Ghana has not moved beyond macroeconomic stability since 1992 – Prof Godfred Bokpin
Professor Godfred Bokpin of the University of Ghana has said Ghana’s economy has struggled to move beyond macroeconomic stability since 1992, despite repeated efforts to restore confidence and sustain economic growth.
Ghana's economy has struggled to progress beyond macroeconomic stability since 1992, according to Professor Godfred Bokpin, an economist and finance expert. Despite repeated attempts to restore confidence and promote economic growth, the nation has been caught in a cycle of economic instability and painful recovery efforts for the past three decades.
Professor Bokpin noted that successive governments have consistently worked to stabilize the economy, but the country would inevitably revert to a period of economic difficulty. He emphasized the enormous cost of restoring economic stability, which has become increasingly unbearable for Ghana. "People of Ghana, since 1992, this economy has not moved beyond macroeconomic stability.
We have been struggling with instability, and we go through a painful process to restore macroeconomic stability, only for us to undo that again," he stated during a public lecture held by the Office of the Head of the Civil Service on August 11. "But, colleagues, Ghana has reached a stage where fiscal consolidation alone is no longer enough to restore macroeconomic stability," he added.
Professor Bokpin argued that Ghana must break the cycle of instability and transition from merely restoring macroeconomic stability to achieving sustainable economic development. The lecture, titled "The Resetting Agenda for Sustainable Development in Ghana: The Civil Service's Responsibilities," focused on the need for a new approach to address the country's economic challenges.
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