pointed to widespread wastage and corruption within government departments as major risks to Ghana's economic future. He said, “Wastage, corruption at all levels and in all departments.” This comes at a time when Ghana has been working to improve its public finances and attract foreign investment.
Speaking on Citi FM, Dr. Amoah stressed the importance of investing in agriculture. He believes this will reduce Ghana's reliance on importing food items that can be grown locally. “We need to quickly come back and deal concisely with issues of agriculture to the extent that importation of even fruit juice that won’t require complex value chains we deal with them,” he stated. Strengthening local production is key to building a stronger and more self-reliant economy.
Prior to this, Ghana completed an IMF programme in May 2026 that aimed to restore economic stability. However, Dr. Amoah's comments suggest that deeper, structural issues remain unaddressed. His call echoes concerns raised by other financial experts about the need for sustainable economic policies beyond short-term fixes. The government is transitioning to a Policy Coordination Instrument (PCI) to maintain fiscal discipline without direct funding.
Dr. Amoah's position as a former Deputy Finance Minister gives his views significant weight. His emphasis on strategic investment and tackling corruption highlights the complex challenges Ghana faces. Investors and policymakers will be watching how the government addresses these structural concerns as it navigates its post-IMF programme economic path.