Economist lauds gov’t’s smart economic policies driving recovery
By Praisebell Rosemond Larbi
Renowned economist and senior lecturer at the University of Ghana Business School, Professor Patrick Asuming, has commended the government for what he described as commendable handling of Ghana’s fiscal and monetary policies, which he says have contributed significantly to the country’s improving foreign reserves and economic stability.
Speaking in an interview with the media, Prof. Asuming said recent policy coordination between the Bank of Ghana and the Finance Ministry has yielded tangible improvements in macroeconomic indicators, citing signs of increased investor confidence and a more stable cedi.
“The improved reserve position and the return of some level of investor confidence are largely due to better coordination between fiscal and monetary authorities. We are seeing the early benefits of sustained fiscal discipline and currency stabilization efforts,” Prof. Asuming stated.
Prof. Asuming’s comments come at a time when there are early signs of economic recovery, with some businesses reporting improved access to capital and easing of cost pressures. Though cautious, he said the current trajectory is encouraging and should be supported by continued reforms.
He also emphasized the importance of building resilience to safeguard the gains made so far, especially as Ghana continues to navigate global uncertainties and domestic vulnerabilities.
“It’s important that we don’t lose momentum. The reforms must be sustained, and we must build buffers so that future shocks do not derail the economy,” he advised.
Recent data from the Bank of Ghana shows a stronger reserve position, buoyed by improved foreign exchange inflows, a slowdown in inflation, and tighter control over public spending. Analysts have also noted the role of government policies in restoring some level of market confidence, especially following Ghana’s domestic debt restructuring and IMF support program.
While challenges remain, particularly around debt sustainability and job creation, Prof. Asuming believes strategic policymaking can gradually return Ghana to a path of sustainable growth.
“We are not out of the woods yet, but we are heading in the right direction,” he added.
