Ghana has not moved beyond macroeconomic stability since 1992 – Prof. Bokpin

Economist and professor of finance, Professor Godfred Bokpin, argues that Ghana's economy has remained stagnant in macroeconomic stability since 1992, despite numerous attempts to boost confidence and spur growth. According to Bokpin, the nation has oscillated between periods of instability and costly recovery efforts aimed at restoring economic confidence.

He highlights that successive governments have continuously attempted to stabilize the economy, yet it has inevitably returned to a state of economic difficulty. Bokpin emphasizes the enormous and escalating expenses incurred in restoring economic stability over the years, which have become unsustainable for the country. He asserts that over the past three decades, Ghana has been trapped in a cycle of instability, with each attempt to restore macroeconomic stability only leading to a subsequent period of economic turmoil.

The cost of correcting economic destruction has reached a point where it exceeds the country's tax capacity, rendering fiscal consolidation alone ineffective in restoring economic stability. At a public lecture organized by the Office of the Head of the Civil Service on August 11, Bokpin elaborated on the need to break free from this cycle and transition towards sustainable economic development.

He contends that Ghana must shift its focus beyond traditional fiscal consolidation based on expenditure restraint and revenue enhancement, aiming for a more comprehensive approach to achieve lasting economic progress. Bokpin's remarks were delivered under the title "The Resetting Agenda for Sustainable Development in Ghana: The Civil Service's Responsibilities."