‘Stability is not development’ – Gideon Boako invokes IMF report to press gov’t on reforms
The Deputy Ranking Member of Parliament’s Finance Committee and Member of Parliament for Tano North, Dr Gideon Boako, says the International Monetary Fund’s (IMF) latest assessment of Ghana’s economy underscores the need for the country to move beyond macroeconomic stabilisation towards long-term structural transformation.
Dr Gideon Boako, a prominent member of Ghana's Parliament, has emphasized the need for the nation to shift focus beyond macroeconomic stabilization towards true economic development. In his commentary titled "The Gboako Economic Digest – #001/26," Dr Boako highlighted that while the International Monetary Fund (IMF) had recognized Ghana's progress in restoring fiscal stability, it cautioned against conflating stability with lasting economic transformation.
The IMF acknowledged achievements in areas such as inflation control, fiscal balance, and exchange rate stability, but stressed that the true indicators of a successful economy lie in the creation of opportunities, protection of livelihoods, and enhancement of living standards for ordinary Ghanaians.
Dr Boako pointed out several critical structural vulnerabilities that could jeopardize the sustainability of Ghana's recovery if not promptly addressed. These vulnerabilities include an over-reliance on gold exports, limited fiscal returns from the mining sector despite Ghana's status as Africa's leading gold producer, pervasive illegal mining activities, ongoing financial weaknesses at the Bank of Ghana, fiscal risks in the energy sector, and the challenge of balancing increasing international reserve accumulation with productive domestic investment.
He urged policymakers to prioritize economic diversification, the strengthening of institutions, better governance, sustainable domestic revenue collection, and productivity-enhancing reforms.
Dr Boako succinctly stated, "Macroeconomic stability is the foundation of development, but it is not development itself." He emphasized that the nation's next major challenge is to convert recent economic gains into a resilient, diversified, and inclusive economy that fosters job creation and improves the everyday lives of its citizens.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
