Economist and Professor of Finance, Prof. Godfred Alufar Bokpin, has stated that Ghana’s economic recovery should be measured by improvements in the living standards of citizens rather than gains in debt sustainability, inflation, and other macroeconomic indicators alone.
Speaking at the Ghana National Chamber of Commerce and Industry (GNCCI) Mid-Year Budget Review Seminar in Accra on Wednesday, July 29, Prof. Bokpin acknowledged the country’s progress in restoring macroeconomic stability but cautioned that many Ghanaians were yet to experience the benefits through better jobs, improved infrastructure, and quality public services.
“Macroeconomic stability is a means to an end. The end is economic transformation,” he said.
His comments come as Ghana records improvements in several key economic indicators. Inflation inched up to 5.3% in June 2026, while the economy expanded by 6.4% in the first quarter of 2026 after recording 6% growth in 2025. The country has also restored debt sustainability ahead of schedule, moving from debt distress to a moderate risk classification.
However, Prof. Bokpin argued that those gains alone do not reflect the true state of the economy if they fail to improve the lives of ordinary citizens.
“The true test of economic recovery is whether people can find decent jobs, access reliable public services, and experience meaningful improvements in their quality of life. We cannot celebrate these gains in isolation. You have not arrived,” he stated.
He expressed concern that recent economic growth had not generated enough formal employment, particularly for the growing number of young people entering the labour market each year.
According to data from the Ghana Statistical Service, the national unemployment rate stood at 13% in the third quarter of 2025, while youth unemployment among persons aged 15 to 24 reached 32.4%. About 1.34 million young people in that age group were not in employment, education, or training during the period.Ghanaian economic overview
Prof. Bokpin also pointed to the persistence of social challenges despite the improving macroeconomic outlook.
He noted that food insecurity remained high, with Ghana Statistical Service data estimating that 38.1% of households experienced food insecurity in the third quarter of 2025.
He urged the government to channel the fiscal space created through debt restructuring and ongoing fiscal reforms into sectors that directly stimulate economic growth and improve livelihoods.
According to him, investments in infrastructure, education, healthcare, and productive industries would have a greater impact on economic transformation than focusing solely on reducing debt and inflation.
He further stressed the need for fiscal and monetary policies that support the real sector of the economy, where jobs, incomes, and wealth are created, arguing that sustainable growth must translate into tangible benefits for citizens.
Prof. Bokpin added that although Ghana had transitioned from the International Monetary Fund-supported programme to the Policy Coordination Instrument, the country still faced significant development and financing needs.
He therefore urged policymakers to prioritise policies that deliver measurable improvements in the welfare of Ghanaians.
Source: GNA
