Global Risks Weigh on Growth Outlook – Analyst
Economic Analyst Emmanuel Boateng is calling for urgent strengthening of Ghana’s underlying economic fundamentals to help the country withstand emerging global uncertainties that could weigh on medium-term growth prospects.
Speaking on the Market Trends Segment of Business Breakfast Show on ZED 101.9FM, Mr. Boateng stressed that Ghana’s resilience will depend on sustained macroeconomic stability, improved domestic revenue mobilisation, economic diversification, and targeted investments in productive sectors capable of absorbing external shocks.
He warned that while recent stability gains are encouraging, they remain fragile in the face of shifting global conditions, particularly geopolitical tensions that could disrupt energy markets and tighten financial conditions for emerging economies.
His remarks come in the wake of a recent projection by Fitch Ratings, which forecasts Ghana’s economy to grow by 5 percent in 2026, a slowdown from an estimated 5.9 percent growth recorded in 2025. According to the ratings agency, the moderation in growth reflects heightened global uncertainty, including risks linked to tensions in the Middle East.
Fitch cautioned that a prolonged escalation in geopolitical conflict could trigger fresh increases in global oil prices, feeding into domestic inflation, widening fiscal pressures, and potentially constraining economic activity across oil-importing developing countries such as Ghana.
Mr. Boateng noted that such external risks reinforce the importance of building a more resilient domestic economy that is less vulnerable to global price shocks and supply disruptions. He argued that Ghana must focus on strengthening fiscal buffers, improving productivity, and expanding its export base to reduce dependence on volatile external conditions.
He further emphasized the need for structural reforms aimed at broadening the tax base and improving efficiency in public financial management, noting that stronger revenue mobilisation would provide government with more fiscal space to respond to shocks without excessive borrowing.
According to him, investments in energy security, infrastructure development, agro-industrialisation, and digital transformation should remain central to Ghana’s economic strategy if the country is to maintain stable growth over the medium term.
Mr. Boateng also underscored the importance of private sector-led growth, stating that sustainable job creation and long-term economic stability will depend heavily on a competitive and well-supported business environment.
He urged policymakers to treat current global risks not as setbacks, but as a reminder of the urgency of deepening reforms and strengthening economic buffers.
