Deepen Stability Measures for Sustainable Growth – Economist Urges Government
By Nii Trebi Hammond
Economist Dr. Felix Larry Essilfie has urged government to consolidate the policy measures that have brought about the current macroeconomic stability, cautioning that the gains could easily be lost if not sustained.
Speaking on the Business Breakfast on Zed on Wedneday, 11th November, 2025 ahead of today’s 2026 national budget presentation, Dr. Essilfie said while economic stability is crucial, it alone cannot deliver the desired growth and development.
“Whatever government is doing for us to enjoy this stability should be deepened. You can’t see that the economy is stable and then leave it ajar to focus solely on growth. It doesn’t work that way,” he stated.
He stressed the importance of maintaining fiscal discipline through tight control of government expenditure, reduction of waste, and the use of technology to improve public financial management. He also called for enhanced domestic revenue mobilisation by leveraging digital tools to ensure tax compliance.
Dr. Essilfie further recommended the strengthening of mechanisms to trace and track tax defaulters as part of broader efforts to improve government revenue.
Touching on the extractive sector, he raised concerns about the continued illegal buying and selling of gold on the black market. He noted that foreign nationals, particularly some Chinese and Indian buyers, are still engaging in illegal purchases from small-scale miners. “We must ensure that not a single kilogram of gold goes through the black market,” he cautioned.
On agriculture, the economist called for urgent measures to protect and expand cocoa production, which he said is being threatened by the activities of illegal miners. He reminded policymakers that Ghana once produced about one million metric tons of cocoa annually and could return to that level with proper management and investment.
Dr. Essilfie also warned that China is making rapid progress in cocoa cultivation and could soon overtake Ghana. “China has begun cultivating high-yield cocoa varieties that produce within a year and is also investing in value addition. If we do not act fast, we may soon be eating Chinese chocolate in our own country,” he said.
He therefore urged government to pay close attention to both stability and growth, ensuring that macroeconomic gains translate into tangible improvements in productive sectors such as agriculture and manufacturing.
